绿色金融改革创新试验区对臭氧污染的影响效应

Effects of pilot zones for green finance reform and innovation on ozone pollution

建立绿色金融改革创新试验区是中国重要的绿色金融政策之一,也是实现大气污染物和温室气体协同减排目标的重要手段。为进一步研究绿色金融改革创新试验区对空气质量的改善作用,该研究选择近地面臭氧浓度为研究对象,利用2014—2019年中国215个城市面板数据,通过使用双重差分法和合成控制法实证分析绿色金融改革创新试验区对城市近地面臭氧污染的影响,探究外商直接投资和金融发展水平所发挥的调节作用,并运用事件研究法、安慰剂检验、替换被解释变量、控制其他环境政策和使用季度数据进一步开展稳健性检验。结果表明:①在样本期内,绿色金融改革创新试验区可以显著降低近地面臭氧污染。不同地理区域的绿色金融改革创新试验区对近地面臭氧污染的影响存在异质性。②在全国层面和东部地区的样本中,外商直接投资本身并不会直接造成显著的“污染天堂”效应,但外商直接投资的增长不利于绿色金融改革创新试验区对臭氧污染的治理,会间接造成“污染天堂”效应。在中西部地区,外商直接投资的增长有利于促进绿色金融改革创新试验区对臭氧污染的治理,间接带来“污染光环”效应。③在全国层面和东部地区的样本中,虽然金融发展水平本身对臭氧污染没有显著影响,但是在金融发展水平较高的城市,绿色金融改革创新试验区政策对臭氧污染的治理效果更好,即金融发展水平的提升强化了绿色金融改革创新试验区对臭氧污染的治理效应。在中西部地区,金融发展水平的提升并不会显著增强绿色金融改革创新试验区对臭氧污染的治理效应。

The establishment of pilot zones for green finance reform and innovation(PZGFRI)is one of the important green finance policies in China and also an important means to achieve the goals of reaching peak carbon emissions and carbon neutrality.To further study the improvement effects of the PZGFRI on air quality,this study selected near-ground ozone concentration as the research object and empirically analyzed the impact of the PZGFRI on urban near-ground ozone pollution using the panel data of 215 cities in China from 2014 to 2019 by using the differential method and the synthetic control method.It further explored the moderating effect of foreign direct investment and financial development level and carried out robustness test by using event study,the placebo test,substitution of explained variables,control of other environmental policies,and quarterly data.The conclusions were as follows:①During the sample period,the PZGFRI significantly reduced near-ground ozone pollution.There was heterogeneity in the impact of the PZGFRI in different geographical regions on near-ground ozone pollution.②In the samples from the national level and the eastern region,foreign direct investment itself did not directly cause a significant‘Pollution Heaven’effect,but the increase of foreign direct investment was not conducive to the control of ozone pollution in the PZGFRI and indirectly caused the‘Pollution Heaven’effect.However,in the central and western regions,the increase of foreign direct investment was conducive to promoting the control of ozone pollution in the PZGFRI,which indirectly brought about the‘Pollution Halo’effect.③In the samples from the national level and the eastern region,the financial development level had no significant impact on ozone pollution itself,but the PZGFRI had a better effect on controlling ozone pollution in cities with a higher financial development level,i.e.,the improvement of financial development level had strengthened the control effect of the PZGFRI on ozone pollution.However,in the central and western regions,the improvement in the financial development level did not significantly enhance the ozone pollution control effect of the PZGFRI.