金融发展影响区域绿色发展的机理——基于生态效率和空间计量的研究

近年来严重的雾霾在中国许多城市持续大面积出现,这敲响了提升区域发展绿色度的警钟。金融可以也应该在促进绿色发展中发挥重要作用。本文分析金融发展影响区域绿色发展的四个机理,利用生态效率反映区域绿色发展水平,运用空间杜宾模型和中国省域面板数据实证研究了各机理的相对重要性及其空间溢出效应。主要发现有:相对而言,企业监督效应和资本配置效应的作用更显著;前者对当地绿色发展的积极影响相对最大,但长期中才会对周边区域的绿色发展产生积极的空间溢出效应;后者对当地绿色发展具有显著影响,但空间溢出效应不显著;金融危机后资本支持效应和长期贷款的监督效应得到了加强,但证券市场的监督效应则反而具有负面影响;绿色金融效应及其空间溢出均不明显,暗示着有必要加强金融支持绿色产业和环境保护的力度。金融支持绿色发展的政策重点可能在于加强资金使用监督,而不仅是加大资金投入。

Mechanism of financial development influencing regional green development：Based on eco-efficiency and spatial econometrics

China's economy has been developing rapidly at the cost of tremendous energy consumption and severe environmental pollution since the 1980s. The severe haze and fog often shrouding many cities in China since 2013 indicate that there is an urgent need to shift current developmental pattern to green development. As one of the cores of modern economy, financial development could play a more active role to promote the transition. Yet how to advance the transition remains unclear and arguable. And it needs to explore the ways that financial factors work before policy making. Aiming to examine the mechanisms that financial development influences green development, this paper measures the level of regional green development with eco-efficiency, and uses spatial Durbin model to research relative importance of the mechanisms and effect of spatial spillover with the data of 30 provinces in China. The main findings are obtained as follows. (1) Both financial development and eco-efficiency present agglomerating situation, the level of which in the coastal developed areas of southeast China is relatively high. And there are obvious spatial correlations among variables. (2) The effects of enterprise supervision and resource distribution are relatively important. The former has the most positive influence on local green development, yet its spatial spillover effect only works in the long term. The latter influences local green development significantly, yet its spatial spillover effect is not significant. (3) After the financial crisis, the effects of capital support and the supervision from long-term loan are strengthened than those before, yet the supervision from security market is weakened and has led to negative influence on the eco-efficiency. (4) The direct effects and spatial spillover effects of green finance are not significant, which implies that it is necessary to enhance the support of green finance for green industry and environmental protection. The policy meaning is that more emphasis should be put on the supervision of capital use instead of increasing investment. This paper also implies that the effect of green finance should be improved by providing more support on the green industry and environment investments.