中国城市绿色金融及其影响因素——以绿色债券为例

绿色金融是金融创新的重点,旨在调控资本供给,实现环境向好发展。以绿色债券为例,基于2016—2019年中国142个地级以上城市,使用面板数据模型和空间杜宾模型探讨政策激励、金融基础、环境污染对绿色金融的影响。结果显示：（1）中西部地区引入绿色金融的城市数目较多,东部地区是绿色金融规模增长的承载区域。（2）政策激励和金融基础显著提升绿色金融规模,而环境污染起到抑制作用。（3）不同区域的政策措施都能与金融基础协同,促成绿色金融发展。仅在东部地区,政策激励能够缓和环境污染的负面影响。研究表明,绿色金融的发展模式存在区域差异,东部地区是在政策激励和金融基础推动下的顺势转型,中西部地区则需应对环境污染造成的阻力。

The development of Chinese urban green finance and its influencing factors: An empirical analysis based on green bond

Green finance, which aims to regulate social capital flows, optimize the industrial structure, and realize green growth, has been a promising area of financial innovation. Since 2015, both the Chinese central and local governments have issued various policy incentives to benefit green finance. As a result, many cities in China have introduced and practiced green finance, which led to a boom. Previous research focuses on the concept and development of green finance, enterprises' and financial institutions' performance, but largely neglecting its regional disparity and influencing factors. This paper takes green bonds issued from 2016 to 2019 in 142 Chinese prefecture-level cities as a case. Based on the panel data model and spatial Durbin model, we explore the influence of policy incentives, financial development, and environmental pollution on the green bond issuance scale in different regions. Meanwhile, the interaction between variables has been explored to reveal the regional heterogeneity of green finance development. The results reveal that green bonds are mainly distributed in cities with a robust financial basement and a high administrative level. Although quite a few cities in the central and western regions started to issue green bonds after 2015, the growth of green bonds mainly took place in the eastern region. Policy incentives and financial development have significantly promoted the growth of green bonds, while environmental pollution has impeded the issuance. Policy incentives provide a low-risk context and stimulate the local financial sectors to innovate in green finance across China. However, the obstacle brought by environmental pollution can only be alleviated by the policy in the eastern region. Environmental pollution, generally caused by polluting industries, is a challenge for the central and western regions to develop green finance. With applicable policy incentives and robust financial industries, the eastern region can easily follow the green economic transformation trend and realize green finance innovation. For the central and western regions, the conflict between economic and environmental goals impeded the development of green finance. This paper suggests that more attention should be paid to regions with weak financial foundations and severe pollution. A regional cooperation platform should be established to improve the inclusion of green finance.