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題名 中國綠色信貸研究
The study of green credit in China作者 陳新寧
Chen, Hsin Ning貢獻者 黃仁德
Hwang, Jen Te
陳新寧
Chen, Hsin Ning關鍵詞 綠色信貨
赤道原則
Green Credit
Equator Principles日期 2011 上傳時間 3-Dec-2012 11:32:16 (UTC+8) 摘要 This paper investigated the evolution of Green Credit policy in China and the progress of its implementation by Chinese banks. Confronted with increasing degradation of the environment and the poor energy and resource efficiency in China, Chinese government introduced the Green Credit policy in 2007 to tackle these problems by adopting market-based mechanisms to channel capital to energy-saving and environmental protection companies and projects while curbing credit loans to companies and projects with poor environmental performance. The results of this paper show that a top-down system of Green Credit policy has taken shape in China, and Green Credit has proved to be an effective tool in combating environmental degradation and spurring sustainable finance in China with encouraging initial results. This study also reveals that in providing loans to energy-saving and environmental-friendly enterprises, state-owned banks made noticeable progress and did much better than joint-stock banks. Joint-stock banks in general were more conservative and cautious in providing loans to environment-friendly enterprises. The only exception is Industrial Bank, which adopted the Equator Principles in 2008. In exiting or withdrawing loans for “two high” sectors, there is a wide variation among banks, and there is no significant difference between state-owned banks and joint stock banks or between banks which are EPFIs and which are Non-EPFIs in this part. 參考文獻 Aizawa, M. and C. Yang (2010), “Green Credit, Green Stimulus, Green Revolution? China’s Mobilization of Banks for Environmental Cleanup,” Journal of Environment & Development, 19, pp. 119-144. Bartlett, J. (2005), “Addressing Concerns About Legitimacy: A Case Study of Social Responsibility Reporting in the Australian Banking Industry,” paper presented in 34th European Marketing Academy Conference, 24-27 May, Milan. Bernstein, P., W. D. Montgomery, and S. D. Tuladhar (2006),“Potential for Reducing Carbon Emissions from Non-Annex B Countries through Changes in Technology,” Energy Economics, 28:5-6, pp. 742-762. Carroll, A. (2006), Business and Society: Ethics and Stakeholders Management. Ohio: Thomson South Western. CCICED (2009), Energy Efficiency and Environmental Economic Policies – CCICED Policy research report 2009. Beijing: China Council for International Cooperation on Environment and Development. Chen, Y. (2009), “A New Challenge for China’s Financial Institutions: Knowing and abiding by the Equator Principles,” Business and Management, May, pp. 61-62. (In Chinese) China Banking Association (2010), Chinese Banking Social Responsibility Report of 2009, Beijing: China Banking Association. (In Chinese) Cogan, D. (2008), Corporate Governance and Climate Change: The Banking Sector. Boston: Ceres. Economy, E. and K. Lieberthal (2007), “Scorched Earth: Will Environmental Risks in China Overwhelm Its Opportunities?” Harvard Business Review, 85:10, pp. 88-96. Feldman, R. and G. Knapp (1990), “Catching the Privatization Wave,” Independent Energy, 20:3, pp. 70-72. Fishel, M. (2007), Time to Go Green: Environmental Responsibility in the Chinese Banking Sector. Utrecht: BankTrack. Goodwin, A., B. Jones, K. Kucko, and M. Smirnova (2008), “Chinese Innovations in Environmental Regulatory Policy,” paper prepared for Multi-State Working Group on Environmental Performance, available at www.lafollette.wisc.edu/publications/workshops/2008/china.pdf. Hoepner, A. and J. Wilson (2010),“Social, Environmental, Ethical and Trust (SEET) Issues in Banking: An Overview,” in J. R. Barth, C. Lin and C. Wihlborg, eds., Research Handbook for Banking and Governance, (Cheltenham: Edward Elgar Publishing), pp. 427-457. IFC (2007), “Banking on Sustainability: Financing Environmental and Social Opportunities in Emerging Markets,” available at http://www.ifc.org/ifcext/enviro.nsf/AttachmentsByTitle/p_BankingonSustainability/$FILE/FINAL_IFC_BankingOnSustainability_web.pdf. International Rivers (2008). New Financiers and the Environment – Ten Perspectives on How Financial Institutions Can Protect the Environment. Berkeley: International Rivers. Jeucken, M. and J. Bouma (1999), “The changing environment of banks,” Greener Management International, 27, pp. 21-35. Jeucken, M. (2001), Sustainable Finance and Banking. London: Earthscan. Jeucken, M. (2005), Sustainability in Finance – Banking on the Planet. Delft: Eburon. Jiang, T. S. (2007), “Green GDP plan stays on back burner,” South China Morning Post, available at http://www.archive.scmp.com/showarticles.php. Labatt, S. and R. White (2002). Environmental Finance: A Guide to Environmental Risk Assessment and Financial Products. New York: Wiley. Lundgren, M. and B. Catasus (2000), “The Banks’ Impact on the Natural Environment,” Business Strategy and The Environment, 9, pp. 186-195. Richardson, B. (2005), “The Equator Principles: The Voluntary Approach to Environmentally Sustainable Finance,” European Environmental Law Review, 14:11, pp. 280-290. Scholtens, B. and L. Dam (2007), “Cultural Values and International Differences in Business Ethics,” Journal of Business Ethics, 75, pp. 273-284. Thompson, P. and C. Cowton (2004), “Bringing the Environment into Bank Lending: Implications for Environmental Reporting,” British Accounting Review, 36:2, pp. 197-218. Weber, O., M. Fenchel, and R. Scholz (2006), “Empirical Analysis of the Integration of Environmental Risks into the Credit Risk Management Process of European Banks, Business Strategy and the Environment,” Business Strategy and the Environment, 17, pp. 149-159. Wu, Y. G. and J. Liu (2008), “On Rural Cooperatives Developing Green Credit Business,” Contemporary Economics and Trade, 22, pp. 203-204. (In Chinese) WWF (2006), Shaping the Future of Sustainable Finance – Moving from Paper Promises to Performance, available at http://www.wwf.org.uk/filelibrary/pdf/sustainablefinancereport.pdf. Xia, S. M. (2008), “Legalization of Green Credit policy,” Law Magazine, 4, pp. 55-58. (In Chinese) Zhang, B., Y. Yang, and J. Bi (2011), “Tracking the Implementation of Green Credit Policy in China: Top-down Perspective and Bottom-up Reform,” Journal of Environmental Management, 92, pp. 1321-1327. 描述 碩士
國立政治大學
亞太研究英語碩士學位學程(IMAS)
99926006
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099926006 資料類型 thesis dc.contributor.advisor 黃仁德 zh_TW dc.contributor.advisor Hwang, Jen Te en_US dc.contributor.author (Authors) 陳新寧 zh_TW dc.contributor.author (Authors) Chen, Hsin Ning en_US dc.creator (作者) 陳新寧 zh_TW dc.creator (作者) Chen, Hsin Ning en_US dc.date (日期) 2011 en_US dc.date.accessioned 3-Dec-2012 11:32:16 (UTC+8) - dc.date.available 3-Dec-2012 11:32:16 (UTC+8) - dc.date.issued (上傳時間) 3-Dec-2012 11:32:16 (UTC+8) - dc.identifier (Other Identifiers) G0099926006 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/56350 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 亞太研究英語碩士學位學程(IMAS) zh_TW dc.description (描述) 99926006 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) This paper investigated the evolution of Green Credit policy in China and the progress of its implementation by Chinese banks. Confronted with increasing degradation of the environment and the poor energy and resource efficiency in China, Chinese government introduced the Green Credit policy in 2007 to tackle these problems by adopting market-based mechanisms to channel capital to energy-saving and environmental protection companies and projects while curbing credit loans to companies and projects with poor environmental performance. The results of this paper show that a top-down system of Green Credit policy has taken shape in China, and Green Credit has proved to be an effective tool in combating environmental degradation and spurring sustainable finance in China with encouraging initial results. This study also reveals that in providing loans to energy-saving and environmental-friendly enterprises, state-owned banks made noticeable progress and did much better than joint-stock banks. Joint-stock banks in general were more conservative and cautious in providing loans to environment-friendly enterprises. The only exception is Industrial Bank, which adopted the Equator Principles in 2008. In exiting or withdrawing loans for “two high” sectors, there is a wide variation among banks, and there is no significant difference between state-owned banks and joint stock banks or between banks which are EPFIs and which are Non-EPFIs in this part. en_US dc.description.tableofcontents Chapter 1 Introduction 1 1.1 Research Background and Motivation 2 1.2 Research Purposes 7 1.3 Methodology 8 1.4 Scope and Limitation 9 Chapter 2 Overview of Green Credit in the World 10 2.1 Literature Review 10 2.1.1 Green Finance 10 2.1.2 History of Equator Principles 14 2.1.3 Green Credit policy in China 15 2.2 The Equator Principles 17 2.2.1 History of Equator Principles 17 2.2.2 Content of Equator Principles 19 2.2.3 Benefits of Equator Principles 22 2.2.4 Impact of Equator Principles 23 2.3 The Practices of Green Finance in Developed Countries 24 2.3.1 Germany 24 2.3.2 Japan 27 2.3.3 United States 28 2.4 Summary 30 Chapter 3 Evolution of Green Credit Policy in China 31 3.1 Initiation Stage ── 1995~2006 31 3.1.1 Development in Initiation Stage 31 3.1.2 Impact and Results in Initiation Stage 34 3.2 Implementation Stage ── 2007~2011 36 3.2.1 Development in implementation Stage 36 3.2.2 Impact and Results in Implementation stage 43 3.3 Enhancement Stage ── Since 2012 45 3.4 Summary 48 Chapter 4 Progress and Challenges in Banks’ Implementation of Green Credit 49 4.1 Progress in Banks’ Implementation of Green Credit 49 4.2 Effect of Banks’ Green Credit on Energy Saving and Emission Reduction 57 4.3 Phases of Sustainable Banking 59 4.4 Challenges in Banks’ Implementation of Green Credit 62 4.5 Summary 65 Chapter 5 Conclusions and Suggestions 67 5.1 Conclusions 67 5.2 Suggestions 70 Appendix 1 Opinions on Implementing Environmental Protection Policies and Rules and Preventing Credit Risks 74 Appendix 2 Green Credit Guidelines 82 Appendix 3 The Equator Principles 89 References 96 List of Tables Table 2-1: Adoption of the EPs for the Top 15 Banks in the World 20 Table 2-2: Development of Environmental Policy in Germany 26 Table 3-1: Indicators on Resources and Environment in the 12th Five-Year Plan 46 Table 4-1: Top 10 Largest Chinese Banks in 2011 50 Table 4-2: Bank Loans to Green Industries — 2009~2011 51 Table 4-3: Withdrawn Bank Loans from “Two High” Sectors — 2009~2011 53 Table 4-4: Bank Loans to Steel and Cement Sectors — 2007~2010 55 Table 4-5: Bank Loans to Energy Saving and Environmental Protection Projects 56 Table 4-6: Bank Loans Increased and Withdrawn on Green Credit — 2009~2011 57 List of Figures Figure 1-1: Research Framework 8 Figure 2-1: KfW’s Lending Business Model 25 Figure 3-1: Stages of the Evolution of Green Credit Policy in China 32 Figure 4-1: Chinese Banks’ Total Assets Loans — 2011 50 Figure 4-2: Chinese Banks’ Outstanding Loans — 2011 51 Figure 4-3: Bank Loans to Green Industries — 2009~2011 52 Figure 4-4: Withdrawn Bank Loans from “Two High” Sectors — 2009~2011 54 Figure 4-5: Bank Loans to Steel and Cement Sectors — 2007~2010 55 Figure 4-6: Bank Loans Increased and Withdrawn on Green Credit — 2009~2011 56 Figure 4-7: A Typology of Banking and Sustainable Development 60 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099926006 en_US dc.subject (關鍵詞) 綠色信貨 zh_TW dc.subject (關鍵詞) 赤道原則 zh_TW dc.subject (關鍵詞) Green Credit en_US dc.subject (關鍵詞) Equator Principles en_US dc.title (題名) 中國綠色信貸研究 zh_TW dc.title (題名) The study of green credit in China en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Aizawa, M. and C. Yang (2010), “Green Credit, Green Stimulus, Green Revolution? China’s Mobilization of Banks for Environmental Cleanup,” Journal of Environment & Development, 19, pp. 119-144. Bartlett, J. (2005), “Addressing Concerns About Legitimacy: A Case Study of Social Responsibility Reporting in the Australian Banking Industry,” paper presented in 34th European Marketing Academy Conference, 24-27 May, Milan. Bernstein, P., W. D. Montgomery, and S. D. Tuladhar (2006),“Potential for Reducing Carbon Emissions from Non-Annex B Countries through Changes in Technology,” Energy Economics, 28:5-6, pp. 742-762. Carroll, A. (2006), Business and Society: Ethics and Stakeholders Management. Ohio: Thomson South Western. CCICED (2009), Energy Efficiency and Environmental Economic Policies – CCICED Policy research report 2009. Beijing: China Council for International Cooperation on Environment and Development. Chen, Y. (2009), “A New Challenge for China’s Financial Institutions: Knowing and abiding by the Equator Principles,” Business and Management, May, pp. 61-62. (In Chinese) China Banking Association (2010), Chinese Banking Social Responsibility Report of 2009, Beijing: China Banking Association. (In Chinese) Cogan, D. (2008), Corporate Governance and Climate Change: The Banking Sector. Boston: Ceres. Economy, E. and K. Lieberthal (2007), “Scorched Earth: Will Environmental Risks in China Overwhelm Its Opportunities?” Harvard Business Review, 85:10, pp. 88-96. Feldman, R. and G. Knapp (1990), “Catching the Privatization Wave,” Independent Energy, 20:3, pp. 70-72. Fishel, M. (2007), Time to Go Green: Environmental Responsibility in the Chinese Banking Sector. Utrecht: BankTrack. Goodwin, A., B. Jones, K. Kucko, and M. Smirnova (2008), “Chinese Innovations in Environmental Regulatory Policy,” paper prepared for Multi-State Working Group on Environmental Performance, available at www.lafollette.wisc.edu/publications/workshops/2008/china.pdf. Hoepner, A. and J. Wilson (2010),“Social, Environmental, Ethical and Trust (SEET) Issues in Banking: An Overview,” in J. R. Barth, C. Lin and C. Wihlborg, eds., Research Handbook for Banking and Governance, (Cheltenham: Edward Elgar Publishing), pp. 427-457. IFC (2007), “Banking on Sustainability: Financing Environmental and Social Opportunities in Emerging Markets,” available at http://www.ifc.org/ifcext/enviro.nsf/AttachmentsByTitle/p_BankingonSustainability/$FILE/FINAL_IFC_BankingOnSustainability_web.pdf. International Rivers (2008). New Financiers and the Environment – Ten Perspectives on How Financial Institutions Can Protect the Environment. Berkeley: International Rivers. Jeucken, M. and J. Bouma (1999), “The changing environment of banks,” Greener Management International, 27, pp. 21-35. Jeucken, M. (2001), Sustainable Finance and Banking. London: Earthscan. Jeucken, M. (2005), Sustainability in Finance – Banking on the Planet. Delft: Eburon. Jiang, T. S. (2007), “Green GDP plan stays on back burner,” South China Morning Post, available at http://www.archive.scmp.com/showarticles.php. Labatt, S. and R. White (2002). Environmental Finance: A Guide to Environmental Risk Assessment and Financial Products. New York: Wiley. Lundgren, M. and B. Catasus (2000), “The Banks’ Impact on the Natural Environment,” Business Strategy and The Environment, 9, pp. 186-195. Richardson, B. (2005), “The Equator Principles: The Voluntary Approach to Environmentally Sustainable Finance,” European Environmental Law Review, 14:11, pp. 280-290. Scholtens, B. and L. Dam (2007), “Cultural Values and International Differences in Business Ethics,” Journal of Business Ethics, 75, pp. 273-284. Thompson, P. and C. Cowton (2004), “Bringing the Environment into Bank Lending: Implications for Environmental Reporting,” British Accounting Review, 36:2, pp. 197-218. Weber, O., M. Fenchel, and R. Scholz (2006), “Empirical Analysis of the Integration of Environmental Risks into the Credit Risk Management Process of European Banks, Business Strategy and the Environment,” Business Strategy and the Environment, 17, pp. 149-159. Wu, Y. G. and J. Liu (2008), “On Rural Cooperatives Developing Green Credit Business,” Contemporary Economics and Trade, 22, pp. 203-204. (In Chinese) WWF (2006), Shaping the Future of Sustainable Finance – Moving from Paper Promises to Performance, available at http://www.wwf.org.uk/filelibrary/pdf/sustainablefinancereport.pdf. Xia, S. M. (2008), “Legalization of Green Credit policy,” Law Magazine, 4, pp. 55-58. (In Chinese) Zhang, B., Y. Yang, and J. Bi (2011), “Tracking the Implementation of Green Credit Policy in China: Top-down Perspective and Bottom-up Reform,” Journal of Environmental Management, 92, pp. 1321-1327. zh_TW
