金融杠杆与城市绿色经济增长——基于中国285个地级市及以上城市  

Financial Leverage and Urban Green Economic Growth—— Based on 285 Prefecture Level and Above Cities in China

作　　者：谢东江 胡士华[1] Xie Dongjiang;Hu Shihua

机构地区：[1]西南大学经济管理学院,重庆400700

出　　处：《经济问题探索》2021年第11期150-163,共14页Inquiry Into Economic Issues

基　　金：国家社会科学基金一般项目“农村信贷合约履约机制与农村信贷制度创新研究”(12BJY098),项目负责人:胡士华。

摘　　要：金融是现代经济的核心,在实体经济中发挥着举足轻重的作用。本文基于中国285个地级市及以上城市2003-2018年的面板数据,使用固定效应模型实证分析金融杠杆对绿色经济增长的影响,并使用中介效应模型实证检验金融杠杆对绿色经济增长的作用机制,得出以下结论:(1)金融杠杆总体上促进我国绿色经济增长。(2)金融杠杆通过优化产业结构和人力资本等机制促进我国绿色经济增长,且产业结构和人力资本都具有部分中介效应,其部分中介效应大小分别为34.13%和8.35%。(3)异质性分析表明,金融杠杆对我国不同地区的绿色经济增长具有显著的异质性,对东北地区的绿色经济增长没有显著的促进作用,对东部地区的促进作用最大,中部次之,西部最小;金融杠杆对64个低碳试点城市的绿色经济增长的促进作用小于221个非低碳试点城市。最后提出了持续优化产业结构,助力产业结构转型升级和提高人力资本水平等政策建议。Finance is the core of modern economy and plays an important role in the real economy.Based on the panel data of 285 prefecture level and above cities in China from 2003 to 2018,this paper empirically analyzes the impact of financial leverage on the green economic growth by using fixed effect model,and empirically tests the mechanism of financial leverage on the green economic growth by using intermediary effect model,and draws the following conclusions:(1)On the whole,financial leverage promotes China’s green economic growth.(2)Financial leverage promotes China’s green economic growth by promoting industrial structure and human capital,and industrial structure and human capital have partial mediating effects,which are and 34.13% and 8.35% respectively.(3)Heterogeneity analysis shows that financial leverage has significant heterogeneity on the green economic growth of different regions in China,and it has no significant role in promoting the green economic growth of northeast region.It has the largest role in promoting the green economic growth of eastern region,followed by the central region,and the smallest role in the western region;The promotion effect of financial leverage on the green economic growth of 64 low-carbon pilot cities is less than that of 221 non low-carbon pilot cities.Finally,this paper puts forward some policy suggestions,such as continuously optimizing the industrial structure,helping the transformation and upgrading of industrial structure and improving the level of human capital.

关 键 词：金融杠杆 绿色经济增长 中介效应 异质性分析 城市面板数据 

分 类 号：F823[经济管理—财政学] F124