ー种新的绿色激励指标构建方法及其应用

Improving and developing the green financial system is a vital tool to achieve emission peak and carbon neutrality, and the research on green incentive (GI) in Chinese securities market is conducive to further discovering the impacts of policies and green risk compensation on the market. First, based on the classical C A P M and a return, we construct brand-new GI indicators with distinct incentive factors by the index of environmental protection industry. Second, to investigate the characteristics of GI indexes, this work proposes a systematic hybrid analysis method by integrating the causality test, trend analysis and regression significance test, which can also reveal the advantages and merits of our established indicators. Third, the empirical results demonstrate that under different incentive factors, GIs can exhibit obvious leading trend, significant regression coefficient and predictive explanatory power, with regard to the environmental protection industry index. The conclusion points out that the trend of the environmental protection index is affected by the green risk compensation required by the market in a long term, and meanwhile, it also provides a valuable reference for tracking and predicting the index.