近日，金融学院副教授金伟与合作者丁雯博士（工商管理学院）、杨珺教授（华中科技大学）的论文“Impact of financial incentives on green manufacturing: Loan guarantee vs. interest subsidy”在国际权威期刊《European Journal of Operational Research》第300卷（2022年）第3期正式发表。该期刊被SCI一区检索，为ABS4星级、FMS A类期刊。论文链接：https://doi.org/10.1016/j.ejor.2021.09.011

Abstract

This paper studies the impact of government support on the production and green investment of a manufacturing firm with financing needs. Two financial stimulus policies are explored: loan guarantee and interest subsidy. Based on game-theoretic models that incorporate the manufacturer’s operations and the bank’s risk preference, we attempt to explore the implications for the economic and environmental performance of government interventions. Our results reveal that: (1) both policies are effective in scaling up production volume and economic performance, but loan guarantee policy is ineffective in boosting green investment; (2) the downside risk the bank bears under the loan guarantee policy is not less than that under an interest subsidy policy, due to limited intervention from government; (3) it is optimal for the government to intervene in the manufacturer’s financing activity when the environmental value is above a certain level. Further, we demonstrate that whether loan guarantee policy outperforms interest subsidy depends on consumers’ green awareness, green investment efficiency, environmental value, as well as bank’s attitude toward risk. Finally, we test the robustness of our findings by extending the base models to other scenarios and find that the main results still hold in these extensions.

摘要

该文以政府通过绿色激励政策引导企业节能减排的创新实践为基础，构建了包含制造型企业、商业银行和政府的博弈决策模型，应用博弈论和随机最优化理论研究绿色担保和绿色贴息政策的设计与优化，分析不同政策激励下制造型企业的投融资决策和银行的授信决策，进一步通过数值实验检验理论分析结果。论文发现，融资系统内部存在一个临界条件使得当企业投资满足该条件时政府才有动机介入企业融资活动；虽然绿色担保和绿色贴息政策均能缓解企业融资约束，帮助企业扩大生产规模并改善经济效益，但是相比贴息政策，担保政策在激励企业绿色投资方面效果较弱；同时，担保政策未必能有效降低银行下侧风险，文章发现银行在担保政策下的下侧风险不小于贴息政策。进一步，论文指出担保政策是否占优于贴息政策依赖于消费者环保意识、绿色投资效率、银行的风险偏好等因素。最后，论文将模型拓展到其他运营场景发现主要结论仍然成立。该论文的研究结果为政府制定激励企业节能减排的绿色金融政策提供理论依据。

金伟副教授主要研究领域为供应链金融、绿色金融、投融资决策与风险管理，其研究成果发表在European Journal of Operational Research、Omega、Journal of the Operational Research Society、International Transactions in Operational Research等国内外知名期刊.

浙江财经大学金融学院一直以来注重科学研究，将科研创新能力视为学科核心竞争力的重要组成部分，学院教师科研团队以一流学科建设标准严格要求，积极探索、勇于创新，积极参与国内国际合作，取得了一系列达到国际前沿水平的研究成果，为学校建设特色鲜明的一流财经大学贡献力量。