摘要
绿色信贷是推进低碳经济发展的市场型环境规制工具,然而其碳减排效应及影响机制仍有待进一步检验。该研究在厘清绿色信贷影响碳减排理论机制的基础上,运用包含非期望产出的固定效应随机前沿模型测算2000—2019年中国156个城市的全要素碳生产率,从生产率、强度和总量三个维度实证检验绿色信贷的碳减排效应及作用渠道和调节机制。研究发现:①绿色信贷具有碳减排效应,主要表现为显著提高全要素碳生产率和降低碳排放强度,但对碳排放总量的平均影响并不显著。以上结论在经过一系列稳健性检验和处理内生性问题后仍然成立。②绿色信贷的碳减排效应因区域位置、资源禀赋和金融效率差异而具有异质性。在中部地区、非资源型城市和金融效率较高的城市,绿色信贷在碳生产率和碳强度维度上均具有显著的碳减排效应,但东部地区、资源型城市和金融效率较低的城市,绿色信贷仅能降低碳强度。③激励绿色创新和降低能源强度是绿色信贷发挥碳减排效应的有效渠道,而结构转化渠道的中介效应尚不显著。在绿色创新渠道中,绿色信贷对绿色创新质量的影响程度更高,且产生了正外溢性;在能源强度渠道中,绿色信贷提高了碳排放效率,但对低碳技术的支持作用有待提升。④环境规制对绿色信贷的碳减排效应具有“正向补偿”和“负向抵消”两种调节机制,金融资源的需求和供给水平较低时,政府加强环境规制会削弱绿色信贷对低碳经济转型的激励作用。以上结论不仅为理解绿色信贷环境效应提供新的研究视角和补充经验证据,而且为进一步完善绿色信贷政策和推动低碳经济发展提供有益参考。
Green credit is an important financial tool to promote the transformation of the low-carbon economy.On the basis of clarifying the theoretical mechanism of the impact of green credit on carbon emission reduction,this paper used the fixed effect stochastic frontier model containing unexpected output to measure the total factor carbon productivity of 156 cities in China from 2000 to 2019 and empirically tested the carbon emission reduction effect of green credit and its mechanism from the three dimensions of productivity,intensity,and total amount.The research found that:①Green credit development significantly improved total factor carbon productivity and reduced carbon emission intensity,but the average impact on total carbon emissions was not significant.The above conclusions were still valid after a series of robustness tests and treatments of endogeneity problems.②The carbon emission reduction effect of green credit was heterogeneous due to differences in regional location,resource endowment,and financial efficiency.In the central region,non-resource-based cities,and cities with higher financial efficiency,green credit had significant carbon reduction effects in both carbon productivity and carbon intensity dimensions,while green credit in the eastern region,resource-based cities,and cities with lower financial efficiency only reduced carbon intensity.③The stimulation of green innovation and the reduction of energy intensity were the most effective channels for green credit to reduce carbon emissions,whereas the mediating effect of the structural transformation channel was not yet significant.Green credit was more effective in promoting green innovation and generating positive spillovers in the green innovation channel.However,green credits were more effective in improving carbon emission efficiency in the energy intensity channel,but the role of supporting low-carbon technologies must be enhanced.④Environmental regulations had two moderating mechanisms,‘positive compensation’and‘negative offset,�
作者
孙少岩
王笑音
高翠云
SUN Shaoyan;WANG Xiaoyin;GAO Cuiyun(School of Economics,Jilin University,Changchun Jilin 130012,China;School of Finance and Trade,Faculty of Economics,Liaoning University,Shenyang Liaoning 110136,China)
出处
《中国人口·资源与环境》
CSSCI
CSCD
北大核心
2023年第8期37-47,共11页
China Population,Resources and Environment
基金
国家社会科学基金青年项目“金融集聚对城市绿色经济发展的空间溢出及影响机制研究”(批准号:21CJY042)。
关键词
绿色信贷
碳减排效应
全要素碳生产率
碳强度
green credit
carbon emission reduction effect
total factor carbon productivity
carbon intensity
