数字金融、异质型环境规制与绿色全要素生产率  

Digital Finance,Heterogeneous Environmental Regulation and Green Total Factor Productivity:Empirical Evidence from Micro Firms

作　　者：徐伟呈[1,2] Xu Weicheng

机构地区：[1]中国海洋大学经济学院 [2]中国海洋大学海洋发展研究院

出　　处：《财经科学》2023年第11期1-16,共16页Finance & Economics

基　　金：山东省社会科学规划研究项目“数字经济驱动山东省工业碳解锁的机理、效应与对策研究”(23CJJJ36)的资助。

摘　　要：推动经济绿色发展是“十四五”规划的重要目标,在数字金融发展背景下探讨其绿色价值并健全环境规制,在经济供需两端形成绿色发展合力具有重要意义。本文采用2011—2021年1597个工业污染源重点调查企业数据,利用中介模型和门槛模型探究了数字金融对绿色全要素生产率的影响,以及异质型环境规制在此过程中的作用。研究发现,数字金融能够通过技术、资源配置和产业结构路径驱动企业绿色全要素生产率增长,随着命令控制型环境规制、市场激励型环境规制和公众自愿型环境规制的裁量空间增大,上述驱动作用会产生“减损”“补偿”和“分化”效应。异质性分析发现,对于绿色发展实力较强的企业,应重视资源配置和产业结构路径的作用,并主要实施市场激励型环境规制和公众自愿型环境规制;绿色生产成本较高的企业更应依靠技术路径,并重点实行命令控制型环境规制,从而基于市场和政府的协同合力提升绿色全要素生产率。Promoting green economic development is an important goal of the 14th Five-Year Plan.It is of great significance to ex-plore green value of digital finance and improve environmental regulation to form a joint force of green development at both ends of economic supply and demand in context of digital finance development.Based on the data of 1597 key surveyed enterprises that are industrial pollution sources from 2011 to 2021,this paper studies the impact of digital finance on green total factor productivity by us-ing multiple mediation model,and explores the role of heterogeneous environmental regulation by using threshold model.It is found that digital finance drives the growth of green total factor productivity through paths of technology,resource allocation and industrial structure.With the increase of discretionary space for command-controlled,market-motivated and public voluntary environmental regulation,the above driving effects will be"detracted","compensated"and"differentiated"Heterogeneity analysis shows that for enterprises with strong green development strength,it should attach importance to the role of resource allocation and industrial struc-ture paths,and mainly implement market-motivated and public voluntary environmental regulations;for enterprises with higher green production costs,it should rely more on technology path and focus on command-controlled environmental regulation,so as to improve green total factor productivity based on the synergy of market and government.

关 键 词：数字金融 绿色全要素生产率 异质型环境规制 

分 类 号：F832.5[经济管理—金融学]