金融发展、创新与二氧化碳排放  

Financial Development,Innovation and Carbon Emission

作　　者：严成樑[1] 李涛[1] 兰伟[2] 

机构地区：[1]中央财经大学经济学院,北京100081 [2]西南财经大学统计学院、统计研究中心,四川成都611130

出　　处：《金融研究》2016年第1期14-30,共17页Journal of Financial Research

基　　金：国家社科基金重大招标项目(12&ZD028,14ZDB120);教育部人文社会科学重大攻关项目(14JZD019);国家自然科学基金项目(71201176,71532001);北京市社科基金重点项目(15JGA015)资助

摘　　要：本文构建了一个包含金融发展、创新和二氧化碳排放的内生增长模型,考察了金融发展对二氧化碳强度的影响。理论模型的分析表明,金融发展与二氧化碳强度之间存在倒U型关系。原因是,一方面,金融发展水平越高,技术水平越高,从而二氧化碳强度越低;另一方面,金融发展水平越高,经济增长率越高,能源消耗和二氧化碳排放越多;上述两种作用之间存在一个权衡。在此基础上,运用我国30个省份1997—2012年的数据,本文通过面板数据模型考察了金融发展对二氧化碳强度的影响。实证研究结果显示,信贷规模对我国二氧化碳强度的影响存在倒U型关系,FDI规模对我国二氧化碳强度的影响存在U型关系,金融市场融资规模、金融业的竞争、信贷资金分配的市场化对我国二氧化碳强度有负向影响。本文认为,应更好的发挥金融发展的技术提升效应,通过金融发展和创新实现我国经济的绿色发展、低碳发展。This paper presents an endogenous growth model with financial development,innovation and carbon emission,and we explore the impact of financial development on carbon emission intensity. The theoretical model shows that there exists an inverted- U relationship between financial development and carbon emission intensity. The transmission mechanism is that,on the one hand,financial development can enhance technology progress,which reduces carbon emission intensity; on the other hand, financial development increases economic growth rate,which tends to increase carbon emission intensity. There is a tradeoff between these two kinds of strengths. Furthermore,using the data of 30 provinces from 1997 to 2012,we exam the impact of financial development on carbon emission intensity through the panel data model. The empirical results show that there is an inverted- U relationship between the credit level and carbon emission intensity,a U relationship between the FDI level and carbon emission intensity. Financial market development,financial industry competition and the marketization of credit fund allocation have negative effect on carbon emission. The policy implication of this paper is that we should enhance the process of low carbon economy through financial development and innovation.

关 键 词：金融发展 创新 二氧化碳强度 经济增长 

分 类 号：X22[环境科学与工程—环境科学] F832[经济管理—金融学] F224