绿色金融是绿色经济发展的推动力

在论述我国环境污染严峻形势的基础上,对如何构建绿色金融、促进绿色经济发展和构建绿色经济必须采取一系列的配套措施提出了建议。构建绿色金融关键在银行业金融机构经营指导思想上,必须要牢固树立社会责任和环保责任的理念,把环保责任因素纳入银行业务经营之中。绿色金融对绿色经济有一定促进作用,要构建绿色经济还要象美国那样,严格环保立法和执法。     

环境执法监督对企业绿色创新的影响

以环保约谈制度实施为契机,基于合法性理论和遵从理论,考察环境执法监督对企业绿色创新的影响及其机制。研究发现：环境执法监督会有效地促进企业绿色创新,即环保约谈显著地提高了被约谈地区企业的绿色创新水平。拓展性检验与分析后发现,环境执法监督对企业绿色创新的促进作用主要表现在低融资约束企业和低代理成本企业中。影响机制探索后发现,环境执法监督通过提高企业环境成本、环境处罚力度和企业环保投资,进而促进企业绿色创新。     

构建支持绿色技术创新的金融服务体系

目前,如何构建市场导向的绿色技术创新体系得到政府、市场、企业、学界等多方重视,绿色技术创新有望成为推动绿色可持续发展的新动力。但是我国面临着绿色技术创新能力不足,绿色产品和服务成本过高的问题,这将制约绿色发展的可持续性。要加快推动绿色技术创新,必须解决绿色技术企业面临的一系列融资问题,构建一个有效支持绿色技术创新的金融服务体系[1]。该体系应该包括如下特点:(1)多层次的融资和风险管理模式,包括股票市场、PE/VC、投贷联动、担保和保险机制,以解决银行不愿贷、风险资金不到位的问题;(2)政府提供一定的激励机制,包括孵化、担保、贴息等,以降低绿色技术企业的融资成本和风险溢价,缓解绿色项目的环境外部性问题;(3)提供有较长期限的资金,以满足部分绿色技术项目回报周期长的特点;(4)建立一套适合于绿色技术和绿色PE/VC基金的界定标准和环境效益评估标准,利用数字技术提升绿色评估能力,降低评估成本。基于此框架提出十条具体的政策建议。     

Operating Expenses and the Rent Premium of Energy Star and LEED Certified Buildings in the Central and Eastern U.S.

This paper investigates the relationship between operating expenses and rents of Energy Star and LEED certified buildings in the Central and Eastern United States. Several studies have shown that sustainable buildings command a rent premium compared to comparable conventional buildings. Lower operating expenses are expected to be a major source of the rent premium that sustainable buildings command. This is especially the case for buildings with triple-net leases, where tenants directly benefit from savings in operating costs. For a large dataset of U.S. office buildings this study finds significantly lower operating expenses in LEED certified buildings. However, savings in operating expenses only explain part of the rent premium. Additional factors must be at work. Surprisingly, we find significantly higher operating expenses in Energy Star rated buildings. Hence, intangible benefits appear to be the major source of rental premiums of Energy Star rated buildings.     

Green Buildings: Similar to Other Premium Buildings?

The statistics, finance, and real estate literature regularly rely on propensity score matching techniques to balance samples of data where randomized treatment assignment is not possible. In the sustainable commercial real estate literature the technique has seen substantive use. To analyze price and rent premiums for green buildings, several studies have used propensity scores to ensure samples that contains eco-labeled and un-labeled buildings reflect a randomized assignment of the treatment. Underpinning the argument for the use of propensity scores is the notion that green buildings contain similar attributes to non-green buildings. However, if the green labels were ignored, would premium buildings be otherwise statistically similar to premium buildings in the market? Here, we analyze a research question focusing on the extent to which propensity scores can predict a green building using the standard building attributes and whether propensity scoring is an econometric necessity?     

New approaches for overcoming the complexity of future buildings impacted by new energy constraints

In many European countries, building is an economical sector where it is possible to reduce significantly energy dependence and environmental impact. Ambitious objectives are required for 2020 future buildings: extremely low energy consumption, low carbon emission, etc. To reach these new goals, the existing design of buildings has to change.Buildings are complex systems occupied by humans interacting with their environment. Indeed, each building can be considered a unique set of elements in dynamic interaction, structured and goal-oriented. New drastic energy objectives increase the complexity of building systems. Levels of energy and environmental performance, never reached in the past, are required for future buildings.In this context, it appears that professional capabilities and existing practices are no longer adequate. The actors of the building sector have to face up to a growing complexity generated by new constraints. Usual theories and practices are under questionning.The aim of this paper is to provide an original and helpful approach to this new complexity of future buildings. This approach, based on concepts of complexity and transdisciplinarity, consists in a combination of structural, functional and transformation approaches, thus providing a tridimensional cognitive framework to plan future buildings in a dynamic way.     

Environmental Costing: A path to Implementation

Environmental strategies and their related costs have received little formal attention from Australian accountants. Yet, internationally as well as in Australia, green strategies and their related costs are now being recognised by a range of corporations. In this paper, international corporate examples are reviewed. Environmental cost categories and potential classifications and approaches for decision and control purposes are proposed. The paper offers recommendations for the initial development of environmental costing practices at the corporate level and argues for the importance of developing relevant cost management systems that support environmental strategies and management.     

绿色信贷政策得不偿失还是得偿所愿？——基于资源配置视角的PSM-DID成本效率分析

党的十九大报告聚焦生态文明体制改革,明确提出了发展绿色金融的战略要求。商业银行作为实施绿色信贷政策的主体,更加关注因此而产生的成本效率问题,即考量银行自身是得不偿失抑或得偿所愿？本文基于2005—2017年间73家中国商业银行的数据,首先,运用SFA模型测算商业银行的成本效率;其次,运用倾向得分匹配—双重差分法(PSM-DID)实证分析绿色信贷政策对银行成本效率影响的净效应;最后,采用边际动态检验方法考察绿色信贷政策净效应的影响趋势。文章发现绿色信贷政策的实施会通过成本效应机制降低银行成本效率,但同时因其改善了银行的信贷风险管理、提升了银行的声誉,从而对银行成本效率施加正向影响。此外,文章还发现绿色信贷政策的净效应呈现U型趋势,表现为2007—2013年绿色信贷政策净效应负向影响加深,2014年后出现转好信号,现已越过U型谷底。因此,从长期看,绿色信贷政策将有利于银行成本效率提升。     

基于DSGE模型的绿色信贷激励政策研究

在绿色金融政策实践与有关学术理论快速发展的背景下,本文以绿色信贷的激励政策为切入点,提供一种分析绿色金融政策的理论模型分析框架,并基于模型开展量化的政策效果分析。本文在真实商业周期框架的基础上引入银行部门,通过拆分厂商部门为“绿色”与“其它”两部分,并设置中央银行与财政部门的相关政策,纳入了绿色信贷激励政策。研究发现,针对绿色信贷的贴息、定向降准、再贷款(调整再贷款利率与质押率)均是有效且合意的激励政策,一定强度的政策不仅能够提高绿色信贷量,在绿色意义上优化经济结构,而且对总产出、总就业不会造成显著的负面影响,从而带来“经济”与“环境”双赢的结果。     

Environmental regulation,green innovation,and export product quality: What is the role of greenwashing?

To facilitate sustainable growth, green innovation, and industrial upgrading, it is important to explore the relationship between environmental regulations and firm performance. Green innovation is increasingly being recognized as an important determinant of the quality of export products, which plays a critical role in international business and finance. Therefore, this paper empirically examines the impact of green innovation on export product quality at the firm level using relevant data from Chinese exporters. First, we identify a positive relationship between green innovation and export product quality. Second, environmental regulations are observed to have a negative effect on green innovation for highly-polluting firms but do not significantly impact those with lower levels of pollution. Third, our research reveals that the negative effects only exist in those highly-polluting firms that exhibit greenwashing behavior, with financial constraints strengthening these impacts. Therefore, this study reveals that the greenwashing suppression effect curbs the efficiency of environmental regulations on green innovation.     

Sustainable technologies and the innovation–regulation paradox

This article examines the paradox between innovation and regulation and its implication for the adoption of sustainable technologies in the domestic sector of the construction industry. The case of UK is examined, where progress towards the inclusion of social and environmental considerations has been slow. Recent change in attitude in the private sector, combined with government initiatives, has prompted a more sustainable agenda in construction. With significant reductions in greenhouse gas emissions required to meet climate change targets, the case for a particular energy-saving technology—natural thermal insulation materials for cavity wall insulation—suitable for widespread use in residential buildings, is assessed. In addition to the inherent conservatism in the construction industry, additional barriers inhibiting the uptake of new sustainable thermal insulation technologies include capital costs, the failure of the market to account for social and environmental costs and savings and their perceived cost-effectiveness and performance over a 50-year lifetime. Policy implications are drawn from the analysis.     

绿色金融、绿色创新与经济高质量发展

在可持续增长理论的基础上,本文将减排技术内生化,建立带有环境约束并包含金融部门的经济增长模型,解释了绿色金融通过支持绿色创新提升经济增长质量的内在机制。这一理论得到了基于中国省级面板数据中介效应分析的支持。本文为绿色金融的经济学建模提供了新的思路,推进了绿色金融的“功能”理论,论证了绿色金融对经济增长质量影响的“绿色创新渠道”,这意味着绿色金融不限于对少数清洁行业的支持,针对高污染、高能耗行业内部环保技术升级的金融服务也至关重要,是未来绿色金融政策需要关注的问题。     

最低工资标准对绿色全要素生产率的影响研究

运用固定效应模型,依据手工查找最低工资标准数据和中国城市面板数据,考量最低工资标准对绿色全要素生产率的影响。结果表明：提升最低工资标准对绿色全要素生产率负向影响显著。机制检验显示：最低工资标准通过技术创新和要素替代效应两个渠道抑制绿色全要素生产率的增长。异质性分析显示：最低工资标准对绿色全要素生产率的抑制作用存在区域、城市规模和城市等级的差异,对西部地区抑制作用显著,城市规模越小、行政等级越低,抑制作用越显著。鉴于此,应完善最低工资制度,加速推进要素禀赋结构转型,实施地区差异化的环境规制和技术升级政策,加强区域经济联动,协同推动绿色全要素生产率整体提升。     

Tone at the top: CEO environmental rhetoric and environmental performance

In this study we attempted to ascertain the environmental leadership and commitment of the CEO as evidence of “tone at the top” in the belief that this would lead to enhanced environmental performance. We measure “tone at the top” by the environmental disclosure score which is collected from a content analysis of CEO letters to shareholders. We adopt the two environmental performance measures: (1) Environmental Impact Score (EIS) from Newsweek Green Ranking and (2) Modeled Hazard Population Results (MHPR) based on Risk-Screening Environmental Indicator (RSEI) models built by EPA. The results indicate that the environmental disclosure score from the CEO letter is inversely correlated with environmental performance. The overall findings support legitimacy theory in that CEOs essentially “spin” firms' environmental performance so it looks better than it actually is.     

Financial market development: A potentiating policy choice for the green transition in G7 economies

Despite the overwhelming literature claiming the environmental benefits of the transition towards a green economy, the evidence favoring these broad claims is still obscure and fuzzy. The present study makes two significant contributions to this important yet unsettled issue. First, we segregate the overall green transition in G7 economies into three different manifestations i.e., Green Energy, Green Industry, and Green Trade, to evaluate their idiosyncratic effects on the environment. Second, we assess the moderating role of financial development in green transition and ultimately in achieving the COP-26 targets. Our findings indicate that the transition towards green energy and the green industrial sector improves environmental quality, and the benefits are more pronounced with a high degree of financial development. In contrast, the transition towards green trade does not help in improving environmental quality and may have some adverse effects; however, financial development could mitigate some of these undesirable effects and help combat carbon emissions. The study emphasizes that policymakers should view financial development as a crucial policy choice to achieve COP-26 targets owing to its benign environmental impact.     

“多言寡行”的环境责任表现能否影响银行信贷获取——基于“言”和“行”双维度的文本分析

基于我国推行绿色信贷的政策背景,本文考察了企业“多言寡行”的环境责任表现能否影响银行的信贷决策。研究发现:(1)从总体来看,“多言寡行”的环境责任表现有助于企业获取更多的银行借款。(2)相比于长期银行借款,“多言寡行”对于短期银行借款的正向影响更为明显。(3)《关于构建绿色金融体系的指导意见》的出台抑制了“多言寡行”对银行借款的正向影响。(4)进一步分析发现,相比于环境责任表现“少言多行”以及“少言寡行”的企业,企业“多言寡行”的环境责任表现对于银行的信贷资源具有显著的正向影响;“多言寡行”对银行借款的正向影响在无背景关联、价值较低以及市场环境更差的企业中更为明显。本文有助于信贷机构认识到绿色信贷政策面临的执行风险,为确保绿色信贷的健康发展提供了新的决策参考。     

环境规制对企业技术创新的影响机制研究——基于经济增长视角

改革开放三十年来经济高速增长导致大量环境问题,由于环境资源的公共品和外部性特征,使得环境污染无法依靠企业及个人自主解决,因此,需要由政府作为约束和激励主体制定有效的环境规制政策。环境规制工具将产生环境的服从成本和违规成本,导致企业的成本提高,企业面临环境保护提升与企业绩效下降的矛盾性困境。在环境成本提高的拉动与推动效应下,企业必将选择环境友好型技术创新行为,降低环境治理成本和污染排放,提高生产效率,最终实现环境保护和经济增长的和谐统一。     

基于平衡计分卡的企业环境业绩评价研究

随着资源的日益枯竭和环境污染的日益加剧，环境责任成为社会公众对企业的环保诉求。环境业绩评价作为企业环境责任履行的导向标已成为研究热点。文章以宝钢集团为例，通过构建平衡计分卡环境业绩评价体系，采用层次分析法对各层指标设计权重，对其2011-2013年的环境业绩进行评价。     

Sustainable development. With or without mankind?

The author challenges the conventional wisdom that the main risk to Western development is environmental degradation caused by mankind. Concern over the greenhouse effect and global warming have more to do with millenium fever than reality. There is still very little evidence to suggest that these environmental phenomena result from human activity. What we do know is that there have been major cyclical fluctuations throughout history. The author cautions against implementing ‘scientistic’ policies in the face of such doubts, just because it is trendy to do so.     

The surprising economics of a "people business"

When people are your most important asset, some standard performance measures and management practices become misleading or irrelevant. This is a danger for any business whose people costs are greater than its capital costs-that is, businesses in most industries. But it is particularly true for what the authors call "people businesses": operations with high employee costs, low capital investment, and limited spending on activities, such as R&D, that are aimed at generating future revenue. If you run a people business-or a company that includes one or more of them how do you measure its true performance? Avoid the trap of relying on capital-oriented metrics, such as return on assets and return on equity. They won't help much, as they'll tend to mask weak performance or indicate volatility where it doesn't exist. Replace them with financially rigorous people-oriented metrics-for example, a reformulation of a conventional calculation of economic profit, such as EVA, so that you gauge people, rather than capital, productivity. Once you have assessed the business's true performance, you need to enhance it operationally (be aware that relatively small changes in productivity can have a major impact on shareholder returns); reward it appropriately (push performance-related variable compensation schemes down into the organization); and price it advantageously (because economies of scale and experience tend to be less significant in people businesses, price products or services in ways that capture a share of the additional value created for customers).