Research on the impact of green finance on carbon emission levels——Based on the dual perspectives of ‘Quantity’ and
‘Quality’

Abstract

Abstract: Green finance is in line with the requirements of the era of low-carbon economic development. How to affect carbon emissions and carbon emission intensity, that is, how to promote the realization of the dual control goals of "quantity" and "quality" of carbon emissions is a black box mechanism that needs to be revealed urgently.Using panel data from 30 provinces in China from 2009 to 2021, this paper examines the impact of green finance on the "quantity" and "quality" of carbon emissions from both theoretical and empirical perspectives. The upgrading of industrial structure and the level of marketization were selected as the mediating and moderating variables, and the intermediary and adjustment models were constructed to test the mechanism of the impact of green finance development on carbon emissions and carbon emission intensity.The results show that green finance has a significant synergistic effect on the "reduction and improvement" of carbon emissions. The upgrading of industrial structure is an intermediary mechanism for green finance to affect the "quantity" and "quality" of carbon emissions. The level of marketization positively regulates the relationship between green finance and carbon emission level. The synergistic effect of green finance in reducing emissions and increasing efficiency is stronger in the central and western regions, resource-based provinces, and regions with a high degree of government intervention. The conclusion is helpful to further promote the development of green finance to help the sustainable development of carbon emission reduction, and provide a reference for decision-making of carbon emission reduction policies.

Key words: green finance, carbon emissions , carbon emission intensity, upgrading of industrial structure, marketization level

摘要： 绿色金融符合低碳经济发展的时代要求，如何影响碳排放总量和碳排放强度，即如何助推碳排放“量”和“质”双控目标的实现，却是急待揭示的黑箱机制。论文采用2009-2021年中国30个省份面板数据，从理论和实证的角度考察绿色金融对碳排放“量”与“质”的影响，选取产业结构升级、市场化水平为中介变量和调节变量，构建中介和调节模型检验绿色金融发展影响碳排放总量、碳排放强度的作用机制。研究结果表明：绿色金融对碳排放“降量提质”具有显著的协同效应；产业结构升级是绿色金融影响碳排放“量”与“质”的中介机制；市场化水平正向调节绿色金融与碳排放水平的关系；绿色金融减排增效的协同作用在中西部地区、资源型省份、政府干预程度高的地区效果更强。结论有助于进一步推动绿色金融发展以助力碳减排可持续发展，并为碳减排政策提供决策参考。

关键词: 绿色金融, 碳排放总量, 碳排放强度, 产业结构升级, 市场化水平

Liang Yuan, Zhou Juanmei, Wu Yunxia.

Research on the impact of green finance on carbon emission levels——Based on the dual perspectives of ‘Quantity’ and ‘Quality’ [J]. Resources & Industries.

梁媛, 周娟美, 吴云霞.

绿色金融对碳排放水平的影响研究——基于“量”与“质”的双重视角 [J]. 资源与产业.

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Research on the impact of green finance on carbon emission levels——Based on the dual perspectives of ‘Quantity’ and ‘Quality’

绿色金融对碳排放水平的影响研究——基于“量”与“质”的双重视角

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