金融资源绿色化配置的碳减排效应研究

Research on Carbon Emission Reduction Effect of Green Allocation of Financial Resources

文章选取中国30个省份2012—2020年面板数据,实证分析绿色信贷和绿色证券两种金融资源绿色化配置方式对碳减排的影响效应,得出如下结论:第一,金融资源绿色化配置对碳排放具有显著的抑制作用,且边际碳减排效应呈增强态势。第二,异质性分析表明,金融资源绿色化配置特别是绿色信贷的碳减排效应存在显著空间异质性。第三,将空间溢出效应纳入考量后,金融资源绿色化配置的碳减排效应得到强化,绿色信贷和绿色证券两种金融资源绿色化配置方式的减排效应拐点均出现提前。据此,提出增加金融资源绿色化配置投入,强化金融减排基础;推进绿色金融区域协同合作,优化金融减排环境;实施差异化资源配置策略,释放金融减排潜能的建议以期为充分发挥金融绿色减排效应提供一定理论指导。

Based on the panel data of 30 provinces in China from 2012 to 2020, this paper empirically analyzes the impact of green credit and green securities on carbon emission reduction, and draws the following conclusions: First, the green allocation of financial resources has a significant inhibitory effect on carbon emissions, and the marginal carbon emission reduction effect is increasing. Second,heterogeneity analysis shows that there is significant spatial heterogeneity in the carbon emission reduction effect of green allocation of financial resources, especially green credit. Third, after the spatial spillover effect is taken into account, the carbon emission reduction effect of the green allocation of financial resources is further enhanced, and the inflection point of the emission reduction effect of the green allocation of financial resources, green credit and green securities, is advanced. Accordingly, it is proposed to increase the investment in the green allocation of financial resources and strengthen the basis of financial emission reduction;promote regional cooperation in green finance and optimize the financial emission reduction environment;Implement differentiated resource allocation strategies to release the potential of financial emission reduction, in order to provide some theoretical guidance for giving full play to the green emission reduction effect of finance.