金融错配、环境污染与可持续增长

Financial Misallocation,Pollution and Sustainable Growth

金融能够支撑和引导实体经济的发展,对于产业结构调整和环境保护有重要作用,但现有研究缺乏对金融资源配置和环境污染关系的理论阐述和实证证据。本文详细分析了中国金融资源在污染行业的配置情况,发现中国的金融资源向污染企业严重倾斜;建立了包含金融资源配置和环境因素的一般均衡模型,论证这一倾斜将导致环境污染加剧和经济增长放缓;在此基础上,用省级面板数据检验了三类主要污染物与金融资源配置的关系,发现金融资源向重污染行业的配置对环境的确有明显的不利影响。这一发现说明在经济增速放缓、结构性矛盾凸显、生态环境严重退化的今天,改善金融资源配置、发展绿色金融是保护生态环境、推进供给侧结构性改革、提高经济增长质量的重要策略。

Finance plays an important role in industrial restructuring and environmental protection,by supporting and guiding the development of the real economy.However,the existing research lacks theoretical elaboration and empirical evidence on the relationship between financial resource allocation and environmental pollution.Ou this basis,this paper verified the allocation of financial resource in China in both polluting and nonpolluting enterprises,showing that financial resource is much more abundant in pollution industries.Then,a general equilibrium model considering environment and the financial sector is built,which explained the logic between financial resource and pollution,arguing that unbalanced allocation of financial resource will harm environment and long-term sustainable growth.After that,an empirical study is carried out using panel data of 30 provinces in China to test the relationship between three types of main pollutants and financial resource allocation.The results show that allocation of financial resource had a significant negative influence over environment.The findings filled the gap of green finance research and strongly supported the idea of sustainable finance,indicating that improving financial allocation and promoting green finance are key measures of environment protection,sustainable growth and the supply-side structural reform.