金融发展、外商直接投资与碳减排关系研究

Research on the relationship between financial development, FDI and carbon emission reduction

随着中国市场对外开放程度加深,贸易与投资自由化程度也随之提高。本文契合中国经济发展进入新时代的特征,围绕“双碳”目标,使用固定效应模型、动态GMM估计方法实证检验金融发展、FDI对碳减排的影响。研究结果显示:(1)FDI促进碳减排,金融发展与碳排放强度之间存在倒“U”型关系,但FDI与金融发展的交互项对二氧化碳排放强度的影响是复杂的;(2)无论是在静态模型还是动态模型下,能源效率、人均能源消费均能正向且显著影响碳减排,而城市化则相反;(3)产业结构、基础设施对碳排放的影响存在时间上的差异,调整产业结构、完善低碳交通基础设施具有明显的持续性,需要长期作用才能促进碳减排。针对以上研究结果,本文提出创新绿色金融产品、促进产业结构和能源结构升级、提高引进外资的质量和效益、进一步提升碳减排效应等政策建议。

As China’s market has become more open to the outside world, so has the degree of trade and investment liberalization. In line with the characteristics of China’s economic development entering a new era, this paper uses fixed effect model and dynamic GMM estimation method to empirically test the impact of financial development and FDI on carbon emission reduction around the "carbon peaking and carbon neutrality" goals. The results show that :(1)FDI promotes carbon emission reduction, and there is an inverted u-shaped relationship between financial development and carbon emission intensity, but the interaction term of FDI and financial development has a complex impact on carbon emission intensity;(2) In both static and dynamic models, energy efficiency and per capita energy consumption have positive and significant effects on carbon emission reduction, while urbanization has the opposite effect;(3) There is a time difference in the impact of industrial structure and infrastructure on carbon emissions. Adjustment of industrial structure and improvement of low-carbon transportation infrastructure have obvious sustainability. It needs a long-term effect to promote carbon emission reduction. In view of the above research results, this paper puts forward some policy suggestions, such as innovating green financial products, promoting the upgrading of industrial structure and energy structure, improving the quality and efficiency of foreign investment, and further enhancing the carbon emission reduction effect.