Regional green finance development and local green innovation:Evidence from a quasi-natural experiment of green bond issuance in China  

作　　者：ZHANG Ju-ying 

机构地区：[1]School of Finance and Investment,Hebei Finance University,Baoding 017051,CHINA

出　　处：《Ecological Economy》2023年第2期102-120,共19页生态经济（英文版）

基　　金：supported by Hebei Province Philosophy and Social Science Project (Grant No.HB22YJ021);Hebei Province Social Science Development Research Project (Grant No.20220202156)。

摘　　要：Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.

关 键 词：green finance development green innovation multi-period DID model green bond 

分 类 号：F832.51[经济管理—金融学] X196[环境科学与工程—环境科学]