绿色金融改革创新的节能效应研究

马艳芹¹　罗良文²

（1. 湖北经济学院；2. 中南财经政法大学）

内容提要：设立绿色金融改革创新试验区是中国开启绿色金融区域探索的典型实践，也是促进节能降耗、减污降碳和绿色发展的重要手段。本文以绿色金融改革创新试验区实践为绿色金融政策的切入点，采用双重差分方法考察绿色金融改革创新政策的节能效应、作用机制和异质效应。研究结果表明，绿色金融改革创新政策的推行有助于降低试验区的能源强度，并提升试验区的绿色全要素能源效率，从而产生节能效应。机制检验结果表明，绿色金融改革创新政策能够通过推动产业结构升级和绿色技术创新来促进节能效应的产生。异质性分析结果显示，绿色金融改革创新政策有助于改善非资源型城市和中西部城市能源强度和绿色全要素能源效率，从而产生节能效应。本文的研究结论能够为促进绿色金融政策的制定和推广、挖掘节能效应的驱动力提供经验证据。

关键词：绿色金融；改革创新试验区；能源强度；绿色全要素能源效率；节能效应；产业结构升级；绿色技术创新

作者简介：马艳芹，湖北经济学院经济与贸易学院讲师，通信作者，武汉，430205；罗良文，中南财经政法大学经济学院教授、博士生导师，武汉，430073。

基金项目：国家社会科学基金一般项目“用能权交易制度驱动工业企业能源技术创新的机理、效应评价与政策优化研究”（21BJY111）；湖北经济学院科研项目“绿色金融驱动能源供需双侧协同转型的影响机理与政策优化”（XJ23BS26）

引用格式：马艳芹,罗良文.绿色金融改革创新的节能效应研究[J].经济与管理研究,2024,45(9):22-38.DOI:10.13502/j.cnki.issn1000-7636.2024.09.002.

Energy-saving Effect of Green Finance Reform and Innovation

MA Yanqin¹, LUO Liangwen²

(1. Hubei University of Economics, Wuhan 430205;

2. Zhongnan University of Economics and Law, Wuhan 430073)

Abstract: As a typical practice in China to start the regional exploration of green finance, the green finance reform and innovation pilot zone (GFRIPZ) is an important means to promote energy saving, pollution mitigation, carbon reduction, and green development. This paper takes the practice of the GFRIPZ as the entry point of green finance policies, uses the panel data of 280 prefecture-level cities in China from 2010 to 2021, and adopts the difference-in-differences method to examine the energy-saving effect, mechanisms, and external heterogeneity of the green finance reform and innovation (GFRI) policy.

The findings are as follows. First, implementing the GFRI policy can reduce the energy intensity and improve the green total factor energy efficiency of the pilot zones, thus producing an energy-saving effect. The results remain valid after a series of robustness tests. Second, the GFRI policy can facilitate the generation of an energy-saving effect by promoting industrial structure upgrading and green technology innovation. Third, the GFRI policy helps to improve energy intensity and green total factor energy efficiency in non-resource cities and cities in the central and western regions, leading to a pronounced energy-saving effect.

This paper provides empirical evidence for further improving the formulation and promotion of green finance policies, exploring the driving forces of energy-saving effects. The marginal contributions are as follows. First, this paper extends the effectiveness analysis of the GFRI policy. It explains and empirically demonstrates how the GFRI policy can produce energy-saving effects. At the same time, incorporating the Porter hypothesis into the analytical framework enriches relevant research on green finance policies. Second, energy intensity and green total factor energy efficiency are included in the unified analysis of the impact of the GFRI policy, and the energy-saving effect of this policy is evaluated more comprehensively. Third, it enriches the study of heterogeneity of the GFRI policy effects under the characteristics of regional differentiation and factor category differentiation. Based on differentiated features for classification, it helps to implement energy-saving targets more scientifically and rationally, so as to promote energy saving, consumption reduction, pollution mitigation, and carbon reduction.

Based on the conclusions, the following policy recommendations are put forward. First, it is crucial to construct a long-term green finance mechanism to release the energy-saving potential of green finance policies. Second, it is essential to improve the GFRIPZs and pay more attention to the design of differentiated policies in the GFRIPZs. Third, it is necessary to promote innovation and application of green technologies, thereby driving the transformation of energy structure.

Keywords: green finance; reform and innovation pilot zone; energy intensity; green total factor energy efficiency; energy-saving effect; industrial structure upgrading; green technology innovation

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