科技金融政策对经济绿色转型的影响效应研究——基于“促进科技和金融结合试点”的准自然实验  

Research on the Effect of Science and Technology Financial Policy on Economic Green Transformation:Quasi-Natural Experiment Based on the“Pilot Program for Promoting the Integration of Science,Technology and Finance”

作　　者：张优智[1] 刘寅可 赵璟[3] 王菁怡 ZHANG Youzhi;LIU Yinke;ZHAO Jing;WANG Jingyi(School of Economics and Management,Xi’an Shiyou University,Xi’an Shaanxi 710065,China;School of Finance,Capital University of Economics and Business,Beijing 100070,China;School of Economics and Management,Xi’an University of Technology,Xi’an Shaanxi 710054,China)

机构地区：[1]西安石油大学经济管理学院,陕西西安710065 [2]首都经济贸易大学金融学院,北京100070 [3]西安理工大学经济与管理学院,陕西西安710054

出　　处：《生态经济》2025年第5期147-157,167,共12页Ecological Economy

基　　金：陕西省社会科学基金项目“数字经济驱动陕西传统制造业转型升级的机制、效应与政策研究”(2023D044);西安市社会科学规划基金项目“西安市先进制造业高质量发展水平综合测评及提升路径研究”(23JX129);国家社会科学基金西部项目“西部县域劳动力增减分化影响生态共同富裕的机理、效应与政策研究”(24XJY025)。

摘　　要：金融创新对于促进可持续发展,实现经济绿色转型至关重要。科技金融作为旨在推动科技创新,促进实体经济发展的新兴金融模式,为中国经济绿色转型提供新契机。论文基于2007—2021年282个地级市的面板数据,将“促进科技和金融结合试点”政策视为准自然实验,采用多时点双重差分模型评估科技金融政策对经济绿色转型的影响效应及作用机制。研究发现:科技金融政策对经济绿色转型起显著促进作用,且该影响存在城市地域、城市类型和不同分位点的异质性。机制分析表明,试点政策能通过创新能力显著促进经济绿色转型,而转化为投入产出后,创新投入不是试点政策影响经济绿色转型的作用机制。三重差分分析结果表明,高铁开通和环境目标约束对试点政策的经济绿色转型效应均起显著促进作用,且环境目标约束产生的影响存在差异性。Financial innovation is essential to promote sustainable development and achieve green economic transformation.As an emerging financial model aimed at promoting scientific and technological innovation and promoting the development of the real economy,sci-tech finance provides a new opportunity for China’s economic green transformation.Based on the panel data of 282 prefecture-level cities from 2007 to 2021,this paper considers the policy of“promoting the pilot integration of science and technology and finance”as a quasi-natural experiment and adopts a multi-time-point differential model to evaluate the impact and mechanism of science and technology financial policies on economic green transformation.It is found that technological finance policy plays a significant role in promoting economic green transformation,and the impact is heterogeneous in urban region,urban type and different sub-sites.Mechanism analysis shows that pilot policies can significantly promote economic green transformation through innovation ability,and innovation input is not the mechanism for pilot policies to affect economic green transformation after it is transformed into input-output.The results of triple difference analysis show that both the opening of HSR and the environmental target constraints play a significant role in promoting the economic green transformation effect of pilot policies,and the impact of environmental target constraints is different.

关 键 词：科技金融政策 经济绿色转型 创新能力 双重差分 

分 类 号：F832[经济管理—金融学] X196[环境科学与工程—环境科学] F062.2