基于PGTWR模型的绿色金融发展影响因素时空异质性研究

A Study on the Spatial and Temporal Heterogeneity of Factors Influencing Green Financial Development Based on the PGTWR Model

基于2011—2019年中国省份面板数据,采用综合指数法测度绿色金融发展水平,利用PGTWR模型检验了绿色金融发展影响因素的时空异质性,并利用固定效应模型检验了导致该异质性的原因。研究发现:(1)经济、金融发展水平以及先进的产业结构对绿色金融发展主要表现为正向的影响;而环境污染呈现负向影响;(2)研究期内,尤其在2015年之后,经济发展水平、先进的产业结构和环境污染对绿色金融发展的影响逐步增强,金融发展水平对绿色金融的促进作用则呈现边际递减的特征;(3)各影响因素对绿色金融的影响程度在东部地区和中部、西部地区呈现出明显的差异;(4)财政分权程度和区域科技创新水平是导致该异质性的重要因素。

Based on panel data of Chinese provinces from 2011-2019,this paper measures the level of green financial development using the composite index method,examines the spatial and temporal heterogeneity of factors influencing green financial development using the PGTWR model,and tests the causes of this heterogeneity using the fixed-effects model.The study found that:(1)The level of economic and financial development and advanced industrial structure have a positive influence on the development of green finance,while environmental pollution has a negative influence;(2)During the study period,especially after 2015,the influence of the level of economic development,advanced industrial structure and environmental pollution on green finance gradually increases,while the promotion effect of the level of financial development on green finance shows a decreasing“marginal”characteristics;(3)The degree of influence of various influencing factors on green finance shows obvious differences between the eastern and central and western regions;(4)The degree of fiscal decentralization and the level of regional scientific and technological innovation are important factors contributing to this heterogeneity.