绿色金融政策是否促进了环境质量提升?---基于多期DID的实证研究

On the Effect of Green Financial Policies on the Environmental Quality---An Empirical Study Based on Multi-period DID

基于2005-2020年全国30个省市的面板数据对环境质量指数进行测算,采用多期双重差分模型对绿色金融政策的实施情况进行剖析,探讨绿色金融政策对环境质量的实际影响情况,并探讨绿色金融政策与产业结构升级和技术创新之间的交互作用。研究结果表明,绿色金融政策的实施显著的提升了环境质量,且可通过产业结构升级与技术创新两个传导机制促进环境质量的提升;对区域异质性进行研究发现,绿色金融政策对环境质量的提升效应存在区域异质性,其中东部地区的效应最为明显,而中部地区和西部地区的效应不明显。基于此,金融机构需继续构建丰富直达实体的多层次绿色金融市场体系,加快绿色金融产品和服务的创新,促进绿色技术创新;建立健全对环境信息的披露制度,减少信息不对称。

Based on the panel data of 30 provinces and municipalities in China from 2005 to 2020,this paper calculates the environmental quality index,analyzes the implementation of green financial policies with the multi-period difference-in-differences model,and discusses both the actual impact of green financial policies on environmental quality and the interactions between green financial policies as well as industrial structure upgrading and technological innovation.The results show that the implementation of green financial policies significantly improves the environmental quality,which can be achieved through industrial structure upgrading and technological innovation,and that there is regional heterogeneity in the improvement effect of green financial policies on environmental quality,which is the most obvious in the eastern regions and not obvious in the central and western regions.In light of this,financial institutions need to continue to build and enrich a multi-level green financial market system of direct entities,accelerate the innovation in green financial products and services to promote green technology innovation,and establish a sound disclosure system of environmental information to reduce asymmetric information.