金融发展减排增绿机制及效应研究

A Study of Mechanisms and Effects of Emission Reduction and Greening in Financial Development

基于2003-2018年中国30个省市的面板数据,通过固定效应模型、中介效应模型、面板门槛模型和空间杜宾模型实证分析了地区金融发展水平与减排增绿之间的关系及其作用机制。结果显示:金融发展水平提升对污染排放具有显著抑制作用,该抑制作用通过提升经济发展水平、调整产业结构、提高创新水平的中介机制产生影响,并且经济发展水平和创新水平存在基于金融发展水平的双门槛效应,金融发展水平提升而跨越不同门槛时,经济发展水平和创新水平的污染减排效应加大。同时,金融发展水平提高的污染减排作用存在空间溢出效应。

Based on the panel data of 30 provinces and cities in China from 2003 to 2018,the relationship between regional financial development level and pollution emission reduction and its influential mechanism are empirically analyzed by fixed-effects model,mediating-effects model,panel threshold model and spatial Durbin model.The results show that the increase of financial development level has a significant inhibitory effect on pollution emission,and this inhibitory effect is influenced by the intermediary mechanism of improving economic development level,adjusting industrial structure,and raising innovation level,and there is a double threshold effect based on financial development level for economic development level and innovation level,and the pollution emission reduction effect of economic development level and innovation level increases when the financial development level rises and crosses different thresholds.At the same time,there is a spatial spillover effect on the pollution abatement effect of the improvement of financial development level.