Green finance, green innovation and carbon intensity

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-08-21 DOI:10.1016/j.irfa.2025.104550

Qi Li , Hanyun Lei , Minggui Yu

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Abstract

This study investigates the impact of green finance and green patents on carbon intensity using panel data from China between 2007 and 2022. We begin by analyzing the direct effects of green finance and green patents, finding that green finance plays a significant role in reducing carbon intensity. Among the six types of green financial instruments, green credit, investment, insurance, and subsidies show stronger effects, while green equity and bonds exhibit weaker or insignificant impacts. Furthermore, we explore the moderating role of green patents and find that green technological innovation significantly enhances the emissions reduction effects of green finance. Finally, our spatial econometric analysis reveals that green finance not only reduces carbon emissions within the local jurisdiction but also exerts positive spillover effects on surrounding regions. By integrating direct effects, moderating mechanisms, and spatial spillovers, this study provides a comprehensive understanding of the green finance–technology–emissions nexus and offers valuable empirical evidence to guide future policy formulation.

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绿色金融、绿色创新与碳强度

本文利用2007 - 2022年中国的面板数据，研究了绿色金融和绿色专利对碳强度的影响。我们首先分析了绿色金融和绿色专利的直接效应，发现绿色金融在降低碳强度方面具有显著作用。6种绿色金融工具中，绿色信贷、绿色投资、绿色保险和绿色补贴的影响较强，绿色股票和绿色债券的影响较弱或不显著。研究发现，绿色技术创新显著增强了绿色金融的减排效果。最后，我们的空间计量分析表明，绿色金融不仅减少了地方范围内的碳排放，而且对周边地区产生了积极的溢出效应。通过整合直接效应、调节机制和空间溢出效应，本研究全面理解了绿色金融与技术排放之间的关系，并为指导未来政策制定提供了宝贵的经验证据。

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.