绿色金融政策如何减少污染企业的碳排放?普惠金融的中介效应分析

IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Sun Meng, Yunfei Duan, Wei Zhou
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引用次数: 0

摘要

减少碳排放对应对全球气候挑战至关重要。然而,绿色金融政策对污染企业抑制碳排放的影响仍不确定。本研究采用差分法(DID)评估中国绿色金融改革与创新政策(GFRI)对碳排放的影响,采用849家沪深上市污染企业的数据。结果表明:(1)GFRI显著降低了中国试点地区污染企业的碳排放。(2) GFRI通过重新配置金融资源和加强环境治理实现碳减排;同时,普惠金融增强了GFRI的碳减排效果。(3) GFRI的碳减排效果在民营企业、金融发展水平较高的地区和环境监管较为严格的地区更为明显。这些结果为绿色金融在碳减排中的作用提供了实证证据,并凸显了深化普惠金融机制整合以优化资源配置、加快向低碳经济转型的必要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
How does green finance policy reduce the carbon emissions of polluting enterprises? A mediation effect analysis of inclusive finance
Carbon reduction is critical to address the issue of global climate challenges. However, the impact of green finance policy in curbing carbon emissions for polluting enterprises remains uncertain. This study employs a difference-in-differences (DID) approach to assess the impact of China’s Green Finance Reform and Innovation Policy (GFRI) on carbon emissions, using data from 849 polluting enterprises listed on the Shanghai and Shenzhen stock exchanges. Then, we conclude that: (1) The GFRI significantly reduces carbon emissions of polluting enterprises in the pilot areas of China. (2) The GFRI achieves carbon reduction by reallocating financial resources and enhancing environmental governance; meanwhile, inclusive finance enhances the carbon reduction effect of GFRI. (3) The carbon reduction effects of GFRI are more pronounced in private enterprises, those located in regions with higher levels of financial development and the areas with stricter environmental regulations. These results provide empirical evidence of green finance’s role in carbon reduction and highlight the need for deeper integration of inclusive finance mechanisms to optimize resource allocation and accelerate the transition toward a low-carbon economy.
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来源期刊
CiteScore
11.20
自引率
9.20%
发文量
240
期刊介绍: Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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