20264 
21430在可持续发展思想的指导下，人们对绿色投资的生态价值已达成共识。而绿色投资能否兼顾环境绩效和财务收益的双重目标，无论是在理论上还是实证上都还没有得到统一的结论。文章以绿色基金的绩效评估为切入点，研究了我国绿色投资的收益与风险。文章首先从环境金融、社会责任投资和金融创新视角系统梳理了绿色投资研究的发展脉络，然后选取22只绿色基金，在选定市场基准和匹配非绿色传统基金对照组的基础上，评价了绿色基金的直接收益和风险以及基于单因素和多因素模型（Carhart四因素模型）的风险调整收益，并进一步分析了基金投资者（绿色投资者）的收益敏感性。基于单因素模型的绩效评价显示，现阶段我国绿色基金的风险调整收益要低于市场基准和传统基金，投资策略差异和成立时间长短对基金收益和风险有影响。基于Carhart四因素模型的分析结果显示，我国绿色基金的投资表现要显著低于市场平均水平，市场风险因子、价值因子和动量因子可以较为客观地解释绿色基金的收益。另外，绿色基金投资者的收益敏感性不高。文章为尚有限的我国绿色投资研究提供了新的直接的证据。
中国资本市场对绿色投资认可吗？——基于绿色基金的分析
摘要
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引用本文
危平, 舒浩. 中国资本市场对绿色投资认可吗？——基于绿色基金的分析[J]. 财经研究, 2018, 44(5): 23-35.
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