绿色发展涉及面广, 涵盖范围大, 利益诉求差异性使得政府、企业和金融机构三方在以自身利益最大化为目标的博弈中无法达成有效共识. 本研究基于绿色偏好视角构建三方演化博弈模型, 分析了绿色监管、绿色转型和绿色债券投资行为决策之间的相关性. 研究发现, 政府、企业和金融机构的绿色偏好大小对绿色发展存在不同影响. 企业绿色偏好对绿色转型起决定性作用. 首先, 当企业的绿色偏好较大时, 即便政府不进行绿色监管或金融机构不投资绿色债券, 企业仍然会进行绿色转型生产. 而企业绿色偏好较小时, 会出现政府做出绿色监管决策但不产生政策效应的现象. 其次, 当企业的绿色偏好大小处于特定区间, 而金融机构和政府的绿色偏好较大时, 存在绿色转型和绿色债券发行同时成功或同时失败两种可能. 最后使用数值模拟方法验证了本文主要结论.
Abstract
Green development involves a wide range and covers a large range, so the difference in interest demands makes the government, enterprises and financial institutions unable to reach an effective consensus in the game. This study constructs a tripartite evolutionary game model based on green preference perspective, and analyzes the relationships among green regulation, green transition, and green bond investment. The study found that the green preference of government, enterprises and financial institutions has different effects on green development. Enterprise green preference plays a decisive role in green transformation. Firstly, when the green preference of the enterprise is large, even if the government does not carry out green regulation or financial institutions do not invest in green bonds, the enterprise will still carry out green transformation production. However, when the green preference of other participants is not large enough, the phenomenon that the government makes green regulatory decisions but has no policy effect will occur. Secondly, when the size of the green preference of enterprises is in a specific range, while the green preference of financial institutions and the government is large, there are two possibilities: The simultaneous success or failure of green transition and green bond issuance. Finally, the main conclusions of this paper are verified by numerical simulation.
关键词
绿色发展 /
绿色债券 /
绿色偏好 /
演化博弈
{{custom_keyword}} /
Key words
green development /
green bond /
green preference /
evolutionary game
{{custom_keyword}} /
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
参考文献
[1] 胡鞍钢.绿色革命将进入爆发期[J].人民论坛, 2013(6):19-20. Hu A G. The green revolution will enter its explosive phase[J]. People's Tribune, 2013(6):19-20.
[2] 李梦欣,任保平.中国特色绿色发展道路的阶段性特征及其实现的路径选择[J].经济问题, 2019(10):32-38. Li M X, Ren B P. The green development path with Chinese characteristics and its phased changes[J]. On Economic Problems, 2019(10):32-38.
[3] Pástor Ľ, Stambaugh R F, Taylor L A. Dissecting green returns[J]. Journal of Financial Economics, 2022, 146(2):403-424.
[4] 吴烨伟,周霖钰,刘宁.环境规制、绿色并购与环境绩效[J].系统工程理论与实践, 2023, 43(5):1267-1286. Wu Y W, Zhou L Y, Liu N. Environmental regulation, green M&A and environmental performance[J]. Systems Engineering-Theory&Practice, 2023, 43(5):1267-1286.
[5] Johari M, Hosseini-Motlagh S M, Rasti-Barzoki M. An evolutionary game theoretic model for analyzing pricing strategy and socially concerned behavior of manufacturers[J]. Transportation Research Part E:Logistics and Transportation Review, 2019, 128:506-525.
[6] He P, He Y, Xu F. Evolutionary analysis of sustainable tourism[J]. Annals of Tourism Research, 2018, 69:76-89.
[7] Long Q, Tao X, Shi Y, et al. Evolutionary game analysis among three green-sensitive parties in green supply chains[J]. IEEE Transactions on Evolutionary Computation, 2021, 25(3):508-523.
[8] Hussain S. Green consumerism and ecolabelling:A strategic behavioural model[J]. Journal of Agricultural Economics, 2000, 51(1):77-89.
[9] 陈克兵,孔颖琪,雷东.考虑消费者偏好及渠道权力的可替代产品供应链的定价和绿色投入决策[J].中国管理科学, 2023, 31(5):1-10. Chen K B, Kong Y Q, Lei D. Pricing and green input decisions of a competitive supply chain with consumers' product preference and different channel powers[J]. Chinese Journal of Management Science, 2023, 31(5):1-10.
[10] 刘会燕,戢守峰.考虑消费者绿色偏好的竞争性供应链的产品选择与定价策略[J].管理学报, 2017, 14(3):451-458. Liu H Y, Ji S F. Product selection and pricing policy of competitive supply chains considering consumers' green preference[J]. Chinese Journal of Management, 2017, 14(3):451-458.
[11] 汪明月,李颖明.多主体参与的绿色技术创新系统均衡及稳定性[J].中国管理科学, 2021, 29(3):59-70. Wang M Y, Li Y M. Equilibrium and stability of green technology innovation system with multi-agent participation[J]. Chinese Journal of Management Science, 2021, 29(3):59-70.
[12] 李春发,胡培培,刘焕星.消费者绿色偏好、大数据定向广告与手机绿色营销策略演化[J].计算机集成制造系统, 2023, 29(5):1731-1746. Li C F, Hu P P, Liu H X. Consumer's green preference, big data targeted advertising and evolution of mobile phone green marketing strategies[J]. Computer Integrated Manufacturing Systems, 2023, 29(5):1731-1746.
[13] 文书洋,史皓铭,郭健.一般均衡理论视角下绿色金融的减排效应研究:从模型构建到实证检验[J].中国管理科学, 2022, 30(12):173-184. Wen S Y, Shi H M, Guo J. Research on the emission reduction effect of green finance from the perspective of general equilibrium theory:Modeling and empirical test[J]. Chinese Journal of Management Science, 2022, 30(12):173-184.
[14] 文书洋,刘浩,王慧.绿色金融、绿色创新与经济高质量发展[J].金融研究, 2022(8):1-17. Wen S Y, Liu H, Wang H. Green finance, green innovation, and high-quality economic development[J]. Journal of Financial Research, 2022(8):1-17.
[15] 王玉涛,王松,段梦然.中国企业绿色投资同群效应研究[J].系统工程理论与实践, 2024, 44(3):874-892. Wang Y T, Wang S, Duang M R. The peer effect of green investment activities of China's listed firms[J]. Systems Engineering-Theory&Practice, 2024, 44(3):874-892.
[16] 陈晓红,王钰,李喜华.环境规制下区域间企业绿色技术转型策略演化稳定性研究[J].系统工程理论与实践, 2021, 41(7):1732-1749. Cheng X H, Wang J, Li X H. Researchon green technology transformation strategy of inter-regional enterprises under environmental regulation based on evolutionary game theory[J]. Systems Engineering-Theory&Practice, 2021, 41(7):1732-1749.
[17] 孙毅,景普秋.资源型区域绿色转型模式及其路径研究[J].中国软科学, 2012(12):152-161. Sun Y, Jing P Q. A study on green transition mode and transition path of resource-based regions[J]. China Soft Science, 2012(12):152-161.
[18] 何德旭,程贵.绿色金融[J].经济研究, 2022, 57(10):10-17. He D X, Cheng G. Green finance[J]. Economic Research Journal, 2022, 57(10):10-17.
[19] Flammer C. Corporate green bonds[J]. Journal of Financial Economics, 2021, 142(2):499-516.
[20] 祁怀锦,刘斯琴.中国债券市场存在绿色溢价吗[J].会计研究, 2021(11):131-148. Qi H J, Liu S Q. Is there a greenium in the bond market of China?[J]. Accounting Research, 2021(11):131-148.
[21] 徐思,陈佩瑶,王智源.绿色金融产品如何促进企业绿色创新?——基于绿色债券发行的准自然实验[J].财务研究, 2023(2):80-91. Xu S, Cheng P Y, Wang Z Y. How can green financial products promote firm green innovation?——A quasinatural experiment based on green bond issuance[J]. Finance Research, 2023(2):80-91.
[22] 吴育辉,田亚男,陈韫妍,等.绿色债券发行的溢出效应、作用机理及绩效研究[J].管理世界, 2022, 38(6):176-193. Wu Y H, Tiang Y N, Cheng Y Y, et al. The spillover effect, mechanism and performance of green bond issuance[J]. Journal of Management World, 2022, 38(6):176-193.
[23] 李姝,谢晓嫣.民营企业的社会责任、政治关联与债务融资——来自中国资本市场的经验证据[J].南开管理评论, 2014, 17(6):30-40. Li S, Xie X Y. Corporate social responsibility, political relationship and debt financing of private enterprises-Evidence from Chinese capital market[J]. Nankai Business Review, 2014, 17(6):30-40.
[24] 唐鹏程,杨树旺.企业社会责任投资模式研究:基于价值的判断标准[J].中国工业经济, 2016(7):109-126. Tang P C, Yang S W. Research on corporate social responsibility investment pattern:Based on value criterion[J]. China Industrial Economics, 2016(7):109-126.
[25] 熊熊,邸佳慧,高雅.绿色关注对上市公司绿色创新行为的影响——来自投资者互动平台的证据[J].系统工程理论与实践, 2023, 43(7):1873-1890. Xiong X, Di J H, Gao Y. The influence of green concerns on the green innovation of listed companies-Based on the investor interactive platforms[J]. Systems Engineering-Theory&Practice, 2023, 43(7):1873-1890.
[26] 周肖肖,贾梦雨,赵鑫.绿色金融助推企业绿色技术创新的演化博弈动态分析和实证研究[J].中国工业经济, 2023(6):43-61. Zhou X X, Jia M Y, Zhang X. An empirical study and evolutionary game analysis of green finance promoting enterprise green technology innovation[J]. China Industrial Economics, 2023(6):43-61.
[27] 杨静,施建军,李曼,等.绿色战略如何影响企业绩效——基于转型经济情境的研究[J].科学学与科学技术管理, 2013, 34(7):141-149. Yang J, Shi J J, Li M, et al. Whether corporate green strategy enhance or reduce the corporate performance?——A research based on transitional economy[J]. Science of Science and Management of S.&T., 2013, 34(7):141-149.
[28] 李存芳,仇然,王语涵.资源型企业绿色转型监察监管三方演化博弈及稳定性控制策略[J].软科学, 2022, 36(3):99-109. Li C F, Qiu R, Wang Y H. Tripartite evolutionary game and stability control strategy of resource-Based enterprises' green transformation supervision[J]. Soft Science, 2022, 36(3):99-109.
{{custom_fnGroup.title_cn}}
脚注
{{custom_fn.content}}
基金
国家自然科学基金(72131005,72274085)
{{custom_fund}}
PDF(467 KB)
