绿色金融的价值锚点：碳减排支持工具与商业银行市场价值

Core Viewpoint - The research paper explores how carbon reduction support tools under China's "dual carbon" goals can enhance the market value of commercial banks while fulfilling their environmental responsibilities [2][5]. Group 1: Research Framework and Background - The study employs a "signal transmission - reputation accumulation - risk governance" three-dimensional analysis framework to explain how structural monetary policy tools reshape the value creation logic of commercial banks [2][4]. - Green finance is highlighted as a bridge for integrating environmental governance with economic growth, with commercial banks playing a crucial role in green credit practices [2]. Group 2: Impact of Carbon Reduction Support Tools - The introduction of carbon reduction support tools by the People's Bank of China has linked low-interest re-lending funds directly to banks' green loan performance, aiming to guide financial resources towards green low-carbon sectors [2][5]. - The research indicates that these tools effectively enhance banks' market value through three key mechanisms: signal transmission, market reputation, and risk governance [5]. Group 3: Empirical Analysis - The first part of the empirical analysis uses a difference-in-differences model with data from 42 A-share listed commercial banks between 2020 and Q1 2023, finding that carbon reduction loans significantly increase banks' market value [6]. - The second part validates the effectiveness of the three mechanisms: - The signal transmission effect is evidenced by increased stock liquidity due to reduced information asymmetry [7]. - The market reputation effect is shown through increased positive discussions and interactions on social media platforms following banks' participation in carbon reduction loans [7]. - The risk governance effect is demonstrated by improved liquidity and risk resistance in banks that participated in the carbon reduction support tools [7]. Group 4: Policy Implications - The study suggests that carbon reduction loans in energy-saving and clean energy sectors have the most significant impact on enhancing banks' market value, indicating a need for regulatory focus in future policy designs [7]. - It also notes that carbon reduction loans, supported by low-interest central bank funds, have a more pronounced effect on banks' market value compared to regular green loans, recommending an expansion of such tools' application [7].