能源结构转型与区域金融风险:作用机制与经验证据  

Energy Transition and Regional Financial Risk:Mechanisms and Empirical Evidence

作　　者：张庆君 赵志尚 孟新新 Zhang Qingjun;Zhao Zhishang;Meng Xinxin

机构地区：[1]天津财经大学金融学院/金融与保险研究中心 [2]天津财经大学金融学院

出　　处：《金融经济学研究》2024年第3期127-142,共16页Financial Economics Research

基　　金：国家社会科学基金项目(20FJYB003)。

摘　　要：基于2011—2020年中国省级面板数据,探讨能源结构转型对区域金融风险的影响。研究发现,能源结构转型与区域金融风险呈现倒U型曲线关系,且能源结构转型可以通过经济杠杆效应影响区域金融风险;科技创新可以显著缓释能源结构转型引致的区域金融风险,路径创新能显著缓释由路径依赖和脆弱诱发的金融风险。异质性检验发现,能源结构转型与区域金融风险之间的倒U型曲线关系在东部地区和西部地区更为显著。此外,政策制度创新也可以缓释能源结构转型过程中可能引致的区域金融风险。研究结论可为中国实现“双碳”目标过程中确保能源结构转型的“顺滑、平稳”过渡提供经验证据和政策借鉴。This study investigated the impact of energy transition on regional financial risk by utilizing provincial panel data from China spanning 2011 to 2020.The findings reveal an inverted U-shaped relationship between energy transition and regional financial risk.Furthermore,the transition can affect regional financial risk through the financial leverage effect.Technological innovation can significantly mitigate the regional financial risk associated with energy transition.Pathway innovation can effectively alleviate financial risks arising from path dependence and vulnerabilities.A heterogeneity analysis showed that an inverted U-shaped relationship is particularly evident in both the eastern and western regions of China.Additionally,the study finds that policy and institutional innovations can further reduce potential regional financial risks during the energy transition.The study’s insights offer valuable empirical evidence and policy recommendations to facilitate a smooth and stable energy transition in alignment with China’s ambitious dual carbon goals.

关 键 词：能源结构转型 区域金融风险 经济杠杆 科技创新 

分 类 号：F832.5[经济管理—金融学]