国家级金融改革试验区如何影响碳生产率

How Does the National Financial Reform Pilot Zone Affect Carbon Productivity?

在“双碳”约束日益紧迫和经济复苏乏力的现实背景下,需要金融业发挥示范带头作用实现经济绿色低碳的高质量发展。本文将为金融供给侧结构性改革“蹚水探路”的重要抓手--国家级金融改革试验区建设作为准自然实验,采用渐进式DID和DDD方法,使用城市碳污染、税源调查数据库、工业企业数据库以及匹配的企业专利数据,实证检验了非绿色国家级金融改革试验区对城市碳生产率的影响及其内在机制。研究发现:(1)国家级金融改革试验区的设立显著地提升了城市的碳生产率,这一结论在以通商口岸作为工具变量的一系列稳健性检验中均成立;(2)金融改革试验区实现了金融供给定向释放,降低了要素错配、强化行业内竞争,推动了技术创新和产业结构转型,从而提升了城市碳生产率;(3)异质性分析发现国家级金融改革试验区更多地提升了工业依赖型、经济发展滞后以及中小城市的碳生产率。以上结论为实现金融业与社会经济绿色高质量协同发展提供了现实依据,为如何通过金融供给侧结构性改革实现“六稳、六保”工作与“双碳”目标的双赢提供了有益借鉴。

Under the background of increasingly urgent"double carbon"constraints and weak economic recovery,there is an urgent need for the financial industry to play a leading role to realize the high-quality development of green and low-carbon social economy.This paper adopts as a quasi-experiment of the setting up of the national financial reform pilot zone,an important starting point of the financial supply side structural reform,uses a time-varying DID method,and utilizes the data on urban carbon pollution,tax source investigation,and industrial enterprise with matched patent information to empirically examine the impact of non-green national-level financial reform pilot zones on urban carbon productivity and its internal mechanism under the supply-side structural reform of the financial industry.We find:(1)The establishment of a national-level financial reform pilot zone has significantly improved carbon productivity.This conclusion is robust when using trade ports as instrumental variables.(2)Based on verifying that the pilot zone of financial reform has realized the directional release of financial supply,we proves that it has reduced the factor mismatch,promoted the competition within the industry and accelerated technological innovation.The above positive effects also realize the transformation of industrial structure to high-tech industry and low-carbon industry,and promote the improvement of urban carbon productivity.(3)Through a series of heterogeneity analysis,we find that the national-level financial reform pilot zone has increased the carbon productivity of cities dependent on industry,cities lagging in economic development,and small and medium-sized cities.The above conclusions provide a realistic basis for our country to achieve the"win-win"of the green and high-quality coordinated development of the financial industry and the social economy.We also provides useful reference for China to realize the win-win situation of“six stabilities and six guarantees”and"double carbon"through the financial supply-side structural reform in the next step.