可持续金融与环境政策："洗绿 "是否证明了可持续投资分类法的合理性？

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2024-10-23 DOI:10.1016/j.jfineco.2024.103954

Roman Inderst , Marcus M. Opp

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引用次数: 0

摘要

我们的论文分析了当传统的环境监管工具也可用于解决企业生产中产生的外部性问题时，规划者是否应该为可持续投资产品设计分类标准。我们首先表明，私人市场上向零售投资者销售的环境、社会和公司治理基金涉及 "洗绿 "问题，因此有必要制定强制性分类标准，以产生可持续金融的实际效果。然而，只有当金融摩擦限制了有社会价值的经济活动时，在优化选择的环境监管之外，引入这种分类法才能提高福利。否则，仅靠环境政策就足以以最佳方式解决外部性问题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Sustainable finance versus environmental policy: Does greenwashing justify a taxonomy for sustainable investments?

Our paper analyzes whether a planner should design a taxonomy for sustainable investment products when conventional tools for environmental regulation can also be used to address externalities arising from firm production. We first show that the private market provision of ESG funds marketed to retail investors involves greenwashing, so that a mandatory taxonomy is necessary to generate real effects of sustainable finance. However, the introduction of such a taxonomy can only improve welfare, on top of optimally chosen environmental regulation, if financial frictions constrain socially valuable economic activity. Otherwise, environmental policy alone is sufficient to optimally address externalities.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.