School of Accounting and Finance, Anhui Xinhua University, Hefei, China.
School of Economics and Trade, Hunan University, Changsha, China.
Environ Sci Pollut Res Int. 2023 Oct;30(46):102624-102640. doi: 10.1007/s11356-023-29505-6. Epub 2023 Sep 5.
The establishment of green finance reform and innovation pilot zones is an important practical exploration to achieve carbon emission reduction goals through green finance in China. Based on the panel data of 282 Chinese prefecture-level cities from 2006 to 2019, this paper examines the mechanism of China's green financial reform and innovation pilot zone policy (GFRI) on urban carbon emissions (CE) and carbon emission efficiency(CEE) using difference-in-differences model. The study shows that GFRI has a significant carbon emission reduction effect, which is reflected in the significant reduction of urban CE and the improvement of urban CEE. GFRI achieves carbon emission reduction by promoting urban green innovation, while the mediating effect of financial agglomeration has not been verified. The results of heterogeneity analysis show that GFRI has more significant effects on carbon emission reduction in non-resource-based cities, large-scale cities and cities with strict environmental regulation. Financial development and digital infrastructure play a positive moderating role on the carbon emission reduction effect of GFRI. This study provides empirical evidence and policy insights from the Chinese city level for deepening the green finance policy and promoting urban low-carbon development.
绿色金融改革创新试验区的建立是中国通过绿色金融实现碳排放减排目标的重要实践探索。本文基于 2006-2019 年中国 282 个地级市的面板数据，采用双重差分模型检验了中国绿色金融改革创新试验区政策（GFRI）对城市碳排放（CE）和碳排放效率（CEE）的作用机制。研究表明，GFRI 对城市碳排放减排具有显著的促进作用，表现在城市 CE 的显著降低和城市 CEE 的提高。GFRI 通过促进城市绿色创新实现了碳减排，而金融集聚的中介效应并未得到验证。异质性分析结果表明，GFRI 对非资源型城市、大规模城市和环境监管严格的城市的碳减排效果更为显著。金融发展和数字基础设施对 GFRI 的碳减排效果具有正向调节作用。本研究从中国城市层面为深化绿色金融政策和促进城市低碳发展提供了经验证据和政策启示。
