绿色金融与新质生产力:促进还是抑制?——基于技术创新与环境关注度的视角

Green Finance and New Quality Productive Forces:Promotion or Inhibition?From the Perspectives of Technological Innovation and Environmental Concern

新质生产力是推动高质量发展的核心力量,绿色金融能否成为新质生产力形成过程中的重要抓手令人关注。文章基于2011—2022年中国30个省(市、自治区)数据,通过构建新质生产力发展指数,从技术创新与环境关注度双重视角,探讨绿色金融对新质生产力的影响及其作用机制,研究发现绿色金融有助于促进新质生产力的发展。分维度来看,绿色金融对绿色生产力和数字生产力的提升效应较为显著,而对基础生产力和科技生产力的影响不明显;机制检验表明,绿色金融能够通过促进技术创新的“量质齐升”以及提升政府和公众环境关注度推动新质生产力的发展;异质性分析得出,绿色金融对新质生产力的驱动作用在东部和高经济发展水平地区更加强烈。同时,强化金融监管、发展金融科技与实施环境规制有利于加强绿色金融对新质生产力发展的促进作用,而且相较于命令型环境规制,市场型环境规制对绿色金融推动新质生产力的正向调节效应更强。研究结论为绿色金融更好地支持新质生产力发展提供经验证据。

New quality productive forces is the core force to promote high-quality development,As a key part of the inclusive financial system,whether green finance can become an important starting point in the formation of new quality productive forces deserves attention.Based on the data of 30 provinces(municipalities and autonomous regions)in China from 2011 to2022,this paper firstly constructs an index system of new quality productive forces development from the four dimensions of basic productive forces,scientific and technological productive forces,green productive forces,and digital productive forces,and uses the entropy weight TOPSIS method to measure the index.Secondly,from the perspectives of technological innovation and environmental concern,the influence mechanism of green finance on new quality productive forces is discussed.Finally,the heterogeneous effect of green finance on the development of new quality productive forces is investigated from the aspects of geographical location,economic development level,financial development environment,and environmental regulation.The study finds that green finance can help promote the development of new quality productive forces.In terms of dimensions,green finance has a significant effect on green productive forces and digital productive forces,but not on basic productive forces and scientific and technological productive forces.Mechanism testing shows that green finance can promote the development of new quality productive forces by promoting the quantitative and qualitative improvement of technological innovation and increasing the environmental concern of the government and the public.Heterogeneity analysis shows that the driving effect of green finance on new quality productive forces is more intense in eastern areas and areas with a high level of economic development.Strengthening financial supervision,developing Fintech,and implementing environmental regulations are conducive to strengthening the promotion effect of green finance on the development of new quality productive forces.Moreover,compared with command-based environmental regulations,market-based environmental regulations have a stronger positive regulatory effect on green finance's promotion of new quality productive forces.The conclusions of this paper provide empirical evidence for green finance to better support the development of new quality productive forces.