经济增长压力下金融集聚对碳排放效率的影响  

Impact of financial agglomeration on carbon emission efficiency under the economic growth pressure

作　　者：王星[1,2] 张乾翔[1] WANG Xing;ZHANG Qianxiang(School of Economics,Lanzhou University,Lanzhou Gansu 730000,China;‘The Belt and Road’Research Center,Lanzhou University,Lanzhou Gansu 730000,China)

机构地区：[1]兰州大学经济学院,甘肃兰州730000 [2]兰州大学“一带一路”研究中心,甘肃兰州730000

出　　处：《中国人口·资源与环境》2022年第3期11-20,共10页China Population,Resources and Environment

基　　金：中央高校基本科研业务费专项资金资助项目(批准号:17LZUJBWZX010);甘肃省软科学项目“黄河流域金融集聚与碳排放效率影响研究——基于经济增长目标约束”(批准号:21CX6ZA055);甘肃省优秀研究生“创新之星”项目“金融发展、市场化程度与绿色全要素生产率”(批准号:2021CXZX-056)。

摘　　要：“双碳”目标是推动中国经济社会绿色低碳和高质量发展的重要抓手。金融业是现代经济的核心,在应对气候变化和绿色低碳发展方面发挥着重要作用。金融集聚是金融业的发展趋势和显著特征,其与绿色发展的关系受到广泛关注。文章首先构建包含金融部门和非金融部门的两部门产出密度模型,从理论机理上分析金融集聚对碳排放效率的影响;其次以2005—2018年中国省级面板数据为研究样本,采用非径向方向距离函数和SBM‑DEA模型测度省级碳排放效率,基于面板平滑转移模型实证检验金融集聚对碳排放效率的非线性影响;最后构建调节效应模型考察经济增长压力对两者关系的调节效应。研究发现:①金融集聚对碳排放效率具有显著的平滑转移效应。金融集聚处于较低水平时会抑制碳排放效率;随着金融集聚水平逐渐提高,会转而促进碳排放效率。②经济增长压力对金融集聚和碳排放效率之间的关系具有显著的调节效应。适度的经济增长压力正向调节金融集聚对碳排放效率的影响,且使得金融集聚的阈值提前;过度的经济增长压力负向调节金融集聚对碳排放效率的影响,且使得金融集聚的阈值延后。以上结论在替换被解释变量、变换估计方法、考虑受限变量、剔除直辖市样本及考虑内生性采用IV‑Tobit模型再估计之后均成立。基于此提出:合理配置金融资源,积极发挥金融集聚的辐射作用,稳步提升金融服务实体经济的质量和效率;革新官员考核标准,做好经济增长目标的预期管理,引导形成契合地方发展现状的经济预期。The goals of carbon peak and carbon neutrality are important starting points for promoting green,low-carbon,and high-quality development of China’s economy and society.As the core of modern economy,finance plays an important role in coping with climate change and green and low-carbon development.Financial agglomeration is the development trend and significant feature of financial in⁃dustry,and the relationship between financial agglomeration and green development has attracted extensive attention.This article first constructed a two-sector output density model,including the financial sector and non-financial sector,and analyzed the impact of financial agglomeration on carbon emission efficiency from the theoretical mechanism.Taking China’s provincial panel data from 2005 to 2018 as the research sample,this article then used the non-radial distance function and the SBM-DEA model to measure the provincial carbon emission efficiency.Based on the panel smooth transfer model,the study also investigated the nonlinear impact of financial agglomeration on carbon emission efficiency.On this basis,a moderation effect model was constructed to investigate the regulatory effect of economic growth pressure on the relationship between them.The results showed that:①Financial agglomeration had a significant smooth transfer effect on carbon emission efficiency.When the level of financial agglomeration was low,it would inhibit the improvement of carbon emission efficiency.With the improvement of the level of financial agglomeration,the impact on carbon emission efficiency would change from inhibition to being a driving factor.②Economic growth pressure had a significant regulatory effect on the relationship between financial agglomeration and carbon emission efficiency.Moderate economic growth pressure promoted the impact of financial agglomeration on carbon emission efficiency and made the threshold of financial agglomeration advance;excessive economic growth pressure inhibited the impact of financial agglomeration on car

关 键 词：金融集聚 碳排放效率 经济增长压力 面板平滑转移模型 调节效应 

分 类 号：F061.3[经济管理—政治经济学]