Exploring the effect of green finance on green development of China’s energy-intensive industry—A spatial econometric analysis

IF 12.4 Q1 ENVIRONMENTAL SCIENCES Resources Environment and Sustainability Pub Date : 2024-05-07 DOI:10.1016/j.resenv.2024.100159
Jinxian Lin , Ling Zhang , Zhanfeng Dong
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Abstract

An indispensable part of the green revolution is the green development of the Energy-intensive Industry (EII), which is crucial for China to achieve its “double carbon” target. EII is one of the key sectors bound by the green finance policy, whose development level is susceptible to regional conditions. Therefore, this research constructs a spatial Durbin model using provincial panel data (2001-2019) to empirically examine the impact of green finance on EII’s green total factor productivity (GTFP). Evidence shows that green finance boosts EII’s GTFP significantly and there is a spatial spillover effect. Specifically, the results demonstrate that the spatial spillover effect’s regional heterogeneity is positive in the eastern, central and northeastern regions, and negative in the weatern region. Furthermore, there is a spatial inhibitory effect on two subindustries of EII, i.e., Manufacture of Non-metallic Mineral Products industry and Smelting and Pressing of Non-ferrous Metals industry, proving the spatial spillover effect’s sectoral heterogeneity for green finance. This research provides experimental evidence and policy suggestions for enhancing the promotion impact of green finance on EII’s GTFP.

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探索绿色金融对中国能源密集型产业绿色发展的影响--空间计量经济学分析
绿色革命不可或缺的一部分是能源密集型产业(EII)的绿色发展,这对中国实现 "双碳 "目标至关重要。能源密集型产业是受绿色金融政策约束的关键部门之一,其发展水平易受区域条件的影响。因此,本研究利用省级面板数据(2001-2019 年)构建了空间杜宾模型,实证检验了绿色金融对经济信息产业绿色全要素生产率(GTFP)的影响。研究结果表明,绿色金融显著提高了经济工业园区的全要素生产率,并且存在空间溢出效应。具体而言,研究结果表明,空间溢出效应的区域异质性在东部、中部和东北部地区为正,在西部地区为负。此外,经济产业投资中的两个子行业,即非金属矿物制品制造业和有色金属冶炼及压制业存在空间抑制效应,证明了空间溢出效应对绿色金融的部门异质性。这项研究为增强绿色金融对经济转型期国家技术创新基金的促进作用提供了实验证据和政策建议。
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来源期刊
Resources Environment and Sustainability
Resources Environment and Sustainability Environmental Science-Environmental Science (miscellaneous)
CiteScore
15.10
自引率
0.00%
发文量
41
审稿时长
33 days
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