绿色金融与经济高质量发展:机理、特征与实证研究

Green Finance and High-quality Economic Development:Mechanism, Characteristics and Empirical Study

深入探究绿色金融对经济增长质量的影响机理是引导绿色金融体系构建、推动经济向更高层次高质量发展迈进的基础。本文运用绿色全要素生产率衡量经济发展质量,从绿色信贷、绿色投资、绿色证券、碳金融等多个维度定量评价绿色金融发展水平,并从理论和实证两方面详细考察了绿色金融发展对绿色全要素生产率的影响机理、效应与特征。研究表明,绿色金融发展水平的提高能够促进绿色全要素生产率的提升,二者呈非线性关系,存在门限效应。具体而言,当绿色金融发展水平低于门限值时,绿色金融对绿色全要素生产率的影响较小,且在统计意义上不显著;当绿色金融发展水平高于门限值时,绿色金融对绿色全要素生产率的促进作用显著增大。进一步研究发现,我国大多省份的绿色金融发展水平处于门限值之下。本文的研究结论为构建绿色金融理论体系提供参考,也为有重点、分阶段、分区域推进绿色金融发展,推动经济高质量发展提供理论依据。

In-depth study of the impact mechanism of green finance on the quality of economic growth forms the basis to build the system of green finance and promote high-quality economic development. This paper uses green total factor productivity(TFP) to measure the quality of economic development, constructs an endogenous economic growth model that includes green credit, green investment, green securities, carbon finance and so on, and explains the impact mechanism, effection and characteristics of green finance on green total factor productivity from theoretical and empirical perspectives. The research results show the improvement of the green finance level promotes the increase of green TFP;there is a nonlinear relationship between green finance and green total factor productivity, and the threshold effect exists. When the green finance development index is lower than the threshold, the green finance development index has an insignificant impact on the green total factor productivity. When the green finance development index is higher than the threshold, the green finance development index has a greater impact on green total factor productivity. Further study shows that the green finance development index is lower than the threshold in most provinces of China. This paper provides a reference for building a theoretic system of green finance, as well as evidence to promote the development of green finance with different focuses, by stages and regions to improve the green TFP and ultimately realize high-quality economic development.