绿色金融如何实现城市减污降碳协同推进——基于绿色金融改革创新试验区的经验证据  

How Green Finance Achieve the Coordinated Promotion on Urban Pollution Reduction and Carbon Emission Reduction:Empirical Evidence Based on Green Finance Reform and Innovation Pilot Zones

作　　者：张超[1] 胡宗光 ZHANG Chao;HU Zongguang(Anhui University of Finance&Economic,School of Finance,Bengbu 233030,China)

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233030

出　　处：《商业研究》2025年第2期51-62,共12页Commercial Research

基　　金：安徽省教育厅自然科学研究重大项目“金融发展对省域碳中和潜力的影响机制及效应研究”,项目编号:2022AH040086;安徽省社会科学创新发展研究课题攻关项目“皖西大别山革命老区乡村振兴潜力识别与金融精准支持研究”,项目编号:2022CX045。

摘　　要：协同推进减污降碳是实现绿色发展的关键举措,而加强金融支持是其中的重要保障。本文通过构建一般均衡模型,系统阐释了绿色金融与减污降碳之间的理论关系,并基于2011—2022年中国281个城市的面板数据,运用渐进双重差分模型实证考察了绿色金融改革创新试验区政策对城市减污降碳的影响效应及其作用机制。研究发现,试验区政策显著促进了城市减污降碳进程,且这一效应在资源型城市、“胡焕庸线”西北部城市以及非城市群城市中表现更为突出。机制分析发现,试验区政策通过缓解融资约束和推动技术进步两个渠道促进城市减污降碳,但微观层面的作用效果仅对污染行业产生显著影响。空间计量分析表明,试验区政策的减污降碳效应在考虑空间因素后得到明显提升,但尚未形成对周边城市的空间溢出效应。Coordinated promotion of pollution reduction and carbon emission reduction is a key initiative for achieving green development,with strengthened financial support serving as a crucial guarantee.This paper constructs a general equilibrium model to systematically elaborate on the theoretical relationship between green finance and pollution reduction and carbon emission reduction.Based on the panel data from 281 cities in China from 2011 to 2022,it employs a progressive difference-in-differences(DID)model to empirically examine the impact of the Green Finance Reform and Innovation Pilot Zone policy on the urban pollution reduction and carbon emission reduction and its underlying mechanisms.The findings indicate that the pilot zone policy has significantly advanced the reduction efforts of urban pollution and carbon emission,with the effect being more pronounced in resource cities,cities in the northwestern part of the“Hu Huanyong Line”,and non-urban agglomeration cities.Mechanism analysis reveals that the pilot zone policy facilitates the urban pollution reduction and carbon emission reduction through two primary channels:alleviating financing constraints and promoting technological progress.However,the micro-level effect is only significant for polluting industries.Spatial econometric analysis further demonstrates that the pollution and carbon emission reduction effect of the pilot zone policy is significantly enhanced when spatial factors are considered,but the spatial spillover effects on neighboring cities have not yet been observed.

关 键 词：绿色金融改革创新试验区 减污降碳 一般均衡模型 双重差分法 溢出效应 

分 类 号：F420[经济管理—产业经济] F832