绿色金融、期限错配与绿色全要素生产率

Green Finance,Maturity Mismatch and Green Total Factor Productivity

基于2005—2018年中国30个省份的面板数据,先理论分析绿色金融对绿色全要素生产率的作用机制,然后使用固定效应模型和中介效应模型进行实证检验。研究发现:(1)绿色金融总体上能有效提升绿色全要素生产率,且经过重新度量绿色全要素生产率、变更实证计量模型和再添加其他控制变量的稳健性检验后,研究结论依然成立。(2)绿色金融能够促进东部和中部地区的绿色全要素生产率,但是对西部地区未能表现出显著的促进作用,并且绿色金融对东部地区和中部地区绿色全要素生产率的影响程度要高于西部地区;绿色金融对低碳试点省市绿色全要素生产率的促进作用要大于非低碳试点省市。(3)绿色金融能够通过缓解节能环保等绿色企业的期限错配提升绿色全要素生产率,且期限错配为部分中介效应,其部分中介效应的大小为8.37%。

Based on the provincial panel data of China's 30 provinces from 2005 to 2018,this paper analyzes the mechanism of green finance(GF)on green total factor productivity(GTFP),and empirically tests it by fixed effect model and intermediary effect model.Results show that,first,GF can effectively improve GTFP on the whole.After remeasuring green total factor productivity,changing empirical measurement model and adding other control variables,the conclusion is still valid.Second,CF can promote the GTFP of the eastern and central regions,but it can not significantly promote the western region.The impact of GF on GTFP in eastern and central regions is higher than that in western regions.CF plays a greater role in promoting GTFP in low-carbon pilot provinces than in non low-carbon pilot provinces.Third,GF can improve GTFP by alleviating the maturity mismatch of green enterprises such as energy conservation and environmental protection,and the maturity mismatch is a partial mediating effect,with the size of 8.37%.