A Study On The Effect Of The Implementation Of China’s Green Gredit System

In the late1970s,global environmental pollution and ecological degradation problems have become increasingly prominent,how to deal with the relationship between environmental protection and economic development become the focus of attention and research.Finance is the core of modern economy,how to play the resource allocation function,to control or mitigate the environmental pollution problems gradually coming into view.February6,1995,People’s Bank of China issued the "Notice on the implementation of credit policies and strengthen environmental protection work-related issues".The notice requires financial institutions at all levels to review the environmental impact of the project in the process of the issuance and management of credit,follow-up and implementation of the national environmental protection policies,this is China’s first considerate environmental into the credit policy,indicates that China has started to build a "green credit" system.China’s "green credit" system has been implemented for more than ten years,how to properly understand and evaluate the implementation of the results of the green credit,in fact, is an open question.Green play a role in how much credit to China’s environmental protection?Green Credit is able to improve the quality of our environment? How improve the degree?Green Credit for China’s long-term investment mechanism has been established?These problems still we need to answer.Answer these questions,effect evaluation of "green credit" system,and analyze the shortcomings of the "green credit" system,Realistic theoretical basis to improve our system of "green credit",the next step of the "green credit" system development and environmental protection work is significant. Based on this,in this paper, from the macro level,China’s industrial emissions as a measure of the quality of our environment variable,VAR model impulse response function analysis of environmental quality in response to the impact of green credit path and the green credit quality of the environment impact response path,to study the effect of the implementation of China’s green credit system.The results show that,although China’s green credit the improvement of environmental quality,the improvement is not significant and no persistent;China did not form a continuous long-lasting green credit investment mechanism;The system of of China’s green credit the implementation of effect is unsatisfactory.Green credit system lack of incentives. Without an effective green credit organization system,Lack of implementation of standards, Lack of external oversight mechanisms,Green Credit Tool single main impede the implementation of China’s green credit system.Finally, establish incentives for green credit system; Green credit organization system; implementation of standards for green credit system; establish green credit supervision system; policy recommendations for the green credit product development and innovation.