中国人口·资源与环境2025，Vol.35Issue(7)：57-67,11.DOI:10.12062/cpre.20250120
气候投融资对城市碳排放效率的影响机制
Impact mechanism analysis of climate investment and financing on urban carbon emission efficiency
摘要
Abstract
Improving carbon emission efficiency(CEE)is an important way to promote Chinese modernization in which human beings live in harmony with nature and to fulfill carbon emission reduction commitments.As an emerging financial model in the field of cli-mate governance,climate investment and financing(CFI)plays an important role in mitigating and adapting to climate change and im-proving environmental governance capacity.This study incorporated CFI into the theoretical framework of CEE,measured the develop-ment level of CFI from four aspects—development environment,climate investment,climate financing,and climate benefit—based on the data of 62 cities in China from 2013 to 2022,and empirically examined the effects and mechanisms of CFI on urban CEE by using the two-way fixed-effects regression model.The findings were as follows:① CFI could significantly improve urban CEE.This conclu-sion remained significant after a series of tests,including sample screening,multidimensional fixed effects control,extreme value treat-ment,and exclusion of relevant policy interferences.② The heterogeneity analysis demonstrated that CFI improved urban CEE more significantly in CFI pilot cities,non-resource cities,and environmental protection priority cities.③ The mechanism test results showed that CFI improved urban CEE through promoting green technology innovation and improving resource allocation efficiency.In addition,climate policy uncertainty could significantly attenuate the contribution of CFI to urban CEE,and climate risk could not significantly at-tenuate the contribution of CFI to urban CEE.④ Overall,there is space for further improvement in the promoting effect of CIF on urban CEE.Under the dual drive of scientific policy regulation and sustainable economic development,the promoting effect of CFI on urban CEE can be further released.In view of these,a differentiated CFI development planning should be constructed;the consistency and flexibility of CFI policies should be enhanced;the allocation of resources related to CFI should be optimized;and a CFI development model should be designed for cooperation between governments and financial institutions.This study provides insightful reference for clarifying the development direction of CFI,exploring the path to improve urban CEE,and constructing a financial system with Chinese characteristics.关键词
气候投融资/碳排放效率/气候风险/气候政策Key words
climate investment and financing/carbon emission efficiency/climate risk/climate policy分类
管理科学引用本文复制引用
王文静,张棚,何泰屹..气候投融资对城市碳排放效率的影响机制[J].中国人口·资源与环境,2025,35(7):57-67,11.基金项目
国家自然科学基金面上项目"多维流动性风险与信用风险交互作用下的公司债定价研究"(批准号:72171164). （批准号:72171164）
