Research On The Development Level,Mechanism And Realization Path Of Green Finance In China

With the ceaseless development of the world economy,environmental problems are deteriorating,which has increasingly affected the sustainable development of the global economy and human normal life,so that we have to pay a high cost.Therefore,we must attach great importance to environmental issues.The Paris agreement adopted in 2015 is a new agreement reached by leaders of all countries based on the United Nations Framework Convention on climate change.From a practical point of view,it has certain historical value and significance.Today,about 200 countries have joined the Paris Agreement,including China.In order to strengthen action to reduce carbon emissions,the United Nations held a climate action summit,inviting leaders of all countries to discuss specific action plans to curb carbon emissions in order to protect the ecological environment on which we live.In this context,in recent years,countries around the world have vigorously developed green finance and industrial transformation to discharge carbon,decrease pollution and protect environment,so as to promote the green and sustainable development of economy,society and ecology.This paper intends to study the development level,mechanism and realization path of China’s green finance under the green finance framework designed by the guiding opinions on building a green finance system issued by the state in 2016.Specifically,it focuses on the three dimensions and six aspects of China’s green finance development,namely,the macro and micro levels of green finance development level,the internal and external of green finance development mechanism,and the demand side(green enterprises)and supply side(financial institutions)of green finance actors Mechanism and its implementation path.Literature research,comparative analysis,simulation,theoretical modeling,empirical research and other research methods are used to study the development level and mechanism of green finance in China.Based on the measured green finance development index of 31 provinces,autonomous regions and municipalities directly under the central government from 2018 to 2020,this paper measures the development level of green finance in China’s provinces,comprehensively calculates the development level of green finance in China,and compares and analyzes the development level of green finance in various provinces;Analyzing the development mechanism of green finance by simulating the development mechanism of green finance in reality and constructing a general development mechanism of green finance;Through empirical data to study the financing problems of the demand side(green enterprises)of China’s development of green finance,and through policy and market operation to study the main problems existing in the development of green finance business provided by the supply side of green finance.Then,according to the research on these problems,this paper puts forward the realization path of improving the development level and mechanism of green finance in China.The conclusions of this paper are as follows:First,in terms of the development level of green finance,through the measurement of the development level of green finance in the whole country and provinces,it is found that the overall development level of green finance in China is gradually improving,but the development level of green finance in some provinces is still low and the development speed is slow.The reasons are mainly related to the inadequate implementation of green policies and the "fake" green card played by financial institutions in the financial market in the development of green finance.At the same time,the development level of China’s green finance presents a serious regional development imbalance,which is mainly related to the great difference of regional economic development,the difference of attention to environmental protection,and the difference of demand for high-quality economic development and sustainable development.In addition,the pilot of green finance reform has weak driving ability to the development level of green finance in surrounding provinces.This may be due to less green finance cooperation between the green finance reform pilot zone and surrounding provinces and less assistance in green finance business.Second,in terms of green financial development mechanism,through the analysis of the external guidance mechanism and internal operation mechanism of green financial development constructed by simulation combined with the actual situation,it can be concluded that from the perspective of the problems existing in the external guidance mechanism,one is the low efficiency of green policy guiding actors to participate in green economic activities,Second,the development mechanism of green finance can not effectively guide non green enterprises to bear social responsibility;From the perspective of the problems existing in the internal operation mechanism,one is that financial institutions still provide a large number of non green funds and play the "fake" green card,and the other is the "green bleaching" and "green washing" of enterprise investment and financing.Third,in terms of green enterprise financing,in recent years,China’s green enterprises often face the pressure of financing constraints and the problem of financing difficulty.So,has China’s green policy played a significant role in alleviating the pressure of financing constraints and promoting the financing of green enterprises? In order to study this problem,this paper selects the data of 148 listed green enterprises(including SME board and GEM)from 2012 to 2020 and the government green policy support index(representing Green Policy)for empirical research.The results show that the green policy has no significant effect on promoting the financing of green enterprises.It shows that the effect of China’s green policy in promoting green enterprise financing is not obvious.China has established a market-oriented green financial system,so what impact does the fluctuation of market-oriented interest rate have on the financing constraints of green enterprises? This paper selects the data of 148 listed green enterprises from2012 to 2020 and inter bank offered rate(instead of market-oriented interest rate)for empirical research.The results show that the market-oriented interest rate in recent years has a negative impact on the financing constraints of green enterprises,which leads to the problem of reverse financing of green enterprises.Fourth,through the in-depth study of the development level and mechanism of China’s green finance and the analysis of the existing problems,this paper puts forward the realization paths to improve the development level and mechanism of China’s green finance from the perspective of the three actors of the government,financial institutions and green enterprises:The realization path proposed from the perspective of the government guiding the development of green finance is to improve the relevant standards,evaluation system and legal system of green finance;Second,strengthen the regulation of product supply and demand under the failure of green financial market mechanism;Third,implement green financial supervision and improve the driving force of green policy and market integration;Fourth,give play to the driving and helping role of the pilot zone of green financial reform;Fifth,vigorously provide green financial funds to support the development of green finance.The implementation path proposed from the perspective of providing green financial services by financial institutions: first,actively practice the ESG development concept and strictly implement the green policy;Second,implement the external incentive measures to promote the development of green finance and strengthen the training of professionals;Third,invest in R & D to innovate green financial products that meet the needs of various green enterprises;Fourth,reasonably adjust the financing interest rate to ensure the effective supply of funds required by green enterprises.The realization path proposed from the perspective of financing needs of green enterprises is: first,research and develop advanced production technology to improve the profits of green enterprises;Second,establish an open enterprise information platform and build a multi-party green cooperation mechanism;Third,maintain the continuity and stability of income and apply for policy support and commercial support;Fourth,build a financing mutual assistance and cooperation platform to realize the scale effect of enterprise capital integration.