绿色金融政策何以驱动中国城市能源转型？

王健龙　王伟龙　刘勇

（四川大学）

内容提要：在环境与气候问题严峻、传统高碳能源制约可持续发展的背景下，绿色金融作为一种创新的金融模式，旨在通过市场机制引导资金流向环保、低碳和高效的能源项目，赋能能源转型。本文基于2006—2022年中国284个城市的面板数据，以2017年实施的绿色金融政策为准自然实验，采用城市与时间双向固定的双重差分模型和空间杜宾模型来评估该政策对能源转型的直接影响、作用机制、影响的异质性及空间溢出效应。研究结果表明：绿色金融政策提高了城市能源转型水平；绿色金融政策通过提高绿色治理水平、提升资源配置效率和优化产业结构驱动城市能源转型；在高行政级别城市、自然资源禀赋充裕城市、新兴战略集群定位城市和环保法制高保障城市，绿色金融政策对能源转型的推动作用更大；绿色金融政策对城市能源转型具有正向空间溢出效应。本文的研究为推动绿色金融与能源转型的有效融合、助力城市构建低碳可持续的能源体系提供了政策建议。

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

作者简介：王健龙，四川大学经济学院博士研究生，成都，610065；王伟龙，四川大学经济学院博士研究生；刘勇，四川大学经济学院教授、博士生导师，通信作者。

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）；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）；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）

引用格式：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.

How can the Green Finance Policy Drive Urban Energy Transition in China?

WANG Jianlong, WANG Weilong, LIU Yong

(Sichuan University, Chengdu 610065)

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.

Keywords: green finance policy; energy transition; green governance; resource allocation; industrial structure

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