【CFRI 第十二卷 第2期】

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CFRI第十二卷第2期

CFRI期刊2022年第2期共8篇文章，本期文章汇聚了来自澳大利亚、爱尔兰、日本、马来西亚、沙特阿拉伯、越南、伊朗等国家的多位优秀学者的高质量论文，围绕“能源金融” 、“绿色金融”、“能源效率”、“新冠疫情”等话题进行了深入的研究与探讨，扫描文中二维码可快速下载文章全文，感谢您对CFRI的关注与支持！

第十二卷第2期

01

能效融资和绿色债券的作用：后新冠时期的政策

Energy efficiency financing and the role of green bond: policies for post-Covid period

Chuc Anh Tu 

Academy of Finance, Vietnam

Ehsan Rasoulinezhad 

University of Tehran, Iran

Abstract

One of the major negative effects of the Coronavirus outbreak worldwide has been reduced investment in green energy projects and energy efficiency. The main purpose of this paper is to study the role of green bond proposed by the World Bank in 2008, as a reliable instrument to enhance the capital flow in energy efficiency financing and to develop green energy resources during and post the current challenging global time. We model energy efficiency for 37 members of OECD through a panel data framework and quarterly data over 2007Q1–2020Q4. The major results reveal the positive impacts of issued green bonds and regulatory quality index on energy efficiency, while any increase in inflation rate and urbanization decelerates the progress of raising energy efficiency.

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02

新冠肺炎中的能源融资：公共支持如何受益？

Energy financing in COVID-19: how public supports can benefit?

Sajid Iqbal 

University of Management and Technology,  Pakistan

Ahmad Raza Bilal 

Faculty of Business, Oman

Abstract

The study aims to empirically estimate the role of public supports for energy efficiency financing and presents the way forward to mitigate the energy financing barriers that incurred during the COVID-19 crisis. Using the G7 countries data, the study estimated the nexus between the constructs. Generalized method of moments (GMM) and conventional increasing-smoothing asymptotic of GMM are applied to justify the study findings. Wald econometric technique is also used to robust the results. The study findings reported a consistent role of public support on energy efficiency financing indicators, during the COVID-19 crisis period. G7 countries raised funds around 17% through public supports for energy efficiency financing, and it raised 4% of per unit energy usage to GDP, accelerated 16% energy efficiency and 24% output of renewable energy sources, during COVID-19. By this, study findings warrant a maximum support from public offices, energy ministries and other allied departments for energy efficiency optimization.

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03

绿色债券市场及其在非洲能源效率融资中的应用

The green bond market and its use for energy efficiency finance in Africa

Farhad Taghizadeh-Hesary 

Tokai University, Japan 

Abdulrasheed Zakari 

Beijing Institute of Technology, China

Rafael Alvarado 

Universidad Espiritu Santo, Ecuador

Vincent Tawiah 

Dublin City University, Ireland

Abstract

This study presents the state of green bond markets in Africa and green bond funds by somecountries in the continent. The authors adopt a case study approach on four different kinds ofcountries, namely oil-rich economy, green bond innovator, renewable energy user and carbon vulnerability. The authors found that Africa’s green bond is still at the early stages. However, countries are using innovative ways that are adaptable to their current economic conditions and investment attractiveness inissuing green bonds. While some countries focus on central and local government bonds, others use corporate bonds, few combine government and corporate green bonds. Interestingly, the first green bond globally certifiedby the Climate Bonds Standard was issued by an Africa country in Africa. In some selected countries such as Nigeria, South Africa, Morocco, Namibia and Kenya, green bond markets have seen massive growth and have contributed to numerous infrastructural energy efficiency projects. To expand this market further in these countries, the authors recommend fostering a public–private partnership backed by policies and political will.

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04

绿色金融和新冠肺炎对经济发展的影响：东盟经济体的资本形成和教育支出

The impact of green finance and Covid-19 on economic development: capital formation and educational expenditure of ASEAN economies

Quang-Thanh Ngo 

University of Economics Ho Chi Minh City, Vietnam

Hoa Anh Tran and Hai Thi Thanh Tran 

University of Economics Ho Chi Minh City, Vietnam

Abstract

The purpose of this study is to examine the impact of green finance (i.e. green investment, greensecurity and green credit) along with capital formation and government educational expenditures on theeconomic development of (ASEAN) countries. The results revealed that green finance along with capital formation and government educational expenditures have a positive association with the economic development of ASEAN countries.

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05

绿色金融、经济增长和能源使用对越南二氧化碳排放的影响——多元时间序列分析

The impact of green finance, economic growth and energy usage on CO2 emission in Vietnam – a multivariate time series analysis

Quyen Ha Tran 

University of Economics Ho Chi Minh City, Vietnam

Abstract

This study aims to examine the relationship between green finance, economic growth, renewable energy consumption (energy efficiency), energy import and CO2 emission in Vietnam using multivariate timeseries analysis. The data were collected from 1986 to 2018 since Vietnam initiated theeconomic reforms, namely “Doi Moi”in 1986. The concept and methods of cointegration, Granger causality anderror correction model (ECM) were employed to establish the relationship between the variables of interest. Our results confirmed the existence of cointegration among the variables. The Granger causality test revealed unidirectional causality running from renewable energy consumption to CO2 emission and green investment to CO2 emission.

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06

绿色融资的作用与企业社会责任（CSR）在技术创新和企业环境绩效中的作用：2019冠状病毒疾病视角

Role of green financing andcorporate social responsibility(CSR) in technological innovation and corporate environmental performance:a COVID-19 perspective

Ala Eldin Awawdeh and Mohammed Ananzeh

Emirates College of Technology,  United Arab Emirates 

Ahmad Ibrahiem El-khateeb 

Al-Hussein Bin Talal University, Jordan

Ahmad Aljumah 

Al Ain University, United Arab Emirates

Abstract

The aim of this study is to estimate the relationship between technological innovation and corporate environmental performance among energy companies working in Egypt. The study extended the aim with the intention to assess the role of greenfinancing in enhancing corporate environmental performance. Partial least squares (PLS)-based structural equation modeling (SEM) is applied to estimate the nexus among study variables. The results indicated that technological innovation influenced environmental performance andhas a positive impact on company performance. The role of green financing for environmental performance is also significant and positive. Moreover, corporate social responsibility (CSR) has insignificant role in environmental performance of the energy companies in the study context.

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07

COVID-19期间，绿色金融对可持续创业和环境企业社会责任是否重要？

Does green finance matter forsustainable entrepreneurship and environmental corporate social responsibility during COVID-19?

Muhammad Sadiq 

Taylor’s University, Malaysia 

Sakkarin Nonthapot 

Khon Kaen University, Thailand 

Shafi Mohamad and Ooi Chee Keong 

Taylor’s University, Malaysia 

Syed Ehsanullah 

Universiti Utara Malaysia, Malaysia,

Nadeem Iqbal

 Air University, Pakistan

Abstract

The discourse aimed to investigate green finance practices under the assumptions of several notable climate advisors and speculators in Asia and particularly in Southeast Asia. The study intrigues by considering financial specialists to vent government spending on green restoration plans leading toward greenbankable venture openings for the public and private sector. This section distinguishes a few of the green fund components and approaches that can be joined by national and neighborhood governments, essentially inSoutheast Asia, into their post-COVID-19 techniques, but are too valuable inputs for domestic commercial banks and private corporates.

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08

越南可持续FDI的决定因素研究

Investigating the determining factors of sustainable FDI in Vietnam

Phung Thanh Quang 

National Economics University, Vietnam 

Ehsan Rasoulinezhad 

University of Tehran, Iran

Nguyen Nhat Linh and Doan Phuong Thao 

National Economics University, Vietnam

Abstract

The main purpose of this paper is to analyze the sustainable inward FDI pattern of Vietnam.This paper intends to analyze the sustainable FDI pattern of Vietnam using the gravity theory and panel data approach for the annual data over the period of 2007–2020. Vietnamese FDI volume is positively affected by political and social factors, globalization and green energy consumption, while geographical distance is a major obstacle to the increase of FDI inflows of the country.

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