Research On The Development Path Of China's Commercial Bank Green Credit Based On State-owned Manufacturing Enterprises

at the beginning of 2016,the government's "13th Five-Year Plan" report clearly put forward the strategy for vigorously developing green finance,including building a green financial system that suits China's national conditions and strengthening the direct financing model of green credit,and proposed further development of green.The demand for indirect financing of financial products such as bonds,green funds,and green equity transfers,and the important content of building a green financial system has risen to become China's major national strategy.Green finance is an important driving force for the green transformation of China's industries.It can use financial services such as credit,funds,bonds,stocks,and insurance to curb excessive investment in polluting industries and guide social funds into energy conservation and environmental protection,renewable resources,clean energy,and new energy.Green industries,such as energy,use financial leverage to leverage the green transformation of the industry.With the support of policies,financial institutions gradually deepened the development of green credit business.Making full use of the role of commercial banks in the credit market can effectively promote the promotion of environmental protection.However,enterprises are not motivated to carry on the green credit mechanism in the practice because of the externality.What is more,enterprises have more information advantage than banks because of information asymmetry in the credit market.Under the incomplete information,bad enterprises have high probability to whitewash information in order to obtain loans.As a result,banks get more false information of enterprises,which lead to higher default risk.Therefore,the first two chapters of this paper analyze the necessity of the commercial banks to carry out the green credit with related theories.Based on these theories,the paper elaborates that the externality is the basic reason to hinder the development of green credit.The other reason is incomplete information,which can cause market failure and credit risk.To solve the problem,the second chapter put forward the optimal contract idea in the incomplete information dynamic game model under the government involvement.In the game,the government,banks and enterprises can play a positive role in the development of green credit.The third chapter designs the dynamic game model under the condition of incomplete information dynamic.Through the game,this paper demonstrates that the government punishment mechanism and banking regulatory scrutiny can solve the above problems effectively.Meanwhile,the model analyzes the optimal behavior path of the government and banks.In the optimal contract,the government's behavior choice is to increase the punishment cost for bad enterprises who whitewash their environmental protection information.Through the punishment mechanism,bad enterprises have to choose disclosing their true environmental pollution condition.This method can break through the development obstruction of green credit caused by lack of motivation.However,the banks' behavior choice has two steps.Firstly,banks can distinguish the initial probability between good and bad enterprises based on government information in the process of identifying enterprises.This method can solve credit information asymmetry.Secondly,in the process of credit approval,banks should establish the risk assessment system to intensify regulatory scrutiny in order to avoid bad enterprises whitewashing their environmental protection information.Based on the assessment of the risk evaluation system in green credit market,banks decide the credit limit in the end.Based on the optimal path of last chapter,the fourth part constructs the credit risk system of green credit.The system becomes the evaluation system under the optimal game path of green credit.The indicator includes traditional credit risk indicators and environmental indicators based on the true extent of information disclosure.Based on the above evaluation system,the fifth chapter builds the evaluation index system from the industry perspective of state-owned manufacturing enterprise's reform.Combining the factor analysis and analytic hierarchy process,the paper calculates the weight coefficient of every index and get the scoring function.The function is used to screening borrowing enterprises for banks.The last chapter gives the conclusion and some suggestions for banks to develop green credit.