| The contradiction between environment and economy is increasingly aggravating.As a financial innovation under the mechanism of sustainable development,green finance can to some extent address this contraction and is therefore valued by all countries.The existing literature mainly focus on the concept and connotation of green finance,financial benefits,financial products,such as credit,bonds and funds qualitative research,lack of quantitative analysis to reveal the dynamics of its development.This paper firstly analyzes the status quo of the development of green finance in the United States,Europe and Japan,and then analyzes the current status of China's green credit,green securities,green insurance,carbon finance,green investment and green policies.This is followed by the establishment of a comprehensive index system of green finance development,including two levels of indicators,i.e.,financial market and government support respectively,which cover six secondary indicators,i.e.,greencredit,green securities,green insurance,carbon finance,green investment and others.After weighted by entropy method,ISPA(improved set pair analysis)and gray relational degree method are employed to make calculation.Through the consistency test,the annual development score of each index is obtained.The calculation results show that the overall indicator of green finance development in Chinapresents an upward trend since 2010,and green credit has the greatest influence on the results,followed by the green policy.Analysis of the secondary indicators shows that the decline of green credit in 2013 was due to the changes in the balance accounting system,anti-dumping problem encountered by the solar PV industry and the "money shortage".The main influencing factors of green securities prior to 2014 are listed environment-friendly public companies and high energy-consuming assets.After 2014,China's green bond market was officially opened,which has an impact on development indicators.The development of green insurance has a stage effect and the release of policies has a major role to play.The growth of carbon finance in 2011 and 2013 was clear.The number of national carbon trading pilot projects was the main factor.The serious decline of green investment in 2015 shows that the government and environmental protection departments in China have neither conductedin-depth researches in the pollution control research and nor established the endogenous growth mechanism that is line with the economic growth.At the end of the paper,the existing problems in the development of green finance in China are identified and policy recommendations are made.These include accelerating the establishment of green banks and regularly evaluating public information;strengthening information disclosure and introducing independent third-party green certification assessment agencies;encouraging NGOs to rate "environmental performance",expanding the field of green insurance implementation,setting up special departments and establishing linkage mechanisms;setting up "public welfare member" account for carbon finance,loweringrequirements for access to the account,enhancing professional training;increasing government financial support,such as green loan discount,putting forward future research directions including the comparison of provincial inter-regional development estimates and the forecast of development indicators. |
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