绿色金融对城市碳回弹的影响研究——基于绿色创新链视角的分析

Research on the impact of green finance on urban carbon rebound:Analysis based on the perspective of green innovation chain

基于2011—2020年中国281个城市的面板数据,利用双向固定效应模型探究绿色金融对城市碳回弹的影响及其作用的异质性,并将绿色创新链分为绿色知识创新、绿色科技创新和绿色产品创新三个环节,进而探讨绿色创新链视角下绿色金融影响城市碳回弹的作用机制。研究发现:绿色金融能显著降低城市碳回弹水平,绿色金融对城市碳回弹的影响在资源禀赋、金融科技和人力资本方面具有异质性。绿色创新链的各环节在绿色金融与城市碳回弹之间发挥着中介传导作用,其中,绿色产品创新的中介效应最强,其次是绿色科技创新,绿色知识创新的中介效应最弱。进一步分析发现,绿色金融抑制城市碳回弹的作用主要来自绿色信贷、绿色债券、绿色基金、绿色投资和碳金融五个方面,且绿色创新链的各环节在绿色金融抑制城市碳回弹过程中形成了链式中介效应。由此,提出加大绿色金融投入、促进绿色创新链发展和抑制城市碳回弹的政策建议。

Based on the panel data of 281 cities in China from 2011 to 2020,this paper uses a two-way fixed effect model to explore the impact of green finance on urban carbon rebound and its heterogeneity,and the green innovation chain is divided into three links including green knowledge innovation,green technology innovation,and green product innovation,and then explore the mechanism of green finance affects urban carbon rebound from the perspective of green innovation chain.The study found that green finance can reduce the level of urban carbon rebound significantly.The impact of green finance on urban carbon rebound is characterized by heterogeneity of resource endowment,fintech and human capital.Each link of green innovation chain play a mediating role between green finance and urban carbon rebound.Among them,green product innovation has the strongest mesomeric effect,followed by green technology innovation,while green knowledge innovation has the weakest mesomeric effect.Further analysis shows that the role of green finance in inhibiting urban carbon rebound mainly comes from five aspects:green credit,green bond,green fund,green investment and carbon finance,and each link of green innovation chain forms a chain intermediary effect in the process of green finance inhibiting urban carbon rebound.Therefore,the study puts forward some policy suggestions to increase investment in green finance,promote the development of green innovation chain and restrain urban carbon rebound.