数字金融的污染减排效应

Research on Pollution Reduction Effect of Digital Finance

在数字经济时代,实现碳达峰、碳中和,是一场广泛而深刻的经济社会系统性变革,需要利用数字金融形成治理污染的长效机制。本文运用2011—2018年283个地级及以上城市数据,基于实证检验研究数字金融的污染减排效应及其作用机制。研究发现,(1)数字金融具有污染减排作用,创业效应、创新效应和产业升级效应是重要的作用机制。(2)数字金融的污染减排效应存在基于自身发展水平的双门限效应,在达到低数字金融水平之前,数字金融显著降低了环境污染;在低数字金融水平和高数字金融水平之间,数字金融都对环境污染有显著的正向影响;而达到高数字金融水平后,数字金融对环境污染却呈现抑制作用。(3)从空间溢出效应来看,无论是长期还是短期,数字金融都有在经济相邻城市间形成"以邻为壑"污染减排模式的潜在风险。

In the age of digital economy,the achievement of peak carbon dioxide emissions and carbon neutrality is an extensive and profound systematic reform in China’s economy and society,which calls for a long-term mechanism for pollution control by taking advantage of digital finance.Based on the data of 283 cities at prefecture level and above from 2011 to 2018,this paper empirically studies the pollution reduction effect of digital finance and its mechanisms.The results show that(1)digital finance plays a role in pollution reduction,whose main mechanisms are entrepreneurship effect,innovation effect and industrial upgrading effect.(2)There is a double threshold effect based on the development levels of digital finance in the pollution reduction effect:digital finance significantly mitigates pollution when it is at a low level;it has a significant positive influence on pollution when it is in the middle levels;it has inhibitory effect on pollution when it is at a high level.(3)From the perspective of spatial spillover effect,whether in the long term or not,digital finance has the potential risk of forming a beggar-thy-neighbor mode of pollution reduction among economically adjacent cities.