金融学院知识库

党的十八大报告，将生态文明建设首次放到了与经济建设、政治建设、文化建设和社会建设同等的地位上，标志着我国开始重视经济发展带来的环境污染问题。2020年9月，我国又提出了“碳达峰碳中和”的目标，这意味着建设生态文明，解决发展中面临的环境污染问题已经迫在眉睫。为此，我国大力发展绿色金融，并于2017年开始设立绿色金融改革创新试验区，积极探索绿色金融与环境治理的关系。因此，在当前重视环境治理和发展环保型经济的大背景下，深入探索国家级绿色金融改革创新试验区对地区环境治理的影响就具有重要的现实意义。

本文基于我国31个省市自治区2010-2020年的面板数据，以绿色金融改革创新试验区为例，借助多时点DID方法检验绿色金融对地区环境治理的影响。首先，本文进行理论分析，对绿色金融、环境治理等方面的理论进行归纳，分析了绿色金融对地区环境治理的影响机理。其次，分析了我国绿色金融、环境治理以及绿色金融试验区发展现状，为实证研究做准备。然后，以绿色金融改革创新试验区为例实证检验了绿色金融对所在省份及更大区域环境治理的影响。研究发现：绿色金融改革创新试验区的设立对所在省份环境治理产生了显著的正效应且环境治理效应呈现空间溢出现象，主要通过绿色金融工具渠道和环境权益交易市场渠道发挥作用，绿色金融工具渠道的传导效果比环境权益交易市场渠道显著。进一步研究发现：绿色金融改革创新试验区对更大区域的环境治理产生了正效应，环境治理效应具有空间溢出现象，形成了以设立绿色金融改革试验区省份为中心省份，未设立绿色金融改革创新试验区省份为周边省份的省域辐射圈，且异质性检验显示东中部地区政策效应较明显，西部地区不明显。最后，本文综合前文的理论分析和实证研究结果，提出了扩大绿色金融改革创新试验区试点范围，加快环境权益交易市场建设步伐等对策建议。

The report of the 18th National Congress of the Communist Party of China put the construction of ecological civilization on the same level as economic, political, cultural and social construction for the first time, marking that China began to pay attention to the environmental pollution caused by economic development. In September 2020, China put forward the goal of "carbon peak and carbon neutrality", which means that it is urgent to build an ecological civilization and solve the environmental pollution problems faced in development. To this end, China has vigorously developed green finance, and in 2017 began to set up a green finance reform and innovation pilot zone to actively explore the relationship between green finance and environmental governance. Therefore, under the background of paying attention to the environment and developing ecological economy, it is of great practical significance to study the impact of green finance reform and innovation pilot zones on environmental governance.

Based on panel data from 31 provinces, municipalities, and autonomous regions in China from 2010 to 2020, this paper uses the multi time point DID method to test the impact of green finance on regional environmental governance, taking the green finance reform and innovation pilot area as an example. Firstly, this paper conducts a theoretical analysis, summarizing the theories of green finance and environmental governance, and analyzing the impact mechanism of green finance on regional environmental governance. Secondly, it analyzes the development status of green finance, environmental governance, and green finance pilot zones in China, preparing for empirical research. Then, taking the green finance reform and innovation pilot area as an example, this paper empirically tests the impact of green finance on environmental governance in the provinces and larger regions where it is located. The study found that the establishment of the green financial reform and innovation pilot zone has a significant positive effect on the environmental governance of the province where it is located, and the environmental governance effect presents a spatial spillover phenomenon, mainly through the green financial instrument channel and the environmental equity trading market channel. The transmission effect of the green financial instrument channel is significantly greater than that of the environmental equity trading market channel. Further research has found that the green finance reform and innovation pilot zone has a positive effect on environmental governance in a larger region, and the environmental governance effect has a spatial spillover phenomenon. It has formed a provincial radiation circle with provinces with green finance reform and innovation pilot zones as the center and provinces without green finance reform and innovation pilot zones as the surrounding provinces. Moreover, the heterogeneity test shows that the policy effect in the eastern and central regions is relatively obvious, while the western regions are not obvious. Finally, based on the previous theoretical analysis and empirical research results, this paper proposes countermeasures and suggestions to expand the pilot scope of green finance reform and innovation pilot zones, and accelerate the construction of environmental equity trading markets.