热带地理 ›› 2021, Vol. 41 ›› Issue (1): 55-66.doi: 10.13284/j.cnki.rddl.003303

• 健康地理 • 上一篇    下一篇

绿色金融如何影响中国城市环境污染?——以雾霾污染为例

朱向东1(), 朱晟君2(), 黄永源2, 黄海峰1   

  1. 1.北京大学 汇丰商学院,广东 深圳 518055
    2.北京大学 城市与环境学院,北京 100871
  • 收稿日期:2020-06-21 修回日期:2020-10-13 出版日期:2021-01-05 发布日期:2021-02-19
  • 通讯作者: 朱晟君 E-mail:zxd_simple@163.com;zhus@pku.edu.cn
  • 作者简介:朱向东(1990—),男,安徽阜南人,博士,博士后,主要研究方向为经济地理、环境经济与政策,(E-mail)zxd_simple@163.com
  • 基金资助:
    国家自然科学基金项目(42001116);中国博士后基金项目(2020M680202)

How Does Green Finance Impact Chinese Urban Environmental Pollution? A Case Study of Haze Pollution

Xiangdong Zhu1(), Shengjun Zhu2(), Yongyuan Huang2, Haifeng Huang1   

  1. 1.HSBC Business School, Peking University, Shenzhen 518055, China
    2.College of Urban and Environmental Sciences, Peking University, Beijing 100871, China
  • Received:2020-06-21 Revised:2020-10-13 Online:2021-01-05 Published:2021-02-19
  • Contact: Shengjun Zhu E-mail:zxd_simple@163.com;zhus@pku.edu.cn

摘要:

文章将绿色金融纳入环境规制的分析框架,以2016-2019年中国289个地级以上城市雾霾污染为例,使用空间杜宾模型探讨绿色金融、环境规制、产业结构、技术水平对雾霾治理的影响,侧重分析了绿色金融与其他因素的交互作用。结果表明:绿色金融具有空间溢出效应,本地绿色金融可以降低周边地区雾霾污染;绿色金融能够与环境规制协同互补,以优化产业结构、提升技术水平的方式促成雾霾治理。绿色金融的结构效应弱于环境规制,在中部地区并不显著;绿色金融的技术效应强于环境规制,能够激励不同地区技术创新。文章启示,绿色金融与环境规制能够相互增益,应建立区域间绿色金融合作机制,增强绿色金融的普惠性,助力区域产业转型和污染治理。

关键词: 绿色金融, 环境规制, 雾霾, 结构效应, 技术效应

Abstract:

Green finance is a novel concept that combines environmental protection with finance. It aims at ensuring sustainable development by regulating investment and financing. The features of green finance meet the demands of China's economic transformation and environmental protection. Since 2015, green finance has increased rapidly in China and attracted a great deal of research. Previous studies focus on the concept, overseas experience, development models, and policy incentives, while green finance's environmental effect has been largely neglected. Theoretically, we deduce that as an innovation of environmental governance, green finance would potentially promote the impact of the existing environmental regulations. Moreover, both green finance and environmental regulations can alleviate pollution through upgrading the regional industrial structure and stimulating technological innovation. Moving on to regional heterogeneity, we hypothesize that the effects of the two kinds of environmental governance are varying across regions. This paper applies the econometric model to explore green finance's impact on the Chinese urban haze pollution and its interaction with environmental regulations, industrial structure, and technological level. Our dependent variable is the volume of the reduction of the haze pollution index in 289 Chinese prefectural cities. The scale of green finance in each city is denoted by the insuring scale of green bonds. Environmental regulation is denoted by a commonly used indicator system consisting of two kinds of contaminants: sulfur dioxide and liquid waste. Industrial structure is denoted by the percentage of the secondary industry to GDP in each city. Technological level is denoted by the number of selected patents over prefectural industrial output. We confirm the correlations between variables by descriptive analysis and apply the Spatial Durbin Model to test our hypothesis. The results show that green finance has significant spatial spillover, as a high level of regional green finance can benefit the alleviation of haze pollution. Green finance and environmental regulation exert a synergistic impact on improving environmental quality. Compared to the eastern and western regions, the synergistic impact is less significant in the central part of China. Green finance can reduce pollution by optimizing local industrial structure and upgrading technology. In both eastern and western regions, green finance's structural and technique effects are significant and positive, while in the central areas, the structural effects are not noticeable. Compared to environmental regulations, green finance has a stronger technique effect and a weaker structural effect. This article argues that the impact of green finance and environmental regulations on alleviating environmental pollution can complement each other. Thus, we suggest several policy implications. First, the policy system of green finance should be modified by taking existing environmental regulations into consideration. For example, restrictions on investment and financing can be applied to punish polluting firms and institutes. Second, with the significant effect of green finance on technological innovation, green finance should be encouraged to promote regional industrial upgrading. Third, the development and potential of green finance is varying across regions. Thus, mechanisms for promoting regional cooperation should be established to enhance the inclusivity of green finance. Overall, implementing green financial instruments can help different regions balance their environmental and economic goals and achieve sustainable development.

Key words: green finance, environmental regulation, haze pollution, structural effect, technique effect

中图分类号: 

  • X513