綠色融資策略比較——以直接與間接利差補貼為例

推動綠色金融改革，建立綠色信用評等機制，提高金融機構資金配置效率，已成為綠色產業發展成功與否的關鍵。政府補貼綠色產業的外部效益已是各國政府推動綠色成長的施政重點課題，然而，補貼方法是否影響政策效果？則是值得進一步分析的課題。爰此，本研究導入綠色產業的低碳風險與碳資產效益，建立金融機構綠色信用評等與綠色貼水的融資決策模型，探討直接與間接補貼之政策效果。研究顯示，補貼方式的差異，的確會影響綠色產業發展效果，且金融機構的綠色信用評等制度設計是關鍵。如果能夠提高金融機構對綠色企業之長期展望與降低呆帳風險認知，則金融機構可能採行超額利差補貼，則政府採行間接補貼方式，將是較佳的綠色融資策略。 Launching green finance reform and green credit assessment are the key policies internationally. Those policies relate with the success of the green industry development. Subsidizing the external benefit of green industry is one of the popular measures around the world. However, whether the various subsidy methods will affect the policy performance? This is concerned by the policy makers. To compare the policy performance of two different subsidy methods (direct and indirect subsidy), this research introduces the benefit of carbon risk and carbon asset on green industry, and to build up a green financing theoretical model. The result indicates that the indirect subsidy method, i.e., subsidy to the financial institute, provides more incentive for encouraging green finance reform as well as deploying the green industries.