绿色金融发展能否提升城市碳生产率——基于双重差分模型的经验证据

How the Development of Green Finance Improves the Urban Carbon Productivity——Empirical Evidence Based on Difference-in-difference Model

本文基于2008—2020年我国283个地级市所构建的面板数据,通过运用双重差分模型进行实证分析。研究发现:(1)绿色金融政策的实施推动了城市碳生产率的提升,且对邻近城市碳生产率提升亦具有正向溢出效应。(2)从区位角度来看,绿色金融政策对城市碳生产率的提升作用主要体现在环境规制压力较强的城市、非资源型城市,以及互联网发展程度较好、交通基础设施建设相对完善的城市。(3)绿色金融政策通过促进绿色技术创新、改善能源结构和提高环保意愿,进而对城市碳生产率发挥正向影响。因此,广泛实施绿色金融改革试点政策,并着力改善营商环境,有助于城市低碳转型。

To explore the impact of green finance policies on urban carbon emissions, based on the panel data of 283 prefecture-level cities in China from 2008 to 2020, this paper makes an empirical analysis using a diference-in-difference model. The research finds that:(1) the implementation of green finance policy has promoted the improvement of carbon productivity in cities, and also has a positive spillover effect on the improvement of carbon productivity in neighboring cities.(2) From the perspective of location, the role of green finance policy in promoting urban carbon productivity is mainly reflected in cities with strong environmental regulation pressure, non-resource cities, and cities with better Internet development and relatively complete transportation infrastructure.(3) Green finance policy has a positive impact on urban carbon productivity by promoting green technology innovation, improving the energy structure and increasing the willingness to protect the environment. Therefore, widely implementing the pilot policy of green finance reform and focusing on improving the business environment will contribute to the low-carbon transformation of cities.