The coordination and high-quality development of the green finance system need to give full play to the policy finance'unique guiding effect.This article analyzes the transmission path mechanism of policy finance'initiative in inducing green investment and financing in commercial fi-nance from three levels:information spillover,risk diversification,and benefits visualization.It also conducts an empirical test based on the data of listed commercial banks from 2008 to 2022.It has found that policy finance can attract commercial finance to invest more green funds by providing ear-ly support to green entities.Policy finance can overflow policy and industry information;reduce and diversify the risks of green projects;explore and visualize green projects with potential economic benefits.However,the empirical results also show that there is still much room for improvement of the guiding effect,especially in terms of the operation of the risk diversification and benefits visual-ization mechanism.Therefore,it should constantly innovate policy financial instruments,optimize the transmission mechanism,and fully improve the quality and efficiency of serving green develop-ment.
万方数据
维普
