绿色金融能否提高中国城市绿色全要素生产率——基于中国285个城市的证据

Can Green Finance Improve China's Urban Green Total Factor Productivity?——Based on Data from 285 Cities in China

金融是现代经济的核心,绿色金融在推动经济绿色增长的过程中发挥着重要作用.本文基于2003—2019年中国285个地级及以上城市的空间面板数据,构建了三种空间权重矩阵并使用空间计量模型,实证检验绿色金融对城市绿色全要素生产率的空间影响及其作用机制.研究结论如下.(1)绿色金融和城市绿色全要素生产率均表现出显著的空间自相关性.(2)绿色金融不仅能提升本地区城市绿色全要素生产率,还能提升邻近地区城市绿色全要素生产率,具有显著的正向空间溢出效应.(3)环境规制加强了绿色金融对本地城市绿色全要素生产率的促进作用,减缓了对邻近城市绿色全要素生产率的促进作用.(4)绿色金融对东部地区城市绿色全要素生产率的空间溢出效应最大,中部地区次之,西部地区最小;绿色金融对Ⅰ型及以上大城市的绿色全要素生产率的空间溢出效应最大,Ⅱ型大城市次之,中等城市最小,对小城市未产生显著的空间溢出效应.

Finance is the core of modern economy,and green finance plays an important role in promoting green economic growth.Based on the spatial panel data of 285 prefecture level and above cities in China from 2003 to 2019,constructing three spatial weight matrices,this paper empirically tests the spatial impact and mechanism of green finance on urban green total factor productivity with spatial econometric models.The findings are as follows:(1)Green finance and urban green total factor productivity show significant spatial auto-correlation.(2)Green finance can not only improve the green total factor productivity of local cities,but also improve the green total factor productivity of cities in adjacent regions,showing a significant positive spatial spillover effect.(3)Environmental regulation strengthens the role of green finance in promoting the green total factor productivity of local cities,and weaken the role of green finance in promoting the green total factor productivity of neighboring cities.(4)The spatial spillover effect of green finance on urban green total factor productivity in the eastern region is the largest,followed by the central region,and the smallest in the western region.Green finance has the largest spatial spillover effect on green total factor productivity in type I and above big cities,followed by type II big cities,and the smallest in medium-sized cities.It has no significant spatial spillover effect on small cities.