空间视角下绿色金融对CO_(2)排放的溢出效应研究——以长江经济带为例

Spillover Effect of Green Finance on CO_(2) Emissions from A Spatial Perspective:The Yangtze River Economic Belt as An Example

金融业要支持低碳经济,发展绿色金融是必经之路,探究绿色金融的降碳效果具有重要意义。利用多种空间计量经济学模型,对2013~2020年长江经济带11个省份及直辖市面板数据进行分析,从空间视角探究绿色金融对二氧化碳排放的影响作用及其溢出效应。结果表明:(1)绿色金融发展水平呈现出明显的空间相关性,具有显著空间聚集特征,绿色金融、环境投资、经济发展等因素对二氧化碳排放水平的影响存在空间溢出效应。(2)绿色金融与二氧化碳排放水平之间表现出显著倒“U”形曲线关系,环境投资和经济发展水平会负向调节绿色金融的作用效果,同时,利用动态SDM模型验证了二氧化碳排放存在时间维度的正反馈效应。(3)由于地理位置和经济发展情况不同,绿色金融在长三角地区和其他地区对二氧化碳排放产生不同影响,倒“U”形曲线的影响关系在长三角以外的其他地区更为明显。

The financial sector plays a crucial role in supporting a low-carbon economy,and the development of green finance is an indispensable pathway.It is of great significance to explore the effect of green finance on carbon reduction.The Yangtze River Economic Belt(YREB),as a driving force for leading high-quality economic development,serves as the primary battleground for achieving the "dual carbon" goals.A variety of spatial econometric models were used to analyze the panel data of 11 provinces and municipalities in the YREB from 2013 to 2020.The impact of green finance on CO_(2) emissions and its spillover effects were explored from a spatial perspective.The results showed that:(1) The development level of green finance showed an obvious spatial correlation in various regions of the YREB,with significant spatial aggregation characteristics.There were spatial spillovers of the impact of green finance,environmental investment,economic development and other factors on the level of CO_(2) emissions.(2) The relationship between green finance and CO_(2) emission level showed a significant inverted "U" curve.The impact of green finance development level on CO_(2) emission level was first promoted and then suppressed.The environmental investment and economic development level negatively regulated the effect of green finance.Furthermore,the dynamic SDM model was used to verify the positive feedback effect of the time dimension of CO_(2) emissions.(3) Due to different geographical locations and economic developments,green finance demonstrated different impacts on CO_(2) emissions in the Yangtze River Delta region and other regions.The impact relationship of the inverted "U" curve was more obvious in other regions outside the Yangtze River Delta.(3) Different geographical location and economic development led to the heterogeneity in the results.Green finance had different impacts on CO_(2) emissions in the Yangtze River Delta region and other regions,and the influence of green finance on the inverted "U" curve of CO_(2) emissions was more obvious in other regions outside the Yangtze River Delta.