摘要
现代工业绿色转型离不开绿色金融的大力支持,本文基于2003—2019年中国285个城市的面板数据,运用固定效应模型实证检验绿色金融对城市工业绿色全要素生产率的影响及作用机制,研究发现:第一,绿色金融整体上正向促进了城市工业绿色全要素生产率,且经过替换核心解释变量的度量指标、改变被解释变量的测算方法和增加控制变量等稳健性检验以后,结论依然成立。分时段回归发现,绿色金融能正向促进2012—2019年城市工业绿色全要素生产率,不能正向促进2003—2011年城市工业绿色全要素生产率,2012年《绿色信贷指引》的实施能显著提高城市工业绿色全要素生产率。第二,绿色金融通过促进产业结构升级提高城市工业绿色全要素生产率。第三,绿色金融对东部和中部地区城市工业绿色全要素生产率的促进作用最大,对西部地区的促进作用次之,对东北地区没有表现出显著的正向促进作用;绿色金融对大型城市的城市工业绿色全要素生产率的促进作用要大于中小型城市。第四,对城市工业绿色全要素生产率进一步分解发现:绿色金融能显著促进城市工业技术进步,不能显著促进城市工业规模效率和城市工业纯技术效率。基于研究结论,本文提出应助力高耗能、高排放工业项目完成产业结构升级等政策建议。
Summary:Green finance is an indispensable financial tool to realize green development.Similarly,industrial green development is inseparable from the strong support of green finance.Based on the panel data of 285 prefecture level and above cities in China between 2003 and 2019,the fixed effect model and intermediary effect model are used to empirically test the impact and mechanism of green finance on urban industrial green total factor productivity(ICTFP).The study draws the following conclusions:Firstly,green finance has a positive impact on the urban IGTFP,which remains valid even after conducting robustness tests by replacing the measurement indicators of core explanatory variables,changing the measurement methods of explained variables,and adding control variables.By running regression in different time periods,it is found that green finance has a positive impact on the urban IGTFP from 2012 to 2019,but no such impact from 2003 to 2011.The green credit guidelines can significantly improve the green total factor productivity of urban industry.Secondly,green finance promotes the green total factor productivity of urban industry by promoting the upgrading of industrial structure within industry.Thirdly,green finance plays the largest role in promoting urban IGTFP in the eastern and central regions,followed by the western region,and does not show a significant positive role in promoting the northeast region.The role of green finance in promoting IGTFP in large cities is greater than that in small-and medium-sized cities.Fourthly,after further decomposing the urban ICTFP,it is found that green finance can significantly and positively promote the urban industrial technical progress,but cannot significantly promote the urban industrial scale efficiency and pure technical efficiency.Finally,based on the conclusions of the study,the paper puts forward some policy recommendations that should help high energy consumption and high emission industrial projects to complete industrial structure upgrading.
作者
谢东江
胡士华
Xie Dongjiang;Hu Shihua(School of Economics and Management,Southwest University)
出处
《国际金融研究》
CSSCI
北大核心
2023年第5期46-56,共11页
Studies of International Finance
基金
国家社会科学基金一般项目“农村信贷合约履约机制与农村信贷制度创新研究”(12BJY098)
国家社会科学基金一般项目“金融合约履行与实体企业‘脱实向虚’治理机制创新研究”(22BJY105)资助。
关键词
绿色金融
城市工业绿色全要素生产率
产业结构升级
技术进步
Green Finance
Urban Industrial Green Total Factor Productivity
Upgrading of Industrial Structure
Technical Progress
