数字金融影响碳排放的作用机理及效果  

Mechanism and effects of digital finance on carbon emissions

作　　者：范庆倩 封思贤[1,2] FAN Qingqian;FENG Sixian(School of Business,Nanjing Normal University,Nanjing Jiangsu 210023,China;Ginling College,Nanjing Normal University,Nanjing Jiangsu 210023,China)

机构地区：[1]南京师范大学商学院,江苏南京210023 [2]南京师范大学金陵女子学院,江苏南京210023

出　　处：《中国人口·资源与环境》2022年第11期70-82,共13页China Population,Resources and Environment

基　　金：教育部人文社会科学基金项目“法定数字货币影响中国货币政策的新机制研究——基于含金融加速器DSGE的分析”(批准号:21YJA79‑0016);国家社会科学基金重大项目“互联网金融的发展、风险与监管研究”(批准号:14ZDA043)。

摘　　要：中国数字金融发展迅速,深刻影响着人们的生产与生活方式,并可能对碳排放产生影响。文章首先梳理了数字金融影响碳排放的可能途径,并以罗默内生经济增长模型为基础,通过在生产函数中引入数字金融和能源消耗,在消费者效用函数中引入二氧化碳存量等方法,构建并阐释了数字金融影响碳排放的经济学原理和作用机制。理论分析的结果显示,数字金融的发展将通过影响居民消费理念和行为、企业生产活动方式与创新效率等方面影响碳排放,并在总体上呈倒“U”型关系,其中碳排放拐点所需的数字金融能力主要取决于能源现存消耗情况以及技术创新能力等因素。其次,基于中国省域数据对上述倒“U”型关系进行实证分析和中介机制检验。结果表明:①数字金融对碳排放的影响可分解为增产效应和节能效应。②在两种效应的综合作用下,碳排放将随着数字金融发展先增多后减少,且这一倒“U”型关系通过了内生性及稳健性检验。③数字金融的广度、深度和数字化程度对碳排放的最终影响效果存在显著的结构性差异。④此外,影响机制分析结果还表明,数字金融的发展缓解了企业融资需求压力,传统生产方式下的生产规模由此得以扩大并增加了碳排放,即数字金融发展广度带来的影响更多地体现为产值扩大的碳排放上升(增产效应);但后期随着数字金融深度和数字化作用的累积发挥,促进企业研发以及节能型技术专利带来的创新减排效应将显著增加,进而通过降低单位碳减排后最终导致碳排放减少(节能效应)。基于此,中国数字金融发展应尽快从量转向质,加大对企业低碳节能转型与数字化升级、能源产业结构优化、新能源开发与利用等方面的精准支持力度,并积极探索数字化碳金融产品的不断创新。In recent years,China’s digital finance has developed rapidly,and its application scope continues to expand,which has a profound impact on people’s production and lifestyle and may affect carbon emissions.On the basis of a literature review,this paper firstly summarized the possible ways of impact of digital finance on carbon emissions and then illustrated the economic principles and impact mechanism of how digital finance affected carbon emissions by introducing digital finance and energy consumption into the production function and introducing the stock of carbon dioxide into the consumer utility function to improve Romer’s endogenous economic growth model.The results of the theoretical analysis showed that the development of digital finance would affect carbon emissions by influencing the consumption concepts and behavior of residents,the mode of production activities,and the innovation efficiency of enterprises.Besides,the relationship between digital finance and carbon emissions represented an inverted U-shape,and the digital financial capacity required by the turning point of carbon emissions mainly depended on the existing energy consumption and technological innovation.Then,based on China’s provincial data,this paper analyzed the above inverted U-shape relationship empirically and tested the corresponding intermediary mechanism.The results showed that:①The impact of digital finance on carbon emissions could be decomposed into the effects of increasing production and those of saving energy.②Under the two comprehensive effects,carbon emissions increased first and then decreased with the development of digital finance,and this inverted U-shape relationship passed the endogeneity and robustness tests.③There were significant structural differences in the impact of digital finance on carbon emissions in terms of breadth,depth,and degree of digitalization.④In addition,the results of the impact mechanism analysis also showed that the development of digital finance alleviated the pressure on the fi

关 键 词：数字金融 内生经济增长模型 增产效应 节能效应 碳排放 

分 类 号：F832.1[经济管理—金融学] F062.1