金融发展对二氧化碳排放的影响效应及作用路径  

How Does Financial Development Affect Carbon-Dioxide Emissions in China?

作　　者：何运信 许婷[3,4] 钟立新 He Yunxin;Xu Ting;Zhong Lixin(Zhejiang University of Finance and Economics,Hangzhou)

机构地区：[1]浙江财经大学金融学院 [2]浙江财经大学财富管理与量化投资协同创新中心 [3]浙江财经大学 [4]中国人民银行金华市中心支行

出　　处：《经济社会体制比较》2020年第2期1-10,共10页Comparative Economic & Social Systems

基　　金：国家自然科学基金项目“风险承担视阈下货币政策影响企业创新的机理与效应研究”(项目编号:71773105);教育部人文社会科学研究项目“互联网环境下金融市场极端风险多源感知及投资者行为机制研究”(项目编号:19YJAZH120)。

摘　　要：文章从总量和结构两个维度研究了金融发展对我国二氧化碳排放的影响效应,并实证分析了这种影响的实现路径,结果发现:第一,金融发展对我国二氧化碳排放强度有显著影响。从金融总量来看,传统金融与二氧化碳排放强度显著负相关,新兴金融与二氧化碳排放强度呈倒U型关系;从金融结构来看,直接融资与间接融资之比、中小银行的行业占比与二氧化碳排放强度显著负相关,而新兴金融与传统金融之比则与二氧化碳排放强度存在倒U型关系。第二,金融总量增长和结构优化都可以通过推动技术进步和产业结构升级降低二氧化碳排放强度。这些结果说明,要推动经济高质量发展,不仅要推动金融总量增长,也要重视从不同维度优化金融结构。This paper explores the impact of financial development on carbon-dioxide emissions in China.The empirical results show a statistically significant relationship between financial development and carbon-dioxide emissions intensity.From the perspective of total financial volume,carbon dioxide emissions intensity is negatively correlated with traditional finance,while it has an inverted U-shaped relationship with emerging finance.From the perspective of the financial structure,carbon-dioxide emissions intensity is negatively correlated with the ratio of direct financing to indirect financing and the proportion of small and medium-sized banks,while it has an inverted U-shaped relationship with the ratio of emerging finance to traditional finance.Both the growth of financial aggregates and structural optimization contribute to reducing the carbon-dioxide emissions intensity by promoting technological progress and upgrading the industrial structure.This implies that financial development and financial structural improvements are essential factors for high-quality economic development.

关 键 词：金融总量 金融结构 二氧化碳排放强度 全要素生产率 产业结构 

分 类 号：F830[经济管理—金融学]