摘 要
2021年作为“十四五”的开局之年，重点强调了“ 2030年碳达峰、2060年碳中
和”目标，表明我国要继续以绿色和可持续发展作为经济发展方向。商业银行作为我
国金融服务体系中的重要一环，也无疑成为了支撑我国经济向绿色可持续发展的重要
支柱。相较于发达国家我国绿色金融起步较晚，目前绿色信贷是我国商业银行最普遍
的一种绿色金融业务，但我国商业银行对于绿色信贷的经营管理仍然缺乏许多相关专
业人才，加上绿色信贷业务涉及环境效益测度和绿色概念项目划分等较复杂情况，因
此在经营绿色信贷的过程中还存在着较多的不确定因素，绿色信贷的公益性与商业银
行的盈利性存在一定的矛盾，绿色项目的长周期性与商业银行的流动性存在一定的矛
盾。在此背景下，如何刺激商业银行主动经营绿色信贷，绿色信贷的经营对商业银行
的流动性风险又会产生怎样的影响成为亟待思考的问题。因此，本文针对绿色信贷对
我国商业银行流动性风险的影响进行研究具有很重要的意义。
本研究首先对绿色信贷与商业银行流动性风险的概念进行界定，并从理论上探讨
绿色信贷与商业银行流动性风险之间的关系。其次，运用不同的衡量方式对商业银行
的整体流动性风险、市场流动性风险和融资流动性风险进行测度。然后，选取我国 16
家商业银行 2010—2020年的绿色信贷数据和财务数据，对前文所提出的理论研究假
设进行实证检验，采用动态面板系统广义矩估计（ GMM）实证研究绿色信贷对商业
银行流动性风险的影响，并通过加入银行不同的微观特征变量与绿色信贷的交互项，
研究绿色信贷对商业银行流动性风险的异质性影响。最后，经过上述理论分析和实证
研究，本文得出如下结论：第一，短期内商业银行经营绿色信贷会增加商业银行整体
流动性风险，从中长期来看，商业银行经营绿色信贷对其面临的整体流动性风险有风
险缓释作用。第二，短期内商业银行经营绿色信贷会增加商业银行市场流动性风险，
对商业银行融资流动性风险影响不大；中长期来看，商业银行经营绿色信贷对商业银
行市场流动性风险和融资流动性风险均有风险缓释作用。第三，绿色信贷对不同微观
特征的银行流动性风险的影响具有异质性。具体而言，资产质量较差、多元化经营程
度高和资产规模较小的银行发放绿色信贷对其面临的流动性风险具有较强的风险缓释
作用。
综合以上的研究内容，本文从政府层面和商业银行层面针对绿色信贷的完善和发
展以及商业银行流动性风险的防范提供了可行性政策建议。
关键词：商业银行；绿色信贷；流动性风险；系统 GMM
I

ABSTRACT
2021 is the first year of the "14th Five-Year Plan", with emphasis on the goal of "carbon
peak in 2030 and carbon neutral by 2060", indicating that my country will continue to take
green and sustainable development as the direction of economic development. As an
important part of China's financial service system, commercial banks have undoubtedly
become an important pillar to support China's economy to green and sustainable
development. Compared with developed countries, my country’s green finance started late.
At present, green credit is the most common type of green financial business for commercial
banks, but China's commercial banks still lack many relevant professionals in the operation
and management of green credit. In addition, the green credit business involves more
complicated conditions such as environmental benefit measurement and green concept
project division. Therefore, there are still many uncertain factors in the process of operating
green credit. There is a certain contradiction between the public welfare of green credit and
the profitability of commercial banks, and there is a certain contradiction between the long-
term cycle of green projects and the liquidity of commercial banks. In this context, how to
stimulate commercial banks to actively operate green credit, and how the operation of green
credit affects the liquidity risk of commercial banks has become a question that needs to be
considered urgently. Therefore, it is of great significance to study the impact of green credit
on the liquidity risk of China's commercial banks.
Firstly, this study defines the concept of green credit and liquidity risk of commercial
banks, and discusses the relationship between green credit and liquidity risk of commercial
banks in theory. Secondly, different measurement methods are used to measure the overall
liquidity risk, market liquidity risk and financing liquidity risk of commercial banks. Then,
the green credit data and financial data of 16 Chinese commercial banks from 2010 to 2020
are selected to empirically test the theoretical research hypothesis proposed above, and the
dynamic panel system GMM model is adopted to empirically study the impact of green
credit on the liquidity risk of commercial banks. Moreover, the heterogeneous influence of
green credit on liquidity risk of commercial banks is studied by adding the interaction terms
between different micro-characteristic variables of banks and green credit. Finally, after the
above theoretical analysis and empirical research, this article draws the following
III
。。。以下略