Deng Wenyueyang, Zhang Zenglian
School of Economics and Management, University of Science and Technology Beijing, Haidian District, No. 30 Xueyuan Road, 100083, Beijing, China.
Environ Sci Pollut Res Int. 2023 May;30(24):66228-66253. doi: 10.1007/s11356-023-26946-x. Epub 2023 Apr 25.
With carbon emissions becoming more and more closely related to human activities and China being the world's largest emitter of carbon dioxide, the cost of environmental quality deterioration is high and environmental sustainability is low. Against this background, it is urgent to implement low-carbon recycling and green development by introducing green funds based on the role of environmental regulation intensity. Therefore, based on the data of 30 provinces from 2004 to 2019, the paper considers the dynamic impact of environmental regulation intensity and green finance development on regional environmental sustainability. The provincial data involve specific spatial locations and focus on the economic interactions among provinces, and the spatial econometric model is very applicable. Based on the spatial econometric model, this paper empirically examines the direct effect, spatial spillover effect, and total effect, considering both spatial and temporal patterns. The research shows that (1) China's provincial environmental sustainability shows a noticeable spatial agglomeration effect, which is significantly and spatially autocorrelated and clustered. (2) Based on the national level, an increase in the intensity of environmental regulation will significantly increase regional environmental sustainability, and the development of green finance will also significantly increase regional environmental sustainability. Additionally, the environmental regulation intensity has a significant positive spatial spillover effect, which may increase environmental sustainability in neighboring provinces. There is also a significant positive spatial spillover effect of the impact of green finance development on environmental sustainability. (3) Based on the provincial level, the impact of environmental regulation and green financial development on environmental sustainability in each region is significantly positive, with the most significant impact in the western region and the smallest coefficient in the eastern region. The paper proposes policy and managerial implications to promote regional environmental sustainability based on the above findings.
随着碳排放与人类活动的关联日益紧密，且中国是全球最大的二氧化碳排放国，环境质量恶化的成本高昂，环境可持续性较低。在此背景下，基于环境规制强度的作用引入绿色基金以实现低碳循环和绿色发展迫在眉睫。因此，本文基于2004年至2019年30个省份的数据，考量环境规制强度和绿色金融发展对区域环境可持续性的动态影响。省级数据涉及具体空间位置，并聚焦于省份间的经济互动，空间计量模型非常适用。基于空间计量模型，本文兼顾空间和时间模式，实证检验了直接效应、空间溢出效应和总效应。研究表明：（1）中国省级环境可持续性呈现出显著的空间集聚效应，具有显著的空间自相关性和集聚性。（2）从国家层面来看，环境规制强度的提高将显著提升区域环境可持续性，绿色金融的发展也将显著提升区域环境可持续性。此外，环境规制强度具有显著的正向空间溢出效应，可能会提高邻省的环境可持续性。绿色金融发展对环境可持续性的影响也存在显著的正向空间溢出效应。（3）从省级层面来看，环境规制和绿色金融发展对各地区环境可持续性的影响均显著为正，其中对西部地区的影响最为显著，对东部地区的系数最小。本文基于上述研究结果提出了促进区域环境可持续性的政策和管理建议。
