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Can green financial development promote renewable energy investment efficiency? A consideration of bank credit

机译：绿色金融发展能否促进可再生能源投资效率？银行信贷的考虑

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摘要

Taking 141 listed renewable energy enterprises in China as a sample, the Richardson model is adopted to measure their investment efficiency in this paper. On this basis, an intermediary effect model of panel data is constructed to empirically analyze the intermediary effect of green financial development on renewable energy investment efficiency through bank loans, short-term loans, and long-term loans. We find that China's green financial development has a negative impact on bank loan issuance in general, and inhibits the improvement of renewable energy investment efficiency to a certain extent, with an effect degree of 0.0017. Besides, the short-term loan has few intermediate effect on investment efficiency, while there is no intermediary effect of long-term loans. Moreover, as for the over-investment renewable energy enterprises, intermediary effect of bank loans exists. Green financial development can inhibit over-investment in renewable energy by reducing bank credit issuance; for renewable energy companies of under-investment, on the contrary, it aggravates the under-investment to a certain extent. This paper suggests that the government should both construct and consummate the green financial system through policies and regulation. Financial institutions should actively produce innovative green financial products and support the development of renewable energy enterprises and the renewable energy enterprises should strengthen their internal management and develop financing channels. (C) 2019 Elsevier Ltd. All rights reserved.
机译：本文以中国141家上市可再生能源企业为样本，采用理查森模型来衡量其投资效率。在此基础上，构建面板数据的中介效应模型，通过银行贷款，短期贷款和长期贷款，实证分析绿色金融发展对可再生能源投资效率的中介效应。我们发现，中国的绿色金融发展总体上对银行贷款发行有负面影响，并在一定程度上抑制了可再生能源投资效率的提高，影响程度为0.0017。此外，短期贷款对投资效率的影响不大，而长期贷款则没有中介作用。而且，对于投资过度的可再生能源企业，存在银行贷款的中介效应。绿色金融发展可以通过减少银行信贷发行来抑制对可再生能源的过度投资；相反，对于投资不足的可再生能源公司而言，它在一定程度上加剧了投资不足。本文建议政府应通过政策和法规建设和完善绿色金融体系。金融机构要积极生产创新的绿色金融产品，支持可再生能源企业的发展，可再生能源企业要加强内部管理，发展融资渠道。 （C）2019 Elsevier Ltd.保留所有权利。

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  • 来源
    《Renewable energy》 |2019年第12期|974-984|共11页
  • 作者

    He Lingyun; Liu Rongyan; Zhong Zhangqi; Wang Deqing; Xia Yufei;

  • 作者单位

    China Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China;

    China Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China;

    Zhejiang Univ Finance & Econ, Sch Econ, Hangzhou 310018, Zhejiang, Peoples R China;

    China Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China;

    Jiangsu Normal Univ, Business Sch, Xuzhou 221116, Jiangsu, Peoples R China;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Green finance; Bank credit; Investment efficiency; Renewable energy investment;

    机译：绿色金融;银行信贷;投资效率;可再生能源投资;

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