Can green finance promote urban green development? Evidence from green finance reform and innovation pilot zone in China

被引：70
作者：
Zhang, Hongfeng [1 ]
Wang, Yixiang [2 ]
Li, Rui [1 ]
Si, Hongyun [1 ]
Liu, Wei [3 ]
机构：
[1] Shandong Univ Finance & Econ, Sch Publ Adm & Policy, 7366 East Erhuan Rd, Jinan 250014, Peoples R China
[2] Shandong Univ Finance & Econ, Sch Econ, Jinan 250014, Peoples R China
[3] Shandong Univ Finance & Econ, Sch Business Adm, Jinan 250014, Peoples R China
来源：
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH | 2023年 / 30卷 / 05期
关键词：
Green finance; Green total factor productivity; Difference-in-differences; Pilot policy; Green development; Heterogeneous effects; TOTAL FACTOR PRODUCTIVITY; ENVIRONMENTAL-REGULATION; EMPIRICAL-EVIDENCE; TECHNOLOGICAL-INNOVATION; PORTER HYPOTHESIS; GROWTH; IMPACT; REGULATIONS; INVESTMENT; EMISSIONS;
D O I：
10.1007/s11356-022-22886-0
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
This study aims to evaluate the effect of the green finance reform and innovation pilot zone (GFPZ) policy on urban green development. Based on city-level panel data in China from 2012 to 2019, a difference-in-differences model was employed to examine the effects of China's GFPZ policy on the city's green total factor productivity (GTFP). Results show that (1) the GFPZ policy has promoted the GTFP of pilot cities, a conclusion that still holds after performing multiple robustness tests. (2) Compared to non-pilot cities, the GFPZ policy can increase urban GTFP by promoting urban green innovation and reducing urban energy intensity. (3) The GFPZ policy had a more significant impact on mega cities and resource-based cities than on medium and big-sized cities and non-resource-based cities. This study provides new empirical evidence on how green finance influences urban green development and offers China's experience to policymakers worldwide to develop green finance in top-level policy design and practice.
引用
收藏
页码：12041 / 12058
页数：18
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