Game Research Between China’s Commercial Banks And Enterprises Under Clean Development Mechanism

With global warming becoming more and more intensified, the carbon emissions space has been constrained and the development of low-carbon economy has been the focus of attention. And the development of low-carbon economy is inseparable from the bearing and promoting of finance. As an emerging financial solution to the climate change, Carbon Finance is the low cost way to achieve sustainable economic development and mitigate the climate change, as well as one of the core means to the development of low-carbon economy. Clean Development Mechanism (CDM) is an important way of developing country participation in emissions trading and plays an important role in implementing the smooth development of carbon finance and energy savings.Taking our country’s commercial bank and relevant manufacturing enterprises involved in CDM as the research object, the thesis has made a research on how they interact with each other. The first part has discussed the basic theory of Carbon Finance and CDM in detail and the feasibility of the implementation of CDM projects from the point of Economics. The second part has analyzed the game behavior on both sides between the commercial bank supporting the construction of CDM projects and enterprises carrying out carbon emissions reduction production adopting low carbon technology in the method of establishing dynamic game model of three stages between two sides. The third part has used the evolutionary game theory to analyze the direction of the commercial banks and enterprises in the process of long-term dynamics of the game. By constructing evolutionary game model, this part has solved the evolutionary stable strategy of the replicating dynamics equation to discuss the evolutionary stable state of the developing strength of banks and extent of consumers’ concern. According to the game results, the decision-making behavior of companies involved in CDM projects is influenced by the rewards and punishments of regulatory authorities, the promotion of Commercial Banks and the public awareness of low-carbon. On this basis, this part has concluded that promoting the participation and improvement of enterprise involving in projects by incentive and punishment mechanism, government coordination and management mechanism as well as public oversight mechanism. In order to further discuss the impact of various parameters to game parties in the long-term process of dynamic game, the forth part has carried out a numerical simulation for replicator dynamics equation in evolutionary game, and the result of numerical simulation has further validated the correctness of the results of the game.Finally, combining with the balanced analysis results of game model, the passage has put forward corresponding strategies from the point of government, commercial banks and enterprises. Government, as the regulatory authorities, should strengthen supervision and improve the reward system to create a good environment. Commercial banks should extensively carry out related innovative business to support CDM projects, and promote the healthy development of natural and social environment through financial leverage effectively. Enterprises should actively participate in CDM projects suited to themselves, thereby gaining brand awareness and promotion opportunities.