绿色金融、碳交易与产业绩效:影响机理及中国7个试点的力证

Green finance, carbon trading and industrial performance:Influencing mechanism and evidence from the 7 pilot projects of China

目前,各界对绿色金融和碳交易影响产业绩效的认知和预期仍相对模糊或片面。基于实际发展进程与客观诉求,对C-D生产函数进行重构与改进,通过实证分析验证绿色金融和碳交易影响产业绩效的动态机制。结果表明:直接影响,绿色金融和碳交易的导入会短暂阻碍产业绩效的提升,但跨越“拐点”后可显著促进产业发展;间接影响,绿色金融和碳交易的推进均存在一个最佳时间段,不仅可通过生产要素影响产业绩效,而且可促进“劳动密集型”向“资本密集型+能源密集型”的结构升级;现阶段绿色金融和碳交易的相互影响不具有对称性。只有对“试点建设”成功经验和作用规律进行科学总结才可为“全国推广”奠定坚实基础。

Nowadays the cognition and expectation of the impact of green finance&carbon trading on industry performance is still vague or insufficient.Based on the actual development process and objective demands,the improved C-D production function is reconstructed and an empirical research using panel data is conducted to explain dynamic mechanisms of green finance and carbon trading affecting industry performance.Research has shown that:(1)In terms of direct impact,the introduction of green finance and carbon trading will temporarily hinder the improvement of industrial performance,but after crossing the“turning point”,they can significantly promote the high-quality industrial development.(2)In terms of indirect impact,there is an optimal time period for promoting either green finance or carbon trading,during which they can use the production factors as a medium for influencing the industrial performance not only,but also promote the steady transition of industrial structure from“labor intensive”to“capital intensive plus energy intensive”.(3)At present,the mutual influence between green finance and carbon trading is not symmetrical.Of note,a scientific summary on the successful experience of the“Pilot Construction”can lay a solid foundation for the“Nationwide Promotion”.