中国人口·资源与环境2017，Vol.27Issue(9)：205-211,7.DOI:10.12062/cpre.20170366
金融深化对绿色发展的门槛效应分析
Analysis on threshold effect between financial deepening and green development
摘要
Abstract
During the process of green development,the role of finance in modem economy has become much more important than ever.From the perspective of common knowledge and practice,development of finance can be viewed in two ways:financial deepening and financial widening.Compared with financial widening,financial deepening shows the capital allocation function of finance and the process of continuous improvement of the financial system.It improves the efficiency of green development in the way of guiding the investment margin,and thus,improves the total factor productivity of the green economy.To test the effect of financial deepening on green development,this paper builds an endogenous growth model.Then,it uses the panel threshold model to analyze the asymmetry of such an effect,with the sample of 280 cities of China from 2003 to 2014.The results indicate that:① through the induction of the model,we find that when the shares of financial deepening are not well allocated in different production sectors,there will be a threshold effect between financial deepening and green development;otherwise,the two variables interact with each other in a way of approximate logarithmic function.② The empirical analysis shows that the single threshold effect between financial deepening and green development exists among the cities of China.It is significant under the significance level of 1％ indicated by the likelihood ratio test,and its value is 0.635 5.The result of the threshold regression shows that the partial effect of financial deepening to green development before and after the threshold is-0.056 8 and 0.129 9 respectively,which means that the relationship between financial deepening and green development presents the inverted'U'shaped Kuznets curve.③ Robustness test shows that the influence of the control variables to the threshold effect between financial deepening and green development only causes some minor changes of P-value,with the value of threshold effect and its confidence interval unchanged,which reflects the robust structure of the relationship of the financial deepening and green development.Apparently,to break through the limits of the threshold effect between financial deepening and green development,we should speed up the process of financial deepening and then fully utilize the capital allocation function,thus pushing forward the process of green development of China.关键词
金融深化/绿色发展/面板门槛模型/稳健性检验Key words
financial deepening/green development/panel threshold model/robustness test分类
管理科学引用本文复制引用
刘耀彬,胡凯川,喻群..金融深化对绿色发展的门槛效应分析[J].中国人口·资源与环境,2017,27(9):205-211,7.基金项目
国家社会科学基金重点项目“中国坚持绿色发展的技术路线、区域实现及政策工具选择”(批准号:15AZD070). （批准号:15AZD070）
