School of Management, China University of Mining and Technology, Xuzhou 221116, China.
Department of Economics, Jiangsu Normal University Kewen College, Xuzhou 221116, China.
Int J Environ Res Public Health. 2019 Aug 21;16(17):3018. doi: 10.3390/ijerph16173018.
Climate change has made countries around the world realize the importance of reducing carbon emissions. Reductions in carbon emissions needs the support of policy, technology, and financial capital. The single/double/three-threshold model is used here with data from China to study the different impact of financial development in carbon emissions in high-energy industries when the threshold variables are in different intervals. The results show that when loan size is the core explanatory variable, and research and development (R and D) expenditure and energy structure are the threshold variables, the loan size variable has a significant effect on emission reductions in high-energy industries, and this effect is strengthened with increases in R and D expenditure and decreases in the proportion of energy from coal. Taking energy intensity as the threshold variable, the relationship between loan size and carbon dioxide emissions is V-shaped. With economic structure as the threshold variable, loan size has a significant effect on emissions reduction when the proportion of industrial added value in high-energy industries is low. When using foreign investment as the core explanatory variable, R and D expenditure, energy consumption intensity, and industrial structure are threshold variables. The impact of foreign investment on carbon dioxide emissions is negative, but when the threshold variable is within different intervals, this negative impact differs. With stock market value as the core explanatory variable, and R and D expenditure and energy structure as the threshold variables, the stock market value can promote reductions in carbon emissions, but when R and D expenditure and the proportion of coal consumption is high, stock market value has no significant effect on emissions reduction. When energy consumption intensity is the threshold variable, the relationship between stock market value and carbon dioxide emissions is V-shaped.
气候变化使世界各国认识到减少碳排放的重要性。减少碳排放需要政策、技术和金融资本的支持。本文采用单/双/三门槛模型，利用中国的数据，研究了当门槛变量处于不同区间时，金融发展对高能耗产业碳排放的不同影响。结果表明，当贷款规模作为核心解释变量，研发支出和能源结构作为门槛变量时，贷款规模变量对高能耗产业的减排有显著影响，且随着研发支出的增加和煤炭能源比例的降低，这种影响会加强。以能源强度作为门槛变量，贷款规模与二氧化碳排放之间呈 V 形关系。以经济结构作为门槛变量，当高能耗产业工业增加值占比较低时，贷款规模对减排有显著影响。以外国投资作为核心解释变量时，研发支出、能源消耗强度和产业结构是门槛变量。外国投资对二氧化碳排放的影响为负，但当门槛变量处于不同区间时，这种负面影响会有所不同。以股票市值作为核心解释变量，研发支出和能源结构作为门槛变量，股票市值可以促进碳减排，但当研发支出和煤炭消费比例较高时，股票市值对减排没有显著影响。当能源消耗强度作为门槛变量时，股票市值与二氧化碳排放之间呈 V 形关系。
