绿色金融改革政策的碳减排效应

以绿色金融改革创新试验区政策为例，基于2013~2019年间我国280个地级市的面板数据，运用双重差分法识别绿色金融改革政策是否具有碳减排效应以及其作用机制.研究发现，绿色金融改革政策具有显著碳减排效应（平均值为-0.375），且呈现逐年递增.机制分析发现，绿色金融改革政策主要通过降低能源消耗强度、提升绿色技术创新水平发挥碳减排效应.此外，绿色金融改革政策具有正向溢出效应，绿色金融改革政策的碳减排效应会辐射到试点区域的周边地区.但绿色金融改革政策并未发挥多污染物减排协同效应.基于此，本文提出了扩大改革试验区范围、加大对绿色金融主体的激励和引导以及发挥绿色金融政策协同效应等政策建议.

The role of green finance reform policy in carbon reduction

By using the difference in difference method, this study attempts to address the question of whether green finance reform policy has carbon emission reduction effects and the mechanism of it. By devoting attention to the green finance reform pilot area, panel data of 280 prefecture-level Chinese cities from 2013 to 2019 is used. This study finds that the green finance reform policy has a significant carbon emission reduction effect, and this effect is increasing yearly. Through the mechanism analysis, the results show that the realization of carbon emission reduction mainly depends on reduction of energy consumption intensity and improvement of green technology innovation. In addition, the green finance reform has a positive spillover effect-the effect of carbon emission reduction could radiate to the surrounding areas. Regrettably, green finance cannot be effectively linked to the synergistic effect of multi-pollutant reduction. This study suggests to expand the pilot areas, increase incentives and guidance for green finance entities, and enhance the synergistic effects of green finance policies.