环境因素对商业银行信用风险的影响——基于中国工商银行的压力测试研究与应用
中国工商银行环境因素压力测试课题组 (3)
The Impacts of Environment Factors on the Credit Risks of Commercial Banks —— The Study and Application of Stress Test Based on ICBC
Study group of Environment Factors Stress Test of ICBC (3)
发展中国绿色金融的逻辑与框架
国务院发展研究中心“绿化中国金融体系”课题组 (17)
The Developmental Logic and Framework of China’s Green Finance
“Green China’s Financial System” Study Group of DRC (17)
中国绿色债券发展及中外标准比较研究
王 遥 徐 楠 (29)
The Development of Chinese Green Bonds and A Comparative Study of Chinese and Foreign Standards
WANG Yao XU Nan (29)
国际绿色债券市场：现状、经验与启示
万志宏 曾 刚 (39)
International Green Bond Market: Current Situation, Experience and Enlightenment
WAN Zhi-hong ZENG Gang (39)
参数不确定对最优货币供应机制的影响分析
刘静一 (46)
An Analysis of the Impacts of Parameter Uncertainty on the Mechanism of Optimal Money Supply
LIU Jing-yi (46)
中小金融机构的发展缓解了中小企业融资约束吗？——基于地区制度环境差异化的研究
肖 晶（58)
Has the Development of Small & Medium-Sized Financial Institutions Reduced the Financing Constraints on SMEs? ——A Research Based on Difference in Regional System Environment
XIAO Jing(58)
信用评级与企业并购支付方式——基于上市公司的实证研究
秦凤鸣 李明明 (71)
Credit Rating and Payment Method in M＆A —— An Empirical Study Based on Listed Companies
QIN Feng-ming LI Ming-ming (65)
环境因素对商业银行信用风险的影响——基于中国工商银行的压力测试研究与应用
中国工商银行环境因素压力测试课题组
［摘 要］ 本文首次研究了企业环境成本内部化对商业银行风险的影响，从环保标准提高、气候变化、银行承担污染连带责任、声誉风险等维度构建了企业环境成本对商业银行风险影响的理论框架、传导路径和测算方法，提出了相关建议。并运用“自下而上”的方法，通过对火电、水泥两个行业的压力测试，开创了环境因素对银行信用风险影响这一微观领域中的研究，从压力测试这一独特视角解决了环境风险影响的量化问题。
［关键词］ 环境因素；企业环境成本；信用风险；压力测试；商业银行
［Abstract］ The study of this paper is the first one to analyze the internalization of enterprise environment costs on the risks of commercial banks. From the perspectives of the improvement in environment standards, climate change, joint responsibility of banks for pollution, reputation risk, etc., the paper proposes theoretical framework, transfer path and calculation method to analyze the impacts of enterprise environment costs on the risks of commercial banks, and puts forward relevant proposals. The stress test on two industries, thermal power industry and cement industry, based on“from bottom to top” method may be a creative analysis of environmental factors on the credit risks of banks in the field of microscopic research, and from a unique perspective of stress test, it has solved the problem how to quantify the impacts of environment risks.
［Key words］ environment factor; enterprise environment cost;credit risk; stress test; commercial bank
发展中国绿色金融的逻辑与框架
国务院发展研究中心“绿化中国金融体系”课题组
［摘 要］ 发达国家和新兴国家均开始关注绿色金融，将绿色金融纳入到政策体系之中。随着绿色金融理念的推广，近年来，不少国家开始采取行动推动绿色金融发展，机构投资者成为发达国家推动绿色金融的重要力量。中国应推广绿色金融理念，并将绿色金融纳入经济转型和生态文明战略，在金融改革和开放中发展绿色金融，积极参与相关国际合作项目。
［关键词］ 绿色金融；绿色经济；可持续发展
［Abstract］ Both developed and emerging countries begin to pay attention to green finance, and include it in their policy systems. With the spread of the concept of green finance in recent years, many countries begin to take action to promote the development of green finance, and institutional investors in developed countries become important forces to promote green finance. China should propagandize the concept of green finance, include green finance in the strategies of economic transformation and ecological civilization, develop green finance in the process of financial reform and opening, and actively participate in relevant international cooperation programs.
［Key words］ green finance; green economy; sustainable development
中国绿色债券发展及中外标准比较研究
王 遥 徐 楠
［摘 要］ 中国发展绿色债券是生态文明建设的有效实践，可缓解节能环保企业融资难、融资贵问题，有助于拓展金融机构业务空间以及满足投资者多元化投资需求。发展中国绿色债券的可行性在于其具备稳定的顶层设计基础、积极的政策环境基础、良好的市场基础、潜在的投资者基础。中外绿色债券在发展路径、项目分类覆盖范围、募集资金管理、信息披露、第三方认证以及激励措施等方面存在差异。据此，本文提出如下建议：统一对绿色债券的界定和项目分类；对募集资金使用实施特殊管理；绿色债券应有统一的信息披露标准；鼓励绿色认证；出台激励措施。
［关键词］ 绿色债券；绿色金融；债券市场；中外标准对比
［Abstract］ The development of Chinese green bonds can help solve the problems of the difficult and costly financing of green and energy-saving enterprises, expand business scope of financial institutions and meet investor’s demand for diversified investment. The development of green bonds has stable top-level design base, positive policy-environment base, good market base and potential investor base. Chinese bonds are different from foreign bonds in development path, coverage of product classification, management of raised funds, information disclosure, third-party certification, incentive measures, etc. It’s needed for the development of Chinese green bonds to unify the definition and classification of green bonds, implement the special management of raised funds, unify the information disclosure standards of green bonds, encourage green certification, and draw up incentive measures.
［Key words］ green bond; green finance; bond market; contrast of Chinese and foreign standards
国际绿色债券市场：现状、经验与启示
万志宏 曾 刚
［摘 要］ 绿色债券市场快速增长，为各国的可持续发展项目提供了中长期低成本的资金支持。国际经验表明政策工具可以通过建立对绿色项目和绿色债券市场的监管和扶持框架，支持启动绿色债券市场，而市场参与主体则应自下而上推动市场建设。发展中国绿色债券市场应该明确“绿色投资”和“绿色债券”的定义、认证与监督；鼓励绿色投资，提高绿色债券的吸引力，培育绿色投资者；监管部门协调一致，发布绿色债券市场监管准则和措施；扩大发行主体范围，鼓励政策性银行、商业银行和地方政府试点发行绿色债券。
［关键词］ 绿色债券；绿色投资；可持续发展
［Abstract］ The rapid development of green bond market provides the sustainable development projects of all countries with the support of medium and long terms low-cost capitals. The international experience shows that policy tools can help the initial construction of green bond market by the construction of the supervision and support frameworks of green projects and green bond market, and the market participators should promote the construction from the bottom to the top. The development of China’s green bond market needs the clear definition, certification and supervision of “green investment” and “green bond”, encouraging green investment and enhancing the attractiveness of green bonds, training green investor, the coordination of regulators, the disclosure of supervision guidelines and policies of green bond market, expanding the scope of issuers, encouraging policy banks, commercial banks and local governments to issue pilot green bonds.
［Key words］ green bond; green investment; sustainable development
参数不确定对最优货币供应机制的影响分析
刘静一
［摘 要］ 本文在新凯恩斯理论框架下，构建一个包含货币供应机制的非平稳DSGE模型，基于政策损失函数和参数的贝叶斯估计分析参数不确定对最优货币供应机制影响。研究表明，最优货币供应机制是具有超惯性和对通货膨胀做出强烈逆向反应的前瞻型政策，参数不确定情形下的货币供应机制对通货膨胀和产出的反应更为谨慎，但参数不确定并不改变参数确定情形下政策选择的排序。
［关键词］ 参数不确定；通货膨胀；货币供应机制；DSGE模型；损失函数
［Abstract］ In the Keynesian theoretical framework, this paper constructs a non-stationary DSGE model with money supply mechanism. Based on the policy loss function and the Bayesian estimation of model’s parameters, the paper analyzes the impacts of parameter uncertainty on the mechanism of optimal money supply. The analysis of the paper shows that the mechanism of optimal money supply is a forward-looking policy which is extremely-inert and has a strong and reverse reaction to inflation; the mechanism of optimal money supply in a scenario of parameter uncertainty will has a more cautious reaction to inflation and output, but the parameter uncertainty doesn’t change the sequence of policy options in the scenario of parameter certainty.
［Key words］ parameter uncertainty; inflation; mechanism of money supply ; DSGE model; loss function
中小金融机构的发展缓解了中小企业融资约束吗？——基于地区制度环境差异化的研究
肖 晶
［摘 要］ 本文基于世界银行2012年针对中国25个城市的民营企业调查数据，实证研究不同地区制度环境背景下中小金融机构的发展对中小企业融资约束的影响。结果表明：一方面中小金融机构的发展有利于缓解中小企业融资约束，且规模越小的企业受益越大；另一方面，良好的制度环境是实现中小金融机构服务中小企业融资的有力保障。金融市场化程度的提高和法制信用环境的改善会强化中小金融机构服务中小企业融资的正向作用；而经济落后地区由于金融资源缺乏，更需要设立大量中小金融机构以支持中小企业发展。
［关键词］ 中小金融机构；中小企业；融资约束；制度环境
［Abstract］ Based on the data of a private-enterprise survey performed by the World Bank in China’s 25 cities in 2012, this paper presents an empirical research on the influence of the development of small & medium-sized financial institutions on the financing constraints on SMEs in different regional institutional environment. The results of the paper show that, on the one hand, the development of small & medium-sized financial institutions helps reduce the financing constraints, and the smaller the size of a firm, the greater the benefit it gains; on the other hand, a good institutional environment is an institutional guarantee for small & medium-sized financial institutions to support the financing of SMEs. The increase in the level of financial liberalization and improvement in legal and credit environment will strengthen the positive effects of small & medium-sized financial institutions to support the financing of SMEs; however, the economically undeveloped areas need more small & medium-sized financial institutions to support the development of SMEs due to lack of financial resources.
［Key words］ small and medium-sized financial institution; SME; financial constraint; institutional environment
信用评级与企业并购支付方式——基于上市公司的实证研究
秦凤鸣 李明明
［摘 要］ 本文使用Tobit模型和Probit模型，从评级存在性和评级水平两个方面考察信用评级对并购支付方式的影响。结果发现，具有信用评级和高评级的企业在并购时支付的现金比例更高，且更倾向于选择现金支付方式；进一步，并购方对目标公司的信息不对称程度越大，信用评级对并购支付方式的影响越小。本文的结果表明：信用评级有利于缓解企业与投资者之间的信息不对称，从而减少企业面临的融资约束，提高并购效率。
［关键词］ 信用评级；融资约束；并购支付方式；信息不对称
［Abstract］ From the perspective of credit rating existence and credit rating level, this paper uses the Tobit and Probit models to analyze the impacts of credit rating on the choice of payment method in mergers and acquisitions (M&A). It’s found that, among firms to pay cash, the ratio of those with credit rating and a higher rating is relatively higher and they tend to pay cash; Furthermore, the greater the information asymmetry between acquirer and target firm, the less the impacts of credit rating on payment method. The results of the paper show that credit rating can help reduce information asymmetry between firms and investors and so as to reduce the constraints on firm’s financing, and increase the efficiency of M&A.
Key words］ credit rating; financial constraint; payment method in M&A; information asymmetry