绿色信贷能带动金融系统“绿色化”和企业减排吗？

doi:10.16381/j.cnki.issn1003-207x.2022.0762

Abstract

Abstract:

Green finance is an important way to achieve sustainable economic and environmental development. China has actively built green finance reform and innovation pilot areas to explore the development model of green finance. At present， China’s green financial products are dominated by green credit. Under the background of the “double carbon” goal， how to attract more financial subjects to participate in the green financial market to enrich and innovate green financial products and services is the key to China’s green financial development and also affects the realization of the “double carbon” goal. A three-party evolutionary game model of “banking financial institutions， non-banking financial institutions， and enterprises” is built to explore whether green credit can drive the “greening” of the entire financial system， thus providing more green funds for low-carbon projects to promote energy conservation and emission reduction of enterprises. The results show that：（1） The willingness of banking financial institutions to implement green credit has a signal effect on the development of green financial markets. When the initial willingness of banking financial institutions to “implement” green credit is high， it will promote enterprises to participate in energy conservation and emission reduction， and attract non-banking financial institutions to enter the green financial market；（2） When the initial willingness of each subject to participate in green financial development is low， the game can still reach the ideal equilibrium state by increasing the policy incentives of financial supervision departments and reducing the income gap between traditional projects and green projects；（3） When the initial willingness of each subject to participate in the green financial development is high， through the enhancement of the synergistic premium effect between financial institutions in the market， the enhancement of the environmental pollution punishment of financial institutions， and the compression of risk returns， all subjects will be able to converge to the ideal equilibrium state faster. Based on the above analysis， this paper puts forward corresponding policy recommendations.

Key words: green credit, banking financial institutions, non-banking financial institutions, enterprise emission reduction, evolutionary game

CLC Number:

F832.5

Jiayu Zheng,Yi Hu. Can Green Credit Drive the “Greening” of the Financial System and Enterprise Emission Reduction?Based on Evolutionary Game Analysis[J]. Chinese Journal of Management Science, 2024, 32(12): 288-299.

Figures/Tables 15

银行金融机构	非银行金融机构进入（ $z$ ）		非银行金融机构不进入（ $1 - z$ ）
银行金融机构	企业减排（ $y$ ）	企业不减排（ $1 - y$ ）	企业减排（ $y$ ）	企业不减排（ $1 - y$ ）
实施（ $x$ ）	(A₁，B₁，C₁)	(A₂，B₂，C₂)	(A₃，B₃，C₃)	(A₄，B₄，C₄)
不实施（ $1 - x$ ）	(A₅，B₅，C₅)	(A₆，B₆，C₆)	(A₇，B₇，C₇)	(A₈，B₈，C₈)

策略	银行金融机构	企业	非银行金融机构
(A₁，B₁，C₁)	$r 1 - c +$ g $+ a + e$	$r 3 - f 1$	$r 2 + b + e$
(A₂，B₂，C₂)	$r 1 - c +$ g $+ a$	$r 3 - i 1$	$r 2 + b$
(A₃，B₃，C₃)	$r 1 - c +$ g $+ e$	$r 3 - f 1$	$r 2 + v$ $- l 2 + e$
(A₄，B₄，C₄)	$r 1 - c +$ g	$r 3 - i 2$	$r 2 + v$ $- l 2$
(A₅，B₅，C₅)	$r 1 + ϕ$ $- l 1 + e$	$r 3 - f 2$	$r 2 - f + e$
(A₆，B₆，C₆)	$r 1 + ϕ$ $- l 1$	$r 3$	$r 2 - f$
(A₇，B₇，C₇)	$r 1 + ϕ$ $- l 1 + e$	$r 3 - f 2$	$r 2 + e$
(A₈，B₈，C₈)	$r 1 + ϕ$ $- l 1$	$r 3$	$r 2$

均衡点	$λ 1$	$λ 2$	$λ 3$
E₁(0, 0, 0)	$- c + g - ϕ + l 1$	$- f 2$	$- f$
E₂(0, 0, 1)	$a - c + g - ϕ + l 1$	$- f 2$	$f$
E₃(0, 1, 0)	$- c + g - ϕ + l 1$	$f 2$	$- f$
E₄(1, 0, 0)	$c - g + ϕ - l 1$	$- f 1 + i 2$	$b - v + l 2$
E₅(0, 1, 1)	$a - c + g - ϕ + l 1$	$f 2$	$f$
E₆(1, 0, 1)	$- (a - c + g - ϕ + l 1)$	$- f 1 + i 1$	$- (b - v + l 2)$
E₇(1, 1, 0)	$c - g + ϕ - l 1$	$f 1 - i 2$	$b - v + l 2$
E₈(1, 1, 1)	$- (a - c + g - ϕ + l 1)$	$f 1 - i 1$	$- (b - v + l 2)$

	情形1				情形2				情形3
均衡点	$λ 1$	$λ 2$	$λ 3$	稳定性	$λ 1$	$λ 2$	$λ 3$	稳定性	$λ 1$	$λ 2$	$λ 3$	稳定性
E₁(0, 0, 0)	+	-	-	不稳定	-	-	-	ESS	-	-	-	ESS
E₂(0, 0, 1)	+	-	+	不稳定	+	-	+	不稳定	-	-	+	不稳定
E₃(0, 1, 0)	+	+	-	不稳定	-	+	-	不稳定	-	+	-	不稳定
E₄(1, 0, 0)	-	不确定	+	不稳定	+	不确定	+	鞍点	+	不确定	+	鞍点
E₅(0, 1, 1)	+	+	+	鞍点	+	+	+	鞍点	-	+	+	不稳定
E₆(1, 0, 1)	-	+	-	不稳定	-	+	-	不稳定	+	+	-	不稳定
E₇(1, 1, 0)	-	不确定	+	不稳定	+	不确定	+	鞍点	+	不确定	+	鞍点
E₈(1, 1, 1)	-	-	-	ESS	-	-	-	ESS	+	-	-	不稳定

References 32

1	Descheneau P， Paterson M. Between desire and routine： Assembling environment and finance in carbon markets［J］. Antipode， 2011， 43 （3）： 662-681.
2	Mahat T J， Blaha L， Uprety B， et al. Climate finance and green growth： Reconsidering climate-related institutions， investments， and priorities in Nepal［J］. Environmental Sciences Europe， 2019， 31（1）： 1-13.
3	Bracking S. Financialisation， climate finance， and the calculative challenges of managing environmental change［J］. Antipode， 2019， 51 （3）： 709-729.
4	Walter C. Sustainable financial risk modelling fitting the SDGs： Some reflections［J］. Sustainability， 2020， 12（18）： 7789.
5	Migliorelli M. What do we mean by sustainable finance？Assessing existing frameworks and policy risks［J］. Sustainability， 2021， 13（2）： 975.
6	Tian J F， Yu L G， Xue R， et al. Global low-carbon energy transition in the post-Covid-19 era［J］. Applied Energy， 2022， 307： 118205.
7	Lv C C， Bian B C， Lee C， et al. Regional gap and the trend of green finance development in China［J］. Energy Economics， 2021， 102： 105476.
8	Hu Y， Zheng J Y. Is green credit a good tool to achieve “double carbon” goal？ Based on coupling coordination model and PVAR model［J］. Sustainability， 2021， 13（24）： 14074.
9	Luo S M， Yu S H， Zhou G Y. Does green credit improve the core competence of commercial banks？ Based on quasi-natural experiments in China［J］. Energy Economics， 2021， 100： 105335.
10	Zhou G Y， Sun Y K， Luo S M， et al. Corporate social responsibility and bank financial performance in China： The moderating role of green credit［J］. Energy Economics， 2021， 97： 105190.
11	Zhou X Y， Caldecott B， Hoepner A G F， et al. Bank green lending and credit risk： An empirical analysis of China’s green credit policy［J］. Business Strategy and the Environment， 2022， 31（4）： 1623-1640.
12	文书洋，史皓铭，郭健. 一般均衡理论视角下绿色金融的减排效应研究：从模型构建到实证检验［J］. 中国管理科学， 2022， 30（12）： 173-184.
	Wen S Y， Shi H M， Guo J. Research on the emission reduction effect of green finance from the perspective of general equilibrium theory： Modeling and empirical test［J］. Chinese Journal of Management Science， 2022， 30（12）： 173-184.
13	Zhang A X， Deng R R， Wu Y F. Does the green credit policy reduce the carbon emission intensity of heavily polluting industries？ Evidence from China’s industrial sectors［J］. Journal of Environmental Management， 2022， 311： 114815.
14	Hu Y， Zheng J Y. How does green credit affect carbon emissions in China？ A theoretical analysis framework and empirical study［J］. Environmental Science and Pollution Research， 2022， 29： 59712-59726.
15	Geddes A， Schmidt T S， Steffen B. The multiple roles of state investment banks in low-carbon energy finance： An analysis of Australia， the UK and Germany［J］. Energy Policy， 2018， 115： 158-170.
16	He L Y， Liu L. Stand by or follow？ Responsibility diffusion effects and green credit［J］. Emerging Markets Finance and Trade， 2018， 54（8）： 1740-1760.
17	王朝弟，赵滨，吕苏越. 基于演化博弈视角的绿色信贷实施机制研究［J］.金融监管研究，2012（6）： 80-97.
	Wang Z D， Zhao B， Lv S Y. Study on the implementation mechanism of the green-credit policy from the perspective of evolutionary game theory［J］. Financial Regulation Research， 2012（6）： 80-97.
18	李善民. 奖惩机制下绿色信贷的演化博弈分析［J］. 金融监管研究， 2019（5）： 83-98.
	Li S M. Evolutionary game analysis of green credit under reward and punishment mechanism［J］. Financial Regulation Research， 2019 （5）： 83-98.
19	周永圣，梁淑慧，刘淑芹，等. 绿色信贷视角下建立绿色供应链的博弈研究［J］. 管理科学学报， 2017， 20（12）： 87-98.
	Zhou Y S， Liang S H， Liu S Q， et al. The game study of establishing green supply chain from the perspective of green credit［J］. Journal of Management Sciences in China， 2017， 20（12）： 87-98.
20	Naini S G J， Aliahmadi A R， Jafari-Eskandari M. Designing a mixed performance measurement system for environmental supply chain management using evolutionary game theory and balanced scorecard： A case study of an auto industry supply chain［J］. Resources Conservation and Recycling， 2011， 55（6）： 593-603.
21	陈晓红，王钰，李喜华. 环境规制下区域间企业绿色技术转型策略演化稳定性研究［J］. 系统工程理论与实践， 2021， 41（7）： 1732-1749.
	Chen X H， Wang Y， Li X H. Research on green technology transformation strategy of inter-regional enterprises under environmental regulation based on evolutionary game theory［J］. Systems Engineering Theory & Practice， 2021， 41（7）： 1732-1749.
22	徐乐，马永刚，王小飞. 基于演化博弈的绿色技术创新环境政策选择研究：政府行为VS.公众参与［J］. 中国管理科学， 2022， 30（3）： 30-42.
	Xu L， Ma Y G， Wang X F. Study on environmental policy selection for green technology innovation based on evolutionary game： Government behavior VS. public participation［J］. Chinese Journal of Management Science， 2022， 30（3）： 30-42.
23	Xu R Z， Guo T T， Zhao H W. Research on the path of policy financing guarantee to promote SMEs’ green technology innovation［J］.Mathematics，2022，10（4）： 642.
24	Wang L， Zheng J J. Research on low-carbon diffusion considering the game among enterprises in the complex network context［J］. Journal of Cleaner Production， 2019， 210： 1-11.
25	Cui H R， Wang R Y， Wang H R. An evolutionary analysis of green finance sustainability based on multi-agent game［J］. Journal of Cleaner Production， 2020， 269： 121799.
26	Kameyama Y， Morita K， Kubota I. Finance for achieving low-carbon development in Asia： The past， present， and prospects for the future［J］. Journal of Cleaner Production， 2016， 128： 201-208.
27	Yin W， Zhu Z Y， Kirkulak-Uludag B， et al. The determinants of green credit and its impact on the performance of Chinese banks［J］. Journal of Cleaner Production， 2021， 286： 124991.
28	吴洁，车晓静，盛永祥，等. 基于三方演化博弈的政产学研协同创新机制研究［J］. 中国管理科学， 2019， 27 （1）： 162-173.
	Wu J， Che X J， Sheng Y X， et al. Study on government-industry-university-institute collaborative innovation based on tripartite evolutionary game［J］. Chinese Journal of Management Science， 2019， 27（1）： 162-173.
29	陆菁，鄢云，王韬璇. 绿色信贷政策的微观效应研究——基于技术创新与资源再配置的视角［J］. 中国工业经济， 2021（1）： 174-192.
	Lu J， Yan Y， Wang T X. The micro effects of green credit policy： From the perspective of technological innovation and resource reallocation［J］. China Industrial Economics， 2021（1）： 174-192.
30	Liu S， Xu R X， Chen X Y. Does green credit affect the green innovation performance of high-polluting and energy-intensive enterprises？ Evidence from a quasi-natural experiment［J］. Environmental Science and Pollution Research， 2021， 28： 65265-65277.
31	Wen H W， Lee C， Zhou F X. Green credit policy， credit allocation efficiency and upgrade of energy-intensive enterprises［J］.Energy Economics， 2021， 94： 105099.
32	李思敏. 运用货币政策工具促进绿色信贷：思路、目标与机制设计［J］. 南方金融， 2016（9）： 3-6.
	Li S M. Using monetary policy tools to promote green credit： Ideas， objectives and mechanism design［J］. South China Finance， 2016（9）： 3-6.

[1]	Xichen Lyu, Yinfeng Tian, Shihai Tian, Jiayuan Liu, Qingwei Kong. Research on Multi-Agent Decision-Making in Carbon Data Quality Supervision under MRV Mechanism: A Blockchain Technology Empowerment Perspective [J]. Chinese Journal of Management Science, 2025, 33(8): 355-368.
[2]	Jihai Zhang, Qichang Guo, Xu Jiang, Zhengfan Yang. Research on Emergency Supplies Reserve Strategy of Government-enterprise Cooperation from the Perspective of Hierarchical Responsibility [J]. Chinese Journal of Management Science, 2025, 33(7): 232-242.
[3]	Zhiwen Li, Xianhao Xu, Xu Guan, Qingguo Bai, Cheng Chen. Evolutionary Game Analysis for Blockchain Adoption Decisions of Two Oligopolies in An Agricultural Market [J]. Chinese Journal of Management Science, 2025, 33(7): 324-336.
[4]	Tingqiang Chen, Wenjuan Lin, Lei Wang, Lean Yu. Low-carbon Behavior Decision of Chemical Enterprises Based on Carbon Trading and Green Credit [J]. Chinese Journal of Management Science, 2025, 33(6): 322-334.
[5]	Lili Ding, Zhongchao Zhao, Kaixuan Zhang. Research on the Mechanism of Perceived Value on the Development of Personal Carbon Account Green Credit [J]. Chinese Journal of Management Science, 2025, 33(5): 344-355.
[6]	Hongyang He, Bin Zhang, Sujun Tian. Evolutionary Game Analysis of Government-Enterprise Collaborative Governance in Platform Economy [J]. Chinese Journal of Management Science, 2025, 33(5): 76-87.
[7]	Yu Bai, Xin Zhao, Lili Ding. Research on Chinese Emission Allowances Storage and Lending Mechanism Considering Enterprise Time Preference [J]. Chinese Journal of Management Science, 2025, 33(4): 357-368.
[8]	Weian Li, Ruirui Feng, Guangqian Ren, Minna Zheng. Differences in Government Incentive Models, Mixed Ownership Reform and Strategic Choice of State /Non-state Capital [J]. Chinese Journal of Management Science, 2025, 33(2): 356-368.
[9]	Huifang Nie, Jianjun Zhu. Two-Stage Decision-making Method in Response to Public Opinion Crisis Derived from Emergency Considering Emotion Evolution [J]. Chinese Journal of Management Science, 2025, 33(10): 112-125.
[10]	Zhi Yang. Quadripartite Evolutionary Game of Public Participation in Interactive Transboundary Pollution Control Compensation [J]. Chinese Journal of Management Science, 2024, 32(8): 261-273.
[11]	Xiangyan Sun,Xinchi Qu. Multi-stage Dynamic Evolution of Over-treatment Behavior under Drug-proportion Regulation [J]. Chinese Journal of Management Science, 2024, 32(8): 308-321.
[12]	Zuankuo Liu,Yu Li,Shouwei Li,Kaixuan Di,Changyu Liu,Rongkun Liu. Research on the Third-party Market Cooperation and Stability Strategy Based on the Perspective of Financing Mode [J]. Chinese Journal of Management Science, 2024, 32(8): 36-49.
[13]	Xusheng Yao,Shoufeng Ma,Shunqiang Ye,Shuai Ling. Yield or Go?Evolutionary Game Analysis of Pedestrian and Autonomous Vehicle Conflicts [J]. Chinese Journal of Management Science, 2024, 32(7): 138-149.
[14]	Zhiguo Shao,Mengdi Li,Chuanfeng Han,Lingpeng Meng,Qidi Wu. Simulation and Cooperative Mechanism of Construction Waste Disposal Based on Evolutionary Game [J]. Chinese Journal of Management Science, 2024, 32(7): 324-334.
[15]	Yanru Liang,Jianzhong Xu. Research on Incentive Policy Optimization of Enterprise Ecological Innovation Driving System [J]. Chinese Journal of Management Science, 2024, 32(6): 281-289.

Can Green Credit Drive the “Greening” of the Financial System and Enterprise Emission Reduction?Based on Evolutionary Game Analysis

RichHTML

PDF (PC)

Knowledge

Abstract

Cite this article

share this article

Figures/Tables 15

References 32

Related Articles 15

Metrics

Comments

Recommended 0