绿色金融能够实现城市生态效益与经济效益的双赢吗?——基于环境规制与资本配置的双重视角

Can Green Finance Achieve“Win-Win”between Urban Ecological Benefits and Economic Benefits?Based on the Dual Perspectives of Environmental Regulation and Capital Allocation

绿色金融体系是推动中国经济绿色发展的重要支撑,然而绿色所强调的公益属性和金融所要求的商业性带来的两难冲突会影响绿色金融的持续发展。文章以中国地级市为样本分析了绿色金融的生态效益和经济效益以及实现两者双赢的可行路径。研究发现,目前中国绿色金融整体上实现了城市生态效益的改善和城市经济效益的提升,尤其是在金融人才规模、金融科技水平和外来投资水平较高的城市,其双赢效果更显著;从影响渠道看,绿色金融通过驱动技术创新、集聚生产性服务业、强化环境监管力度以及吸引新企业进入市场实现双赢目标。因此,要实现中国经济绿色发展,须从金融人才规模、金融科技水平、绿色金融影响渠道等方面优化绿色金融资源配置,发挥绿色金融对城市经济效益和生态效益的积极作用,推动城市经济高质量发展。

Green transformation and development is an important issue in global climate change.As an important support for promoting green development,green finance has been highly valued by many countries.However,the public welfare attribute emphasized by“green”and the commercial nature required by“finance”bring conflicts,affecting the sustainable development of green finance.Taking prefecture-level 278 cities in China as the sample,this paper constructs a bilateral fixed effect panel model to empirically analyze the ecological benefits and economic benefits of green finance and the path to achieve“win-win”between them.The study finds that at present,China's green finance has achieved the improvement of urban ecological benefits and economic benefits as a whole.Moreover,the results remain robust after replacing dependent variables and core explanatory variable proxy indicators,replacing empirical models,and using instrumental variables.Heterogeneity analysis finds that only when the scale of financial talents,the level of Fintech,and the level of foreign investment are above the median of sample city data,the“win-win”effect of green finance is more significant.From the perspective of channels,green finance can achieve“win-win”goals by driving technological innovation,gathering producer services,strengthening environmental supervision,and attracting new enterprises to enter the market.That is,the smooth flow of these channels plays an important role in the effectiveness of green finance.Therefore,it is necessary to optimize the allocation of green finance resources from the aspects of continuously improving the overall level of financial development and unblocking the influence channels of green finance,so as to give full play to the positive role of green finance in urban ecological benefits and economic benefits and promote the high-quality development of urban economy.