金融发展、双向FDI与碳排放——基于中国省际面板数据的门槛模型实证分析

Financial Development, Two-way FDI and Carbon Emissions:Empirical Analysis of Threshold Model Based on China’s Province-level Panel Data

本文基于2003-2016年中国省际面板数据,建立面板门槛模型,实证检验了金融发展、双向FDI对我国碳排放的影响。研究结果表明:双向FDI的碳排放效应存在金融发展门槛值的制约。随着金融发展水平的不断提高,双向FDI抑制碳排放的作用逐渐增强,由促进碳溢出转变为抑制碳排放。当金融发展达到一个较高的水平时,OFDI和IFDI对碳排放均有显著的抑制作用。因此,重视深化金融市场改革,对于充分发挥双向FDI对碳减排的作用具有重要的意义。

Based on the data of 30 provinces in China from 2003 to 2016,this paper constructs panel threshold model and makes an empirical analysis of the impact of two-way FDI and financial development on China’s carbon emissions.The results show that carbon emissions effect of two-way FDI is subject to financial development threshold.With the continuous improvement of the level of financial development,the inhibition of carbon emissions by two-way FDI is gradually increasing,transforming from promoting carbon emissions to inhibiting carbon emissions.When financial development reaches a high level,both OFDI and IFDI have significant inhibitory effects on carbon emissions.Therefore,paying attention to deepening financial market reform is of great significance for two-way FDI to fully play their role in carbon emission reduction.