绿色金融的治污减排效果及作用路径——基于中国2007—2017年30个省级区域面板数据的分析  

Evaluation of the Effects of Green Finance on Emission Reduction and Analysis of the Mechanism——Based on Panel Data Analysis from 30 Provincial-level Regions in China During 2007—2017

作　　者：张小可 张居营 ZHANG Xiao-ke;ZHANG Ju-ying(National School of Development,Peking University,Beijing 10087;Postdoctoral Research Workstation,China Investment Corporation,Beijing 100010;Research Center of Financial Innovation and Risk Management,Hebei Finance University,Shijiazhuang 071051,Hebei)

机构地区：[1]北京大学国家发展研究院,北京100871 [2]中国投资有限责任公司博士后科研工作站,北京100010 [3]河北金融学院金融创新与风险管理研究中心,河北石家庄071051

出　　处：《陕西师范大学学报（哲学社会科学版）》2024年第2期108-122,共15页Journal of Shaanxi Normal University(Philosophy and Social Sciences Edition)

基　　金：中国博士后科学基金面上资助项目“碳中和背景下的资产配置:碳风险测度、定价与管理”(2023M733886)。

摘　　要：研究绿色金融的治污减排效果及作用路径,对于制定科学合理的金融政策、推动经济低碳发展具有重要意义。通过构建需求端的区域绿色金融发展指数,在客观有效地评估各地区绿色金融发展水平的基础上,利用2007—2017年中国30个省级(直辖市、自治区)区域的中观平衡面板数据集,采用动态面板模型和GMM估计方法,实证检验了绿色金融发展对地区污染排放增速的影响。实证结果表明,整体来看绿色金融能够明显抑制污染排放,具体体现在二氧化碳、工业二氧化硫以及工业一般固体废弃物排放增速显著下降,但未发现绿色金融对工业废水排放起到显著抑制作用。进一步分析发现,绿色金融能通过优化产业结构、降低能耗强度、优化能耗结构3条作用路径影响污染排放。带来的政策启示主要有3点:第一,应加强绿色金融市场体系建设;第二,应积极推动地区绿色金融政策的落地实施;第三,应不断完善绿色金融支持产业结构优化机制。It is of great significance to study the effect and action path of green finance on pollution control and emission reduction for formulating scientific and reasonable financial policies and promoting low-carbon economic development.This paper uses the dynamic panel model and GMM estimation method to empirically test the impact of green finance development on regional pollution emission growth by using the panel data set of 30 regions in China from 2007 to 2017.In order to objectively and effectively evaluate the development level of green finance in each region,this paper constructs the regional green credit development index.The empirical results show that on the whole,green finance can significantly inhibit pollution emission,which is reflected in the significant decrease in the emission growth rate of carbon dioxide,industrial sulfur dioxide and general industrial solid waste.But this paper does not find that green finance has a significant inhibition effect on industrial wastewater discharge.Further analysis shows that green finance can affect pollution emission through three mechanisms:optimizing industrial structure,reducing energy intensity and optimizing energy consumption structure.This paper has enriched the research on the impact of green finance development on the environment at the empirical level,and has brought rich policy implications for the next development of green finance.There are three policy implications brought by this research:First,we should strengthen the construction of green financial market system;Second,we should actively promote the implementation of regional green finance policies;Third,we should continuously improve the mechanism for optimizing the industrial structure supported by green finance.

关 键 词：绿色金融 环境污染 经济发展 双碳战略 

分 类 号：F830.9[经济管理—金融学] X501[环境科学与工程—环境工程]