摘要
绿色发展是可持续发展的必然趋势,绿色金融是中国扎实推进生态文明建设、助推经济绿色转型的必然选择。而绿色信贷作为绿色项目融资的主渠道,也是构建绿色金融体系的核心力量,究竟如何影响绿色经济增长?其影响机制和传导途径如何?目前学术界还缺乏系统性的分析。文章在分析绿色信贷对绿色经济增长影响机制及作用路径的基础上,基于2006—2017年中国30个省级区域面板数据,利用方向性距离函数和Malmquist-Luenberger指数测算了包含能源消耗与非期望产出的省级区域的绿色经济增长,并使用动态面板GMM模型进行了实证分析,结果表明:①绿色信贷对绿色经济增长具有显著的正向促进作用,市场化进程与财政分权的提高有利于促进绿色经济增长。但是环境规制对绿色经济增长的影响显著为负,这可能是中国现阶段环境规制造成企业治污成本过高,利润降低,从而不利于绿色经济增长。FDI对绿色经济增长的影响并不显著,这可能是不同来源FDI对绿色经济增长的作用效果不同从而相互抵消所引致的。②在影响机制方面,将绿色经济增长率分解为技术进步与技术效率,绿色信贷对技术效率的影响并不显著,对技术进步显著为正,说明绿色信贷促进绿色经济增长主要是通过提升技术进步实现的。③在传导路径方面,绿色信贷可以通过提升产业结构高级化与合理化水平,降低煤炭消费量在能源消费量中的比重,进而对绿色经济增长产生正向影响。④将绿色经济增长滞后1至2期,发现绿色经济增长处于波动状态,上一期绿色经济增长的提升可能带来本期绿色经济增长的提升,又会在下一期得到下降,说明中国节能减排工作未能得到有效的持续。因此,应当进一步完善绿色信贷政策,建立抑制“两高一剩”行业信贷的约束机制与支持绿色产业发展的绿色信贷激励机制,定期开展绿色信贷投放效果评估,加强对企业技术创新的支持,健全生态环境保护的责任追究制度和监督长效机制,促进绿色经济增长。
Green development is the inevitable trend of sustainable development, green finance is the inevitable choice for China to promote the construction of ecological civilization and boost the green transformation of economy. And green credit is not only the main channel of green project financing, but also the core force of constructing green financial system, how does green credit affect green economic growth? What are the impact mechanisms and transmission channels? At present, there is a lack of systematic analysis in academic circles. Based on the analysis of the impact mechanisms and transmission channels of green credit on green economy growth, this paper used the directional distance function and Malmquist-Luenberger index to calculate the green economy growth on panel data for 30 provinces in China over the period 2006-2017, including energy consumption and undesired output. In addition, an empirical analysis was carried out by using the dynamic panel GMM model. The results showed that ①Green credit played a significant positive role in promoting green economic growth. Marketization and fiscal decentralization had a positive effect on improving green economic growth. However, environmental regulation had a bad effect on improving green economic growth, this may be that China’s current environmental regulations increased cost of pollution control for companies and reduced profits, and thus had a negative impact on green economic growth. The impact of FDI on green economic growth was not significant, this may be due to the different effects of FDI from different sources on green economic growth and offset each other.② In terms of the impact mechanism, the green economic growth rate was divided into technological progress and technological efficiency. Green credit had no significant impact on technological efficiency, but had a significant positive impact on technological progress. This showed that green credit promoted green economic growth mainly through technological progress.③In terms of transmission channels, green credit can promote green economic growth by improving the level of advancement and rationalization of industrial structure and reducing the proportion of coal consumption in energy consumption.④ By lagging the green economic growth to one or two periods, it was found that the green economic growth was in a fluctuating state. The promotion of the last period of green economic growth may lead to the promotion of the current period of green economic growth, but will also be reduced in the next period, which indicated that China’s energy saving and emission reduction work has not been effectively sustained. Therefore, we should further improve the green credit policy, establish the restraint mechanism to restrain the credit of the ‘high pollution, high energy consumption and overcapacity’ industry and the green credit incentive mechanism to support the development of green industry, carry out the evaluation of the effect of green credit, strengthen the support for the technological innovation of enterprises, improve the accountability system and long-term supervision mechanism for ecological environment protection, and promote green economic growth.
作者
谢婷婷
刘锦华
XIE Ting-ting;LIU Jin-hua(School of Economics and Management,Shihezi University,Shihezi Xinjiang 832000,China;Corps Financial Development Research Center,Shihezi University,Shihezi Xinjiang 832000,China)
出处
《中国人口·资源与环境》
CSSCI
CSCD
北大核心
2019年第9期83-90,共8页
China Population,Resources and Environment
基金
兵团社科基金项目“兵团全面深化改革下金融风险识别、测度与防范研究”(批准号:18YB15)
新疆维吾尔自治区人文社会科学重点研究基地兵团屯垦经济研究中心项目“新疆绿色经济可持续发展与政府行为研究”(批准号:XJEDU020217C05)
石河子大学兵团金融发展研究中心资助项目“新疆金融支持农村精准扶贫开发的困境及优化对策研究”(批准号:ZZZC201725A)
关键词
绿色信贷
绿色经济增长
技术进步
技术效率
green credit
green economic growth
technological progress
technological efficiency
