绿色金融改革创新试验区效果评估——基于绿色经济效率视角

Effectiveness Measurement of Green Finance Reform and Innovation Pilot Zone: Based on the Perspective of Green Economic Efficiency

基于超效率DEA非径向方向距离函数测度的绿色经济效率视角,本文检验了绿色金融改革创新试验区设立的经济效果及其作用机制。结果表明:绿色金融改革创新试验区设立后,试点地区的绿色经济效率显著提升,这得益于试验区设立的绿色技术效率提升作用,但绿色技术进步的效果不明显。机制检验显示,试点地区主要通过吸引外商投资、促进绿色企业创新、抑制污染企业融资等路径提升绿色经济效率,产业结构高级化的作用路径不显著。进一步研究发现,试验区设立对产业升级类和资源开发类试点地区绿色经济效率提升的正向作用明显;对大规模污染企业生产效率的抑制作用更强,对小规模绿色企业的作用不显著。本文研究体现了进一步推进试验区的绿色技术进步和产业结构高级化的紧迫性,有利于为绿色转型政策的优化提供证据。

Using the Non-radial Directional Distance Function(NDDF)method, this paper measures the green economic efficiency index and evaluate the impact of green finance reform and innovation pilot zone on green economic efficiency. We find that the establishment of the green financial reform and innovation pilot zone has a significant effect on the green economic efficiency, which benefits from the efficiency of green technology, rather than the advancement of green technology. The mechanism test shows that the improvement of green economy efficiency is mainly through attracting foreign investment, promoting the innovation of green enterprises, and curbing the financing of polluting enterprises, but the path of industrial structure upgrading is not significant. Further, we find that the establishment of pilot zone has an obvious positive effect on the improvement of green economy efficiency in industrial upgrading and resource development pilot areas, and it has a stronger inhibitory effect on large-scale polluting enterprises, and has no significant effect on small-scale green enterprises. This paper reflects the urgency to further advance the green technology advancement and optimize the industrial structure in the pilot zone for green finance reform and innovation, and provides a useful evidence for the optimization of the green transformation policy.