Green finance and innovative cities: Dual-pilot policies and collaborative green innovation

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-10-16 DOI:10.1016/j.irfa.2024.103673

Guanchong Hou, Guifen Shi

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Abstract

As the impacts of climate change intensify, urban green innovation has emerged as a critical technological approach for reducing carbon emissions and addressing climate-related risks. In this study, we analyze data from 282 prefecture-level cities in China from 2007 to 2020. Using the time-varying difference-in-difference model, we examine the underlying mechanisms of how green finance and urban innovation policies synergistically drive urban green innovation. Our findings reveal that the dual-pilot policies, namely, Green Finance Reform and Innovation Pilot Zones and Innovative Cities Pilots, have significantly boosted green innovation by leveraging the resource allocation effect. Further research shows that the green innovation is more effective in the central and eastern regions, cities facing resource decline, cities regenerating resource-, and rust-belt areas during the dual-pilot policy implementation process. Moreover, these dual-pilot policies demonstrate a synergy of “1 + 1 > 2.” These results offer fresh insight into further deepening urban policy pilot initiatives.

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绿色金融与创新型城市：双试点政策与绿色合作创新

随着气候变化影响的加剧，城市绿色创新已成为减少碳排放和应对气候相关风险的重要技术手段。在本研究中，我们分析了中国 282 个地级市 2007 年至 2020 年的数据。利用时变差分模型，我们研究了绿色金融和城市创新政策如何协同推动城市绿色创新的内在机制。研究结果表明，绿色金融改革创新试验区和创新型城市试点等双试点政策通过发挥资源配置效应，显著推动了绿色创新。进一步研究表明，在双试点政策实施过程中，中东部地区、资源衰退型城市、资源再生型城市和锈带地区的绿色创新效果更好。此外，这些双试点政策呈现出 "1 + 1 > 2 "的协同效应。这些结果为进一步深化城市政策试点举措提供了新的启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.