绿色信贷对环境污染治理的影响机制及异质性研究:基于我国长三角地区的实证检验

The Impact Mechanism and Heterogeneity of Green Credit on Environmental Pollution Control:An Empirical Study in the Yangtze River Delta Region of China

在我国“双碳”目标的背景下,绿色信贷对环境污染的治理发挥了重要的作用。长三角地区是中国经济高质量发展的示范区,是推进“双碳”目标实现的重要区域。本文基于2013-2019年我国长三角地区41个城市的面板数据,采用双向固定效应模型考察了该地区绿色信贷对环境污染治理的影响、异质特征及作用机制。实证结果表明:(1)绿色信贷的发展对长三角地区环境污染治理具有显著正效应,通过了内生性检验和多重稳健性检验之后,二者的关系依然显著存在。(2)绿色信贷对环境污染的治理效应具有显著的异质性特征。具体而言,属于长三角城市群的城市、大规模城市、财政失衡程度较低和环境污染程度较高的城市,绿色信贷的环境治理效应更为显著。(3)绿色信贷可以通过推进企业技术创新、产业结构升级以及促进经济增长的机制促进环境污染治理,在地方财政存在较为严重失衡问题的情况下,上述传导机制均会被抑制。基于分析结果,本文从鼓励商业银行开展绿色信贷业务、促进区域协调联动、支持企业进行技术创新及深化财政分权体制改革等方面提出政策建议。

Under the background of China’s“dual carbon”goal,green credit plays an important role in the improvement of environmental pollution.The Yangtze River Delta is a demonstration area for China’s high-quality economic development and an important region to promote the realization of the“dual carbon”goal.Based on the panel data of 41 cities in the Yangtze River Delta region of China from 2013 to 2019,this paper uses a two-way fixed effect model to investigate the impact,heterogeneity and mechanism of green credit on environmental pollution control in the region.The empirical results show that:(1)The development of green credit has a significant positive effect on environmental pollution control in the Yangtze river delta region,and the relationship between the two is still significant after passing the endogeneity test and multiple robustness test.(2)The effect of green credit on environmental pollution has significant heterogeneity.Specifically,the environmental governance effect of green credit is more significant in cities belonging to the Yangtze River Delta urban agglomeration,large-scale cities,cities with low degree of financial imbalance and high degree of environmental pollution.(3)Green credit can promote environmental pollution control by promoting technological innovation of enterprises,upgrading of industrial structure and promoting economic growth.In the case of serious imbalance of local finance,all the above transmission mechanisms will be inhibited.Based on the analysis results,this paper puts forward policy suggestions from the aspects of encouraging commercial banks to carry out green credit business,promoting regional coordination and linkage,supporting enterprises to carry out technological innovation and deepening the reform of fiscal decentralization system.