Abstract：Throughout the world, green credit of commercial banks is the most typical green finance mechanism. Its core is to include environmental test standards, pollution control effects, ecological protection and other factors into the decision-making of credit granting by commercial banks.Green credit mechanism shows different intrinsic attributes and external features because it starts and grows up in different regions or at various stages of historical development. Specifically, a system of green credit establishes itself and develops in three possible paths: (1) norms of self-regulation, or voluntary codes of conduct, with the Equator Principles (EPs) as a typical example; (2) environmental tort and compensation liability under private law, with the US Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, or Superfund) as typical examples; (3) promotion by administrative power under public law, with China's current green credit policy as a typical example. The above three paths are not completely exclusive as many of them would integrate with others to make a difference in different regions or at various stages of development in history.Paths of realizing different green credit policies are always related to the traits of financial market and legal system in some countries. In China, the development and improvement of legal system of green credit is premised on the knowledge of supportive conditions under which various paths of realizing green credit policies make a difference. Regarding the above three paths, the voluntary codes of conduct featuring soft law is expected to be introduced to China's commercial banking system against the backdrop of immature financial market. The environmental tort liability of commercial banks is supposed to be determined by compulsory legislation. Though such tort liability has been exemplified by foreign practices, it is still controversial. Its introduction to China would also be faced with a challenge of integrating with China's current legal system of tort liability and of regulation on commercial banks, which would probably increase social cost. As for the widespread use of administrative power to promote green credit policies, it is a result of insufficient legal limitations on the current financial system. The use of administrative power can play a role to some extent at current stages, but its long-term effectiveness and stability could not be ensured institutionally.To develop green credit policies in China, it is necessary to think outside the box to search for a responsive policy to China's institutional environment. China's commercial banks granting credit to high pollution and high energy consumption areas is largely not out of their commercial interests. Instead, their choices are influenced by various external factors. Therefore, in order to push forward China's green credit development, it is essential to highlight that commercial banks bear the responsibility for their business activities for investors and the market, improving their corporate governance mechanisms and risk management capabilities.
1 Jeucken M.， Sustainable Finance and Banking： The Financial Sector and the Future of the Planet， London： Earthscan Publications Ltd.， 2001. 2 Sarokin D. & Schulkin J.， “Environmental concerns and the business of banking，” Journal of Commercial Bank Lending， No. 745 （1991）， pp. 6-19. 3 Thompson P. & Cowton C. J.， “Bringing the environment into bank lending： implications for environmental reporting，” British Accounting Review， Vol. 36， No. 2 （2004）， pp. 197-218. 4 Macve R. & Chen X.， “The ‘Equator Principles’： a success for voluntary codes？” Accounting， Auditing & Accountability Journal， Vol. 23， No. 7 （2010）， pp. 890-919. 5 Scholtens B. & Dam L.， “Banking on the equator： are banks that adopted the Equator Principles different from non-adopters？” World Development， Vol. 35， No. 8 （2007）， pp. 1307-1328. 6 Conley J. M. & Williams C. A.， “Global banks as global sustainability regulators？ the Equator Principles，” Law & Policy， Vol. 33， No. 4 （2011）， pp. 542-575. 7 Druzin B. H.， “Why does soft law have any power anyway？” Asian Journal of International Law， Vol.7， No.2 （2016）， pp. 1-18. 8 Snyder F.， “Soft law and institutional practice in the European Community，” in Martin S. （ed.）， The Construction of Europe， Dordrecht： Kluwer Academic Publishers， 1994， pp. 197-225． 9 刘志云： 《赤道原则的生成路径——国际金融软法产生的一种典型形式》，《当代法学》2013年第1期，第 137-144页。 10 罗豪才、周强： 《软法研究的多维思考》，《中国法学》2013年第5期，第102-111页。 11 Lee V.， “Enforcing the Equator Principles： an NGO’s principled effort to stop the financing of a paper pulp mill in Uruguay，” Northwestern Journal of International Human Rights， Vol. 6， No. 2 （2008）， pp. 354-373. 12 赵万一、张长健： 《后立法时代的中国公司法可诉性》，《北方法学》2014年第1期，第39-49页。 13 罗培新： 《我国公司社会责任的司法裁判困境及若干解决思路》，《法学》2007年第12期，第66-73页。 14 黄韬、乐清月： 《我国上市公司环境信息披露规则研究——企业社会责任法律化的视角》，《法律科学》2017年第2期，第120-132页。 15 绿色金融工作小组： 《构建中国绿色金融体系》，北京：中国金融出版社，2015年。 16 周杰普： 《论我国绿色信贷法律制度的完善》，《东方法学》2017年第2期，第72-80页。 17 王玮： 《两银行向违法排污企业贷款成共同被告》，《中国环境报》2018年8月15日，第8版。 18 Boyer M. & Porrini D.， “Modelling the choice between regulation and liability in terms of social welfare，” Canadian Journal of Economics， Vol. 37， No. 3 （2004）， pp. 590-612. 19 Smith O. T.， “The expansive scope of liable parties under CERCLA，” St. John’s Law Review， Vol. 63， No. 4 （2012）， pp. 821-837. 20 叶金强： 《解释论视野下的共同侵权》，《交大法学》2014年第1期，第140-148页。 21 Garber S. & Hammitt J. K.， “Risk premiums for environmental liability： does superfund increase the cost of capital？” Journal of Environmental Economics and Management， Vol. 36， No. 3 （1998）， pp. 267-294. 22 Schmidheiny S.， Zorraquín F. J. L. & the WBCSD， Financing Change： The Financial Community， Eco-Efficiency， and Sustainable Development， Cambridge， MA： MIT Press， 1996. 23 Case P.， Environmental Risk Management and Corporate Lending： A Global Perspective， Cambridge： Woodhead Publishing Ltd.， 1999. 24 黄韬： 《“金融抑制”的法律镜像及其变革——中国金融市场现实问题的制度思考》，《财经科学》2013年第8期，第1-10页。 25 胡荣才、张文琼： 《开展绿色信贷会影响商业银行盈利水平吗？》，《金融监管研究》2016年第7期，第92-110页。 26 何凌云、吴晨、钟章奇等： 《绿色信贷、内外部政策及商业银行竞争力——基于9家上市商业银行的实证研究》，《金融经济学研究》2018年第1期，第91-103页。 27 张琳、廉永辉： 《绿色信贷、银行异质性和银行财务绩效》，《金融监管研究》2019年第2期，第43-61页。 28 沈洪涛、马正彪： 《地区经济发展压力、企业环境表现与债务融资》，《金融研究》2014年第2期，第153-166页。
2021, Vol. 51 
