绿色金融改革创新试验区政策对碳排放的影响效应OA北大核心CSTPCD

The establishment of pilot zones for green financial reform and innovation(PZGFRI)is one of the important green financial policies in China and an important means to achieve the goals of reaching peak carbon emissions and carbon neutrality.This study first explained the mechanism of the green financial policies on carbon emission reduction by solving the theoretical model.On this basis,the study used panel data from 282 cities in China from 2006 to 2019 to empirically analyze the carbon emission reduction effect of the PZGFRI policy and the mechanism of its mediating effect using a difference-in-differences model.The study also investigated the het-erogeneity of the carbon emission reduction effect of the PZGFRI policy in terms of geographic regions,resource endowments,leading industries,industrial endowments,and the synergistic effects of the pilot zones and low-carbon cities in carbon emission reduction.The results showed that:① The PZGFRI policy had a significant carbon emission reduction effect,and the robustness of the results was fur-ther verified by replacing variables,shrinking the tail treatment,adding control variables,changing the window period,and using the propensity score matching difference-in-differences model and placebo test.② The PZGFRI policy achieved a carbon emission reduc-tion effect at the city level by improving financing constraints for heavy polluters,reducing the carbon emissions of enterprises at the mi-cro level,promoting green technology innovation,and optimizing energy consumption structures at the macro level.③ There was no sig-nificant geographical difference in the carbon emission reduction effect of the PZGFRI policy,but due to the'resource curse'problem in cities with better resource endowments,the carbon emission reduction effect of the pilot zones in resource-based cities was worse than that in non-resource-based cities.④ The carbon emission reduction effect of the PZGFRI policy had a'Matthew effect'in cities with different industrial endowments,and the carbon emission reduction effect was worse in cities with secondary industries and old in-dustrial bases and better in cities with tertiary industries and non-old industrial bases.⑤ There was a significant positive synergistic ef-fect between the PZGFRI and the low-carbon city pilot zones in terms of carbon emission reduction,and the cities with both policies had a better carbon emission reduction effect.