金融学院知识库

    近年来，金融科技和绿色金融成为各方关注的焦点领域，金融科技作为助力 绿色金融的重要抓手，在促进绿色金融高质量服务经济社会发展方面起到了关键 性作用。绿色债券是绿色金融体系的重要组成部分，发行绿色债券既可以帮助扩 大绿色项目发行人的融资渠道，为项目建设提供有效的资金支持，充分发挥资源 的杠杆作用，又能在环境发展理念等方面发挥引领社会的示范作用。绿色债券正 日益成为推动经济可持续发展的强大金融动力，绿色债券市场已经成为国内债券 市场不可或缺的一部分，绿色债券发行规模能够充分展现绿色债券市场的发展情 况。但是目前我国绿色债券市场依然存在市场覆盖面低、资金流向不明等问题， 严重阻碍了绿色债券发行规模的扩大，而金融科技和绿色金融天然的互补性能充 分体现在绿色债券中，从而有效解决绿色债券发行规模面临的困境。因此，研究 绿色债券发行规模，金融科技对其产生什么样的影响具有重要的现实意义。

    本文首先整理了金融科技、绿色债券市场以及金融科技对绿色债券市场影响 的相关研究内容，阐述了金融科技与绿色债券的相关基础理论、概念；然后从发 展现状和影响机制角度分析金融科技与绿色债券发行规模之间的关联，其中影响 机制主要从正向影响、负向影响和调节作用三个方面进行分析，接着从区域异质 性角度讨论金融科技对不同地区绿色债券发行规模可能存在的不同影响；其次从 实证角度，将我国 2016-2021 年 30 个（西藏、港澳台除外）发行了绿色债券的 省市规模数据和金融科技指数相匹配，并加入一系列控制变量，通过基础回归、 稳健性检验、调节效应、异质性分析来判定金融科技对我国绿色债券发行规模的 影响。研究结果表明，金融科技对绿色债券发行规模具有显著的正向影响，能起 到明显的推动作用，而这一作用在不同地区间有所差异，金融科技对东部地区绿 色债券发行规模的影响比中西部显著，对北方地区绿色债券发行规模的影响明显 于南方。最后，总结了全文研究结论，对金融科技影响绿色债券发行规模存在的 一些问题提出了相应的对策建议，并针对本文研究制约情况提出不足与展望。

    In recent years, financial technology and green finance have become the focus areas of concern for all parties. As an important tool to assist green finance, financial technology has played a key role in promoting high-quality green finance services for the economy and society. Green bonds are an important component of the green financial system. Issuing green bonds can not only help expand financing channels for issuers of green projects, provide effective financial support for project construction, fully leverage resources, but also play a typical exemplary role in guiding society in environmental development concepts and other aspects. Green bonds are increasingly becoming a powerful financial driving force for promoting sustainable economic development. The green bond market has become an indispensable part of the domestic bond market, and the scale of green bond issuance can fully demonstrate the development of the green bond market. However, at present, there are still problems in China's green bond market, such as low market coverage and unclear capital flow, which seriously hinder the expansion of the issuance scale of green bonds. However, the natural complementary performance of financial technology and green finance is fully reflected in green bonds, effectively solving the difficulties faced by the issuance scale of greenbonds. Therefore, studying the scale of green bond issuance and the impact of financial technology on it has important practical significance.       Firstly, this paper summarizes the relevant research contents of financial technology, green bond market, and the impact of financial technology on the green bond market, and expounds the relevant basic theories and concepts of financial technology and green bond; Then analyze the relationship between financial technology and the scale of green bond issuance from the perspective of development status and impact mechanism, with the impact mechanism mainly analyzed from the aspects of positive impact, negative impact, and regulatory effect. Then discuss the possible different impacts of financial technology on the scale of green bond issuance in different regions from the perspective of regional heterogeneity; Secondly, from an empirical perspective, match the scale data of 30 provinces and cities (excluding Tibet, Hong Kong, Macao, and Taiwan) that issued green bonds in China from 2016 to 2021 with the financial technology index, and add a series of control variables to determine the impact of financial technology on the scale of green bond issuance in China through basic regression, robustness testing, regulatory effects, and heterogeneity analysis. The research results show that financial technology has a significant positive impact on the scale of green bond issuance, and can play a significant role in promoting it, and this effect varies among different regions. fintech's impact on the issuancescale of Green bond in the eastern region is more significant than that in the central and western regions, and its impact on the issuance scale of Green bond in the northern region is more significant than that in the southern region. Finally, the conclusions of the full text of the study are summarized, corresponding countermeasures and suggestions are proposed for some problems that exist in the impact of financial technology on the scale of green bond issuanc, and in response to the constraints of this study, shortcomings and prospects were proposed.