绿色创新与绿色金融支持共生的空间溢出效应

Spatial spillover effect of the symbiosis of green innovation and green financial support

绿色创新与绿色金融是低碳战略的双引擎,对中国实现“双碳”目标具有重要影响。该研究基于低碳城市试点政策背景,利用共生模型测度了2004—2019年各低碳城市的共生水平,采用空间杜宾模型研究了政策实施前后不同绿色金融支持对绿色创新企业的直接效应和空间溢出效应。结果表明:①低碳城市试点政策实施后,大部分低碳城市的共生水平都有所提升,低碳城市内部的政策性、银行业、保险业和碳金融支持均能促进绿色创新企业的发展。②低碳城市试点政策实施后,低碳城市之间的政策性、债券业和基金业金融支持表现出正向的空间溢出效应,但政策性金融支持的空间溢出效应略有下降,而碳金融支持却表现出负向的空间溢出效应。③机制及经济后果检验发现,绿色金融支持通过增加低碳城市的研发强度来促进绿色创新企业的发展,进而提升城市绿色产业的创新程度。因此,在中国实现“双碳”目标的关键时期,为了提高绿色金融支持对绿色创新企业的推动作用。一方面,各低碳城市应构建多元化绿色金融体系,不断创新绿色金融产品,拓宽绿色创新企业的融资渠道。另一方面,各低碳城市应加强企业之间的绿色技术创新交流,推动科技成果权属改革,进而促进绿色创新成果的市场化运用,打破绿色技术创新的省界壁垒。

Green innovation and green finance are the dual engines of low-carbon strategy,exerting a significant impact on China's achievement of the‘dual carbon’strategic goals.This study,based on the background of China's low-carbon city pilot policy,utilized a symbiosis model to measure the symbiosis levels of various low-carbon cities from 2004 to 2019.It employed a spatial Durbin model to investigate the direct effects and spatial spillover effects of different green financial supports on corporate green innovation before and after the implementation of the low-carbon city pilot policy.The results indicated that:①After the implementation of the low-carbon city pilot policy,the symbiosis levels of most low-carbon cities improved.Policy,banking,insurance,and carbon financial support with-in low-carbon cities could all promote corporate green innovation.②After the implementation of the low-carbon city pilot policy,posi-tive spatial spillover effects were observed between low-carbon cities in terms of policy,bond,and fund industry financial support.How-ever,the spatial spillover effects of the policy financial support slightly decreased,while the carbon financial support showed negative spatial spillover effects.③Mechanism and economic consequence tests revealed that green financial support promoted corporate green innovation by increasing the R&D intensity of low-carbon cities,thereby enhancing the innovation level of urban green industries.Therefore,at this critical juncture for China to achieve its‘dual carbon’strategic goals,there is a need to enhance the driving role of green financial support for corporate green innovation.On the one hand,various low-carbon cities should establish a diversified green fi-nancial system,continuously innovate green financial products,and expand the financing channels for corporate green innovation.On the other hand,these cities should strengthen green technology innovation exchanges among enterprises and promote the reform of tech-nology ownership rights,thereby facilitating the market-oriented application of green innovation achievements and breaking down pro-vincial barriers to green technology innovation.