绿色金融、环境规制与污染密集型产业的区域差异分析——基于1995-2017年的区域面板数据

Analysis of Regional Differences Between Green Finance,Environmental Regulation and Pollution-Intensive Industries——Based on Regional Panel Data From 1995 to 2017

近年来,金融作为一项重要的调节工具在环境治理中的作用愈发受到重视。政府主导的环境规制作为一种制度安排,目标在于减少企业经济活动导致环境污染的外部不经济,有利于实现新旧动能转换,并有助于缓解信贷风险。但不同地区在执行环境规制标准时存在"逐底竞赛"的现象。论文基于1995~2017年中国29个省(市)的经验数据,检验了环境规制背景下绿色金融在引导污染密集型产业升级方面的差异性影响。结果发现:我国的环境规制强度明显存在区域差异;污染密集型产业的区域分工优势清晰;东、中、西部地区污染密集型产业在经济发展中占比较高,但不同区域产业带动值存在明显差别。绿色金融在东部地区可以更显著地提升污染密集型产业的高级化进程,环境规制和外部经济刺激的互补性在东部地区能加快产业升级步伐,但环境规制对中西部地区污染型产业升级起到了负向的"挤出"效应。

In recent years,the role of finance as an important regulatory tool in environmental governance has been paid more and more attention.The environmental regulation made by government,as an institutional arrangement,aims to reduce the external diseconomies caused by environmental pollution caused by enterprises’economic activities,which is conducive to the conversion of old drivers to new ones and the alleviation of credit risks.But there is an impulse to"race to the bottom"in implementing environmental regulatory standards in different regions.Based on the empirical data of 29 provinces(cities)in China from 1995 to 2017,this paper examines the various impact of green finance when guiding the upgrades of pollution-intensive industries under the background of environmental regulation.The results show that there are obvious regional differences in the intensity of environmental regulation in China.The advantages of regional division of labor in pollution-intensive industries are clear.Pollution-intensive industries in the eastern,central and western regions account for a relatively high proportion in the economy,but there is a large regional difference in the industrial driving value.In the eastern region,the development level of green finance can significantly promote the upgrade process of pollutionintensive industries.The complementarity of environmental regulation and external economic stimulus can accelerate the industrial upgrading in the eastern region,but environmental regulation has a negative"crowding out"effect on the upgrading of polluting industries in the central and western regions.