金融集聚能否提升绿色技术创新水平?——基于环境规制与产业结构调整的门槛视角

Does Financial Agglomeration Improve the Green Technology Innovation?A Perspective of Environmental Regulation and Industrial Structure Adjustment

采用我国30个省市地区2005-2019年的面板数据,通过构建面板门槛模型,解析了环境规制、产业结构调整约束下金融集聚与绿色技术创新之间的关系。研究结果表明:金融集聚与绿色技术创新均呈现出东部最高,中西部较弱的分布特征;在正式环境规制约束下,金融集聚与绿色技术创新的关系呈现出“强促进-弱促进”单门槛的特征;非正式环境规制约束下,二者具有“抑制-促进”的单门槛关系;以产业结构调整作为门槛变量时,二者存在“促进-抑制”的单门槛关系。未来政府应制定合理的正式环境规制制度,使金融集聚与绿色技术创新的关系尽快位于强促进区间内;同时,充分发挥非正式环境规制的监督作用,强化国民对企业污染行为的监督作用;并重视外资引进质量,规范外商投资行为;西部地区则可适度提高产业结构调整强度,但也应避免盲目追求产业结构的最高形态,防范落入产业空心化和实体空心化的陷阱。

This paper uses the panel data of 30 provinces and municipalities in China from 2005 to 2019 to analyze the relationship between financial agglomeration and green technology innovation under the constraints of environmental regulation and industrial structure adjustment by building a panel threshold model.The results show that:both financial agglomeration and green technology innovation are characterized by the highest distribution in the east regions and the lower distribution in the central and western regions;under the constraints of formal environmental regulation,financial agglomeration and green technology innovation present a single“strong promotion-weak promotion”threshold relationship while under the constraint of informal environmental regulation,they present a single“inhibition-promotion”threshold relationship;with industrial structure adjustment as the threshold variable,there is a single“promotion-inhibition”threshold relationship between financial agglomeration and green technology innovation.In the future,the government should formulate a reasonable formal environmental regulation system to make the relationship between financial agglomeration and green technology innovation within the strong promotion range as soon as possible.Meanwhile,it is essential to give full play to the supervisory role of informal environmental regulation and strengthen the supervisory role of the people to the pollution behavior of enterprises.What’s more,enough emphasis should be laid to the quality of foreign investment,and foreign investment behavior should be regulated.The western regions can moderately improve the intensity of industrial structure adjustment,but also should avoid blindly pursuing the highest form of industrial structure,which may lead to the trap of industrial hollowing and entity hollowing.