区域金融风险对碳排放的影响效应——基于中国的经验数据分析

The Impact of Regional Financial Risk on Carbon Emissions:An Empirical Analysis Based on Chinese Experience

金融环境是影响碳排放的重要因素,区域金融风险如何影响碳排放是值得深入探讨的问题。基于2009—2020年中国省级面板数据,使用空间杜宾模型研究区域金融风险对碳排放的影响。研究发现:(1)我国区域金融风险整体上对碳排放产生直接负向影响,且能通过提高技术创新水平减少碳排放;(2)区域金融风险整体上会通过区域金融风险溢出减少相关联地区的碳排放,技术创新水平则会增加关联地区的碳排放;(3)异质性研究发现,发达地区金融风险会增加碳排放,而欠发达地区相反,可能原因是区域金融风险与碳排放之间呈倒U型关系。该文意义在于,构建了考虑风险传染的区域金融风险指标,从中观层面探究地区金融风险对碳排放的影响效应、机制及空间溢出效应,为具有不同的区域金融风险水平和处于不同金融环境下的地方政府出台减排政策提供思路。

The financial environment is an important factor affecting carbon emissions,and understanding the impact of regional financial risks on carbon emissions is a worthwhile topic of investigation.This paper utilizes China’s provincial panel data from 2009 to 2020 and employs a spatial Durbin model to study the influence of regional financial risks on carbon emissions.The findings of this study are as follows:(1)Overall,regional financial risks in China have a direct negative impact on carbon emissions and can be reduced by improving technological innovation.(2)In general,regional financial risks reduce the carbon emissions of associated regions through risk spillover,while technological innovation increases the carbon emissions of associated regions.(3)Heterogeneous analysis reveals that financial risks in developed regions increase carbon emissions,whereas the opposite effect is observed in less developed regions,possibly due to a non-linear relationship between regional financial risks and carbon emissions.The significance of this study lies in constructing a regional financial risk indicator that considers risk contagion,investigating the effects and mechanisms of regional financial risks on carbon emissions,and exploring spatial spillover effects at the meso level.These findings provide insights for local governments with varying levels of regional financial risks and operating under different financial environments to formulate emission reduction policies.