NON-LINEAR EFFECTS OF GREEN FINANCIAL
DEVELOPMENT ON CARBON EMISSION FROM PERSPECTIVE OF FINANCIAL ECO-ENVIRONMENT

doi:10.13776/j.cnki.resourcesindustries.20230726.002

Abstract

Abstract: In order to study if a good financial eco-environment as green financial function in carbon emission reduction, this paper uses financial eco-environment and China ‘s 2008 to 2020 provincial panel data to establish a panel threshold model to test its non-linear effect of green financial development on carbon emission. Results show that green financial development can largely depress carbon emission if no externally environmental constraints, bearing phasing features. At its rapid developing stage, green finance plays a better role. Limited by financial eco-environment, dual threshold effect exists in its impacts, it can not fulfill its functions in depressing carbon emission if under the first threshold value, but increasing if above the two threshold values. As economy, finance and governance levels are over the threshold values, green finance development displays a marginal rising role in depressing carbon emission. An abnormal “central collapsing” happens in carbon emission reduction of green financial development at regime and credit cultures. Geographically, financial eco-environment has a sole threshold effect between green financial development and carbon emission in the eastern and central-western. The eastern has an increasing function while the central-western only starts to emerge as financial eco-environmental level over the threshold values. This paper presents theoretical references for fulfilling carbon emission reduction of green finance from financial eco-environmental construction and for reaching dual carbon goal.

Key words:

green financial development, carbon emission, financial eco-environment; non-linear effect

摘要： 为探究良性的金融生态环境能否释放绿色金融的碳减排效能，本文创新性地将金融生态环境纳入研究框架，并基于2008—2020年我国省级面板数据，构建面板门槛模型检验绿色金融发展对碳排放的非线性效应。研究结果表明：在不考虑金融外部环境约束的情况下，绿色金融发展能够显著抑制碳排放，且具有鲜明的阶段特征，在绿色金融快速发展阶段，其对碳排放的抑制效果表现更优。受金融生态环境的制约，绿色金融发展对碳排放的影响存在双重门槛效应，当金融生态环境未越过第一个门槛值时，绿色金融发展未能显著抑制碳排放，随着金融生态环境接连跨越两个门槛值，绿色金融发展的碳减排效应逐步增强。进一步研究发现，随着经济基础、金融发展、政府治理水平跨越门槛值，绿色金融发展对碳排放的抑制作用呈现边际递增特征；在制度与信用文化层面，绿色金融发展的碳减排效应存在类似“中部塌陷”的反常现象。分地区来看，东部和中西部地区绿色金融发展与碳排放之间均存在金融生态环境的单一门槛效应，随着金融生态环境水平跨越阈值，东部地区绿色金融发展的碳减排效应显著增强，而中西部地区绿色金融发展的碳减排效应虽然已经显现，但效果并不显著。研究结论为从金融生态环境建设角度激发绿色金融的碳减排效应，进而助力“双碳”愿景达成提供了理论依据。

关键词: 绿色金融发展, 碳排放, 金融生态环境, 非线性效应

CLC Number:

PAN Haiying, ZHANG Chen, YAN Xiang.

NON-LINEAR EFFECTS OF GREEN FINANCIAL DEVELOPMENT ON CARBON EMISSION FROM PERSPECTIVE OF FINANCIAL ECO-ENVIRONMENT [J]. Resources & Industries, 2023, 25(6): 15-30.

潘海英, 仉晨, 严翔.

绿色金融发展对碳排放的非线性效应研究——基于金融生态环境视角 [J]. 资源与产业, 2023, 25(6): 15-30.

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