双碳目标下绿色金融碳减排效应的实证研究

An Empirical Study on the Effect of Green Finance on Carbon Emission Reduction under the"Dual Carbon"Goal

绿色金融是实现绿色低碳发展战略的重要手段,研究绿色金融碳减排效应及其作用机制对实现“双碳”目标具有重要现实意义。利用2008—2020年省际面板数据,实证检验了绿色金融碳减排效应、作用机制和异质性。研究结果表明:无论是总维度还是分维度,绿色金融均具有显著的碳减排效应,其中绿色投资的碳减排效应最大,绿色证券次之,绿色信贷最小;绿色技术创新对绿色金融碳减排效应具有中介作用,环境规制与金融市场化均增强了绿色金融碳减排效果;东部组、科技发达组和高耗能组相对中西部组、科技欠发达组和低耗能组绿色金融碳减排效应更为明显。因此,进一步加大绿色金融产品创新,实现绿色金融资源高效配置,制定差异化绿色金融政策尤为重要。

Green finance is an important means to achieve green and low-carbon development strategy.It is of great practical significance to study the effect of green finance on carbon emission reduction and its mechanism for realizing the"dual carbon"goal.Using provincial panel data from 2008 to 2020,this paper empirically studies the carbon emission reduction effect of green finance and analyzes the mechanism and heterogeneity.The results show that green finance has significant carbon emission reduction effect from both the total and the sub-dimensions,in which green investment has the largest carbon emission reduction effect,followed by green securities and green credit has the smallest effect.Green technology innovation has a mediating effect in the effect of green finance on carbon emission reduction,environmental regulation and financial marketization enhance the carbon emission reduction effect of green finance.The carbon emission reduction effect of green finance in eastern group,the technologically developed group and the high energy consumption group are more obvious than that in the mid-western group,the technologically undeveloped group and the low energy consumption group respectively.Therefore,it is vital to further increase the innovation of green financial products,realize the efficient allocation of green financial resources,and formulate differentiated green financial policies.