绿色金融、技术创新与绿色发展效率——以长江经济带城市为例

Green Finance,Technological Innovation and Green Development Efficiency:A Case Study on Yangtze River Economic Belt

基于2006—2019年长江经济带107个地级及以上城市的面板数据,采用双向固定效应模型探究绿色金融对绿色发展效率的影响。结果表明:(1)绿色金融能够显著提高绿色发展效率;(2)绿色金融对长江经济带不同地区绿色发展效率的影响大小表现出地区异质性,表现为长江下游(0.6288)>长江中游(0.4541)>长江上游(0.3802);(3)技术创新在其中起到部分中介效应,效应大小为11.81%。基于上述研究结论,提出建议:(1)继续扩大绿色金融政策的覆盖面,鼓励企业加大研发投入力度,进行技术创新;(2)限制污染企业发展,加强对绿色金融和技术创新的信息披露和监管,提高绿色发展效率;(3)提高绿色金融资本的流动性,绿色金融政策应向欠发达地区倾斜。

Based on the panel data of 107 prefecture-level-and-above cities in the Yangtze River Economic Belt from 2006 to 2019,we established a bidirectional fixed-effects model to explore the impact of green finance on the efficiency of green development.The findings are as follows:1)Green finance significantly improves green development efficiency.2)The impact of green finance on green development efficiency exhibits regional heterogeneity within the Yangtze River Economic Belt,with the downstream region(0.6288)>the middle reaches(0.4541)>the upstream region(0.3802).3)Technological innovation plays a partially mediating role,accounting for 11.81%.Based on the above conclusions,we offer the following suggestions:1)Continue to expand the coverage of green finance policies,encourage enterprises to increase R&D investment and engage in technological innovation.2)Restrict the expansion of polluting enterprises,strengthen information disclosure and supervision of green finance and technological innovation,and improve green development efficiency.3)Enhance the liquidity of green finance capital,and direct green finance policies towards underdeveloped regions.