School of Finance, Shandong University of Finance and Economics, 40 Shungeng Road, Jinan, 250014, Shandong, China.
Environ Sci Pollut Res Int. 2022 Sep;29(43):65012-65024. doi: 10.1007/s11356-022-19945-x. Epub 2022 Apr 28.
The development of modern finance has played a catalytic role in the economic transition to renewable and clean energy, which in turn has an impact on total factor productivity (TFP). However, existing studies have not together addressed financing methods, carbon emissions, and TFP. We analyse how different financing methods affect TFP through the carbon reduction channel. Using data from 1995 to 2019 for 23 major carbon emitters, we adopt a mediation effect model with Stata 17.0. We draw three conclusions. First, financing methods have a differentiated impact on TFP. For every unit increase in debt financing relative to equity financing, TFP decreases by 0.058 units (overall level) or 0.056 units (welfare level). Second, financing has a mediating effect on TFP through carbon emissions. Debt financing reduces TFP through the carbon emission reduction mechanism. The greater the scale of debt financing relative to equity financing, the greater the negative impact on TFP through the carbon emission reduction mechanism, while equity financing plays a positive role on TFP through the carbon emission reduction mechanism. Third, a heterogeneity test demonstrates that the mediating effect is most significant in developed countries and weakest in developing countries. The difference-in-difference framework based on the Equator Principles demonstrates that the marginal contribution to TFP of debt financing aimed at carbon reduction is 0.02 (overall level) and 0.012 (welfare level). From the perspective of financing methods, this study provides enlightenment for promoting carbon emission reduction and improving TFP. First, countries should strengthen the development of the green debt financing market, strengthen the disclosure of information on environmental benefits, and reverse the negative effect of debt financing. Second, they should develop the equity market to activate the role of carbon reduction channel, promote the Equator Principles in the banking industry, and encourage more banks to pay attention to environmental risks. All these financial measures can raise TFP.
现代金融的发展在向可再生和清洁能源的经济转型中发挥了催化作用，而这又对全要素生产率（TFP）产生了影响。然而，现有研究并未同时探讨融资方式、碳排放和 TFP。我们通过碳减排渠道分析了不同的融资方式如何影响 TFP。我们使用了来自 1995 年至 2019 年 23 个主要碳排放国的数据，采用 Stata 17.0 的中介效应模型。我们得出了三个结论。首先，融资方式对 TFP 具有差异化的影响。相对于股权融资，每增加一个单位的债务融资，TFP 就会减少 0.058 个单位（总体水平）或 0.056 个单位（福利水平）。其次，融资通过碳排放对 TFP 具有中介效应。债务融资通过碳减排机制降低了 TFP。相对于股权融资，债务融资的规模越大，通过碳减排机制对 TFP 的负面影响就越大，而股权融资则通过碳减排机制对 TFP 产生积极影响。第三，异质性检验表明，在发达国家这种中介效应最为显著，而在发展中国家则最为微弱。基于赤道原则的差分框架表明，旨在减少碳排放的债务融资对 TFP 的边际贡献为 0.02（总体水平）和 0.012（福利水平）。从融资方式的角度来看，本研究为促进碳排放减排和提高 TFP 提供了启示。首先，各国应加强绿色债务融资市场的发展，加强环境效益信息披露，并扭转债务融资的负面影响。其次，应发展股票市场，激活碳减排渠道的作用，推动银行业赤道原则的实施，并鼓励更多银行关注环境风险。所有这些金融措施都可以提高 TFP。
