论文标题
再生资金企业企业Vertueuses et les Politiques prudentielles en int {é} Grant La Solvabilit {é} cocio-environnementale
Repenser le financement des entreprises vertueuses et les politiques prudentielles en int{é}grant la solvabilit{é} socio-environnementale
论文作者
论文摘要
尽管可用的储蓄数量以及由金融机构管理的货币供应，但碳定价策略的重大失败以及碳定价策略的失败阻止了过渡的足够融资，尤其是通过银行信贷。意识到天然，货币和生产量之间的联系，我们提出了“生态系统”的审慎政策的发展，通过公开宏，微观和环境审慎测量之间的相互依赖性。这些将基于对社会环境偿付能力概念的公司会计标准的重新定位，尤其是Care-TDL模型（将人类和自然资本与资产负债表责任方面的金融资本旁边融合在一起）。在一个生态系统的框架中，这种良性公司的偿付能力将以会计方式弥补缺乏财务偿付能力。然后，国家将成为担保人，以促进他们获得融资的机会，也由巴塞尔三世和偿付能力II减少。这项政策制定了从非虚假公司到具有公共保证最美德公司的融资能力的重新分配系统，旨在降低债务比率的同时增加绿色投资，并具有利率的货币政策，以及根据资产的类型和银行平衡表的绿化，以及最终构成公共伙伴的绿化。促进绿色公司的融资将绿色资本，但会增加它，部分消除了积极的环境影响。因此，有必要限制“棕色”公司的信用增长。这将减少风险运营，并有利于少杠杆投资与实际经济的联系更加紧密，从而降低了系统的财务风险。 - 2030年议程政策摘要系列（Pocfin Kedge商学院 - SDSN法国 - 卢梭研究所）动员经济学家和从业人员确定经济和金融改革议程，以实现2030年议程，在领土，国家和超级境界。这些是在同行评审后发布的。
Despite the amount of savings available and the money supply managed by financial institutions, significant market failures and the failure of carbon pricing strategies prevent sufficient financing of the transition, notably through bank credit. Aware of the links between natural, monetary and productive aggregates, we propose the development of ''eco-systemic'' prudential policies by exposing the interdependence between macro, micro and environmental prudential measures. These would be based on a reorientation of corporate accounting standards towards the concept of socio-environmental solvency, notably the CARE-TDL model (integration of human and natural capital alongside financial capital on the liabilities side of the balance sheet). In an ecosystemic framework, this solvency of virtuous companies would compensate in accounting terms for the lack of financial solvency. The State would then be the guarantor in order to facilitate their access to financing, also reduced by Basel III and Solvency II. This policy develops a system of reallocation of financing capacities from non-virtuous companies to the most virtuous ones with public guarantees, aiming to reduce the debt ratio while increasing green investments, with monetary policies of rates but also of volumes and ratios differentiated according to the types of assets and the greening of bank balance sheets, and finally forms of public-private partnership. Facilitating the financing of green companies would green capital but increase it, partly neutralising the positive environmental impact. It is therefore necessary to limit the credit expansion of ''brown'' companies. This would reduce risky operations and favour less leveraged investments more connected to the real economy, reducing systemic financial risk. -- The Agenda 2030 Policy Briefs series (PoCFiN Kedge Business School - SDSN France - Institut Rousseau) mobilises economists and practitioners to identify an agenda of economic and financial reforms to achieve the 2030 Agenda, at territorial, national and supranational levels. These are published after peer review.
