经济与管理研究2025，Vol.46Issue(11)：91-109,19.DOI:10.13502/j.cnki.issn1000-7636.2025.11.006
绿色金融政策何以驱动中国城市能源转型?
How can the Green Finance Policy Drive Urban Energy Transition in China?
摘要
Abstract
Against the backdrop of increasingly prominent environmental issues and severe climate change,the high carbon emissions from the traditional energy system have become a major bottleneck constraining sustained economic development.Green finance,as an innovative financial model,aims to guide capital flows toward environmentally friendly,low-carbon,and efficient energy projects through market mechanisms,thereby empowering the energy transition.Therefore,this paper focuses on the green finance reform and innovation pilot zone(GFRIPZ)policy to investigate whether it can promote energy transition in pilot cities. Drawing on existing research,this paper uses a panel dataset of 284 cities from 2006 to 2022 in China to measure the level of urban energy transition along two dimensions:energy transition performance and transition readiness.On this basis,this paper treats the GFRIPZ policy implemented in 2017 as a quasi-natural experiment and employs the two-way fixed-effects difference-in-differences(DID)model and the spatial Durbin model(SDM)to evaluate the direct impact,heterogeneity,mechanisms,and spatial spillover effects of the GFRIPZ policy.The findings indicate that the GFRIPZ policy can enhance the level of urban energy transition.This conclusion remains robust after a series of tests.Mechanism analysis indicates that the GFRIPZ policy drives urban energy transition primarily through three channels.In terms of green governance,the policy imposes powerful market-based constraints on firms by establishing environmental entry barriers and strengthening information disclosure requirements.In terms of resource allocation,the policy utilizes price signals and financing preferences to direct capital away from high-pollution and high-energy-consumption sectors and toward green industries.This ensures that funds can be precisely channeled to empower key areas of the energy transition.In terms of industrial structure optimization,as green industries receive greater financial support,they crowd out outdated production capacity.This fundamentally reduces the economy's dependence on fossil fuels,thereby laying a solid industrial foundation for energy transition.The spatial spillover effects indicate that the energy transition exhibits a positive spatial correlation,and the GFRIPZ policy has a promotional effect on energy transition in both local and neighboring cities.Heterogeneity analysis reveals that the promotional effect is more pronounced in cities with high administrative levels,abundant natural resource endowments,designations as strategic emerging industry clusters,and strong environmental legal frameworks. Therefore,the wide application of the GFRIPZ policy can encourage the financial sector to participate in environmental governance and promote the effective integration of green finance and energy transition,which helps cities build low-carbon and sustainable energy systems.The government should continue to expand the scope of the GFRIPZ policy to advance nationwide energy transition.关键词
绿色金融政策/能源转型/绿色治理/资源配置/产业结构Key words
green finance policy/energy transition/green governance/resource allocation/industrial structure分类
经济学引用本文复制引用
王健龙,王伟龙,刘勇..绿色金融政策何以驱动中国城市能源转型?[J].经济与管理研究,2025,46(11):91-109,19.基金项目
全国统计科学研究项目"企业创新产出效率测度及成果转化路径研究"(2025LY023) （2025LY023）
重庆市教育委员会人文社会科学研究青年项目"数字经济赋能重庆现代服务业与先进制造业深度融合的机制与路径研究"(23SKGH171) （23SKGH171）
重庆市教育科学规划一般项目"数字化赋能高校产学研协同创新绩效提升的逻辑与政策路径"(K23YG2080378) （K23YG2080378）
