金融学院知识库

      随着大数据、物联网、区块链、人工智能等数字技术发展成熟，无疑成为了我国实现“双碳”目标、建设生态文明以及全社会各个行业碳减排过程中的重要抓手。通过数字金融助力碳减排，提升碳排放效率，是经济发展社会进步的必然选择。因此，深度探究数字金融的减碳降污效应，绿色环保效应，以及数字金融通过何种路径影响碳排放效率均是为可持续发展奠定一个扎实的基础。
      本文以2011年至2021年间全国范围内共计282个地级市的面板数据为基础，为准确测算各城市的碳排放效率，运用了数据包络分析法，并借助北京大学联合蚂蚁集团编制的数字普惠金融指数衡量了各城市数字金融的发展情况。为了深入探究数字金融对城市碳排放效率的影响，本文采用了一系列实证模型，包括双固定效应模型、中介效应模型、GMM模型以及DID模型等，从多个角度和层面验证了数字金融与城市碳排放效率之间的关系。以期进一步扩展数字金融对碳排放效率影响的相关研究，以及为各城市完成“双碳”目标和实现绿色低碳转型开辟新道路和提供经验支持。
      结果显示：第一，数字金融与城市碳排放效率之间具有显著的正向促进关系。从多个维度进行深入剖析时发现，数字金融三个维度均能有效正向促进碳排放效率的提升，且使用深度维度在推动城市碳排放效率增长方面的作用尤为突出，影响力超过了覆盖广度和数字化程度，而覆盖广度对城市碳排放效率的正向效应虽然存在，但显著性并不高。第二，数字金融可以激励绿色技术创新、提升投资的碳生产率、促进产业结构优化升级和扩张经济规模四种渠道提升碳排放效率，且绿色技术创新的中介效应最强。第三，从不同地区角度看，对于东部和西部地区，数字金融与城市碳排放之间存在显著的正向促进关系，但对于中部地区，数字金融对碳排放效率的影响并不凸显。结合研究结论，本文从挖掘数字金融环境红利、聚焦投资活动降碳潜力、激励“产学研”融合发展、立足区域发展差异特征四个方面提供针对性对策建议，使数字金融的碳减排效应最大化，助力全国各城市早日实现“双碳”目标。

      With the development and maturity of digital technologies such as big data, Internet of Things, blockchain, artificial intelligence, etc., it has undoubtedly become an important hand in the process of realizing the goal of "dual-carbon", building an ecological civilization, and reducing carbon emissions in all sectors of the society. It is an inevitable choice for economic development and social progress to help reduce carbon emissions and improve the efficiency of carbon emissions through digital finance. Therefore, in-depth investigation of digital finance carbon emissions reduction effect, green effect, and digital finance through which path to influence the efficiency of carbon emissions is to lay a solid foundation for sustainable development.
      This paper is based on the panel data of 282 prefecture-level cities nationwide from 2011 to 2021, and in order to accurately measure the carbon emission efficiency of each city, DEA is applied, and the development of digital finance in each city is measured with the help of the Digital Inclusive Finance Index compiled by Peking University in cooperation with Ant Group. In order to deeply explore the impact of digital finance on urban carbon emission efficiency, this paper adopts a series of empirical models, including double fixed effect model, mediation effect model, GMM model and DID model, etc., to verify the relationship between digital finance and urban carbon emission efficiency from multiple angles and levels. This study intends to broaden the investigation on the implications of digital finance on greenhouse gas efficiency, as well as to open up new paths and provide empirical support for cities to achieve the "dual-carbon" goal and realize the green and low-carbon transformation.
      The findings demonstrate that, first, there is a significant positive relationship between digital finance and urban carbon emission efficiency. When analyzed in depth from multiple dimensions, it is found that all three dimensions of digital finance can effectively and positively promote the improvement of carbon emission efficiency, and the use of the depth dimension plays a particularly prominent role in promoting the growth of urban carbon emission efficiency, with an influence that exceeds that of the breadth of coverage and the degree of digitization, whereas the positive effect of the breadth of coverage on the efficiency of urban carbon emissions exists but is not highly significant. Second, digital finance may boost the effectiveness of carbon emissions through four channels: incentivizing green technology innovation, enhancing carbon productivity of investment, promoting industrial structure optimization and upgrading, and expanding economic scale, and the mediating effect of green technology innovation is the strongest. Third, from different regional perspectives, for the eastern and western regions, there is a significant positive promotion relationship between digital finance and urban carbon emissions, but for the central region, the impact of digital finance on carbon emission efficiency is not prominent. Combined with the conclusions of the study, this paper provides targeted countermeasure suggestions from four aspects: tapping the environmental dividends of digital finance, focusing on the carbon reduction potential of investment activities, stimulating the integrated development of "industry-university-research", and basing on the characteristics of the regional development differences, so as to maximize the carbon emission reduction effect of digital finance, and to help cities nationwide realize the "dual-carbon" at an early date. The goal of "Double Carbon" will be achieved by all cities in China as soon as possible.