绿色金融改革的节能效应与机制  

Energy⁃saving effect of green finance reform and its mechanisms

作　　者：黄秀路 武宵旭 袁圆[3] 王小雨 HUANG Xiulu;WU Xiaoxu;YUAN Yuan;WANG Xiaoyu(School of Public Administration,Xi’an University of Architecture and Technology,Xi’an Shaanxi 710055,China;School of Economics and Management,Northwest University,Xi’an Shannxi 710127,China;School of Economics and Management,Wuhan University,Wuhan Hubei 430072,China;Wang Yanan Economic Research Institute,Xiamen University,Xiamen Fujian 361005,China)

机构地区：[1]西安建筑科技大学公共管理学院,陕西西安710055 [2]西北大学经济管理学院,陕西西安710027 [3]武汉大学经济与管理学院,湖北武汉430074 [4]厦门大学王亚南经济研究院,福建厦门361005

出　　处：《中国人口·资源与环境》2023年第8期27-36,共10页China Population,Resources and Environment

基　　金：教育部人文社会科学研究青年基金项目“数智化缓解创新资源错配的机理与路径研究”(批准号:22YJC790046);陕西省社会科学基金项目“数字金融赋能陕西制造业高质量发展的影响研究”(批准号:2021D057);陕西省教育厅科研计划项目“新经济背景下的资源配置机制研究”(批准号:21JT039)。

摘　　要：节约能源资源、降低能耗强度是推进“碳达峰、碳中和”重大战略决策部署的必然选择,是中国在新发展阶段寻求绿色转型发展的关键抓手。绿色金融改革创新试验区作为中国纵深推进绿色金融改革,加强生态文明建设、促进经济绿色转型的重要举措,是否降低了能源强度,有利于节能效应的发挥?其影响机制如何?目前学术界还缺乏系统性的分析。该研究基于2007—2020年中国城市面板数据,利用广义合成控制法,评估了绿色金融改革创新试验区设立对能源强度的影响效应,并分析其内在影响机制。研究结果显示:①试点政策的实施显著降低了试点地区的能源强度,具有明显的节能效应,并且该节能效应存在政策先行和时效性特征。②试点政策会通过提高绿色创新、缓解融资约束、优化产业结构以及拓展环境治理渠道,驱动试验区能源强度的下降。③试点政策对市场化程度较好、教育水平较高地区的节能诱发作用更强,而对市场化程度较差、教育水平较低地区的能源强度抑制作用较小,节能效应不明显。因此,进一步完善绿色金融改革创新试验区建设,应充分考虑不同地区在制度环境、资源禀赋等方面的差异,在总结现有试点地区经验的基础上,因势利导地吸引更多市场主体参与到以能源效率提升、能源结构转型和环境治理为导向的绿色金融体系中来,为绿色创新和企业融资提供更为充分的市场化条件,这是进一步释放绿色金融改革创新试验区试点政策节能潜力的关键。Saving energy resources and reducing energy intensity are crucial to promoting China’s major strategic goals of reaching peak carbon emissions and achieving carbon neutrality,and are hence key to the promotion of green transformation and development in the new development stage.As an important practice,the policy of establishing pilot zones for green finance reform and innovations in China aims to promote green finance reform in depth,construct ecological civilization,and realize green economic transformation.Can the policy reduce energy intensity and contribute to energy conservation?What is its impact mechanism?There is a shortage of systematic analysis in academia on these issues.With panel data from Chinese cities from 2007 to 2020 and a generalized synthetic control method,this paper evaluated how the establishment of pilot zones for green finance reform and innovations affected energy intensity and analyzed its impact mechanisms.The results showed that:①The implementation of the policy significantly reduced the energy intensity of the pilot zones,and the energy-saving effect exhibited‘policy first’and timeliness characteristics.②The policy-induced energysaving effect was achieved by improving green innovation,easing financing constraints,optimizing industrial structure,and strengthening environmental governance.③The policy’s energy-saving effect was more remarkable in areas with better marketization and a higher education level.The findings suggest that the government should fully consider the differences in aspects such as institutional environment and resource endowment among varying regions,design distinct measures to attract more market players to participate in the green finance system oriented by energy efficiency improvement,energy structure transformation,and environmental governance,and create a much better market-oriented environment for green innovation and corporate financing.

关 键 词：绿色金融 能源强度 节能效应 广义合成控制法 

分 类 号：F206[经济管理—国民经济] F832[环境科学与工程—环境科学] X196