绿色金融能否促进可再生能源发展:以绿色信贷和绿色风投为例

Can Green Finance Promote Renewable Energy Development:Taking Green Credit and Green Venture Capital as Examples

可再生能源发展是促进能源低碳转型的关键抓手,是我国经济可持续发展的重要支撑。论文基于中国23个省份2005—2020年的面板数据,从政策导向和市场导向、债权融资和股权融资的角度,选取绿色信贷和绿色风险投资作为绿色金融的代表,系统分析其对可再生能源发展的影响。研究发现:(1)绿色信贷和绿色风投能够显著促进可再生能源的发展,分维度剖析结果显示,二者能够有效促进水能、核能和风能和太阳能发电的发展。(2)作用机制检验结果显示,尽管绿色信贷和绿色风投均能通过促进产业结构升级和激励绿色技术创新两个渠道作用于可再生能源发展,但是绿色信贷对产业结构升级的推动效果更强,而绿色风投能够有效激励绿色技术创新提质增量。(3)异质性检验结果表明,绿色信贷和绿色风投对可再生能源发展的促进作用在金融发达地区和高市场化程度地区更为显著。研究结论能够为我国在实现碳达峰和碳中和过程中“构建绿色金融体系”和驱动可再生能源步入“高质量跨越式发展阶段”提供经验证据和政策参考。

Renewable energy development is a key grip to promote low-carbon energy transition and an important support for China’s sustainable economic development.Based on the panel data of 23 Chinese provinces from 2005 to 2020,this paper selects green credit and green venture capital as representatives of green finance from the perspectives of policy-oriented and marketoriented,debt financing and equity financing,and systematically analyzes their impacts on the development of renewable energy.It is found that:(1)Green credit and green venture capital can significantly promote the development of renewable energy,and the results of sub-dimensional analysis show that they can effectively promote the development of hydro,nuclear,wind and solar power generation.(2)The results of the mechanism of action test show that although both green credit and green venture capital can act on the development of renewable energy through two channels:promoting the upgrading of industrial structure and stimulating green technological innovation.(3)Green credit has a stronger effect on the results of heterogeneity test show that the promotion effect of green credit and green venture capital on renewable energy development is more significant in financially developed regions and regions with high marketization degree.The findings of this paper can provide empirical evidence and policy reference for“building a green financial system”and driving renewable energy into“high-quality leapfrog development stage”in the process of achieving carbon peaking and carbon neutrality in China.