城市化对绿色全要素生产率影响的金融发展传导效应——以“一带一路”国家为例
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摘要
城市化进程中活跃的金融部门,对绿色TFP的提升有关键作用。然而,城市作为现代经济的载体,如何通过金融发展的传导效应影响绿色TFP,现有研究往往语焉不详。本文理论分析了城市化对绿色TFP的直接作用及通过金融发展的间接传导效应,并借助"一带一路"的跨国面板数据进行实证研究。研究发现,城市化对绿色TFP有着先抑制后促进的直接影响。通过金融发展中的金融结构、金融效率、金融规模的间接传导效应,城市化进一步恶化了绿色TFP的增长。门槛效应表明,城市化在以资本市场衡量的较高金融结构下,对绿色TFP有正向的传导效应,而金融效率、金融规模则不存在这一促进机制。一方面,应努力提高城市化水平是破解当前城市化自身对绿色TFP负向影响的核心。另一方面,随着金融部门的日益重要,应把发展资本市场作为优化改善金融结构、建设绿色"一带一路"、实现经济发展和生态环境协同共进的重点。
The active financial sector in the process of urbanization plays a key role in the promotion of green TFP. However,as a carrier of modern economy,how to influence green TFP through the transmission effect of financial development is often unclear. This paper analyzes the direct effect of urbanization on green TFP and the indirect conduction effect through financial development,as well as using the transnational panel data from"the Belt and Road"to carry out an empirical study. The study found that urbanization has a direct impact on green TFP,which is first inhibited and then promoted.Through the indirect transmission effect of financial structure,financial efficiency and financial scale in the financial development,urbanization has further worsened the growth of green TFP. The threshold effect indicates that urbanization has a positive transmission effect on green TFP under the high financial structure measured by the capital market,while financial efficiency and financial scale do not exist this effect. It is thus suggested that,on the one hand,striving to raise the level of urbanization are the core of solving the negative impact of it on green TFP. On the other hand,with the increasing importance of the financial sector,the development of the capital market should be taken as the fouces to optimizing the financial structure,constructing green "the Belt and Road ",as well as achieving the cooperation of economic development and ecological environment.
The active financial sector in the process of urbanization plays a key role in the promotion of green TFP. However,as a carrier of modern economy,how to influence green TFP through the transmission effect of financial development is often unclear. This paper analyzes the direct effect of urbanization on green TFP and the indirect conduction effect through financial development,as well as using the transnational panel data from"the Belt and Road"to carry out an empirical study. The study found that urbanization has a direct impact on green TFP,which is first inhibited and then promoted.Through the indirect transmission effect of financial structure,financial efficiency and financial scale in the financial development,urbanization has further worsened the growth of green TFP. The threshold effect indicates that urbanization has a positive transmission effect on green TFP under the high financial structure measured by the capital market,while financial efficiency and financial scale do not exist this effect. It is thus suggested that,on the one hand,striving to raise the level of urbanization are the core of solving the negative impact of it on green TFP. On the other hand,with the increasing importance of the financial sector,the development of the capital market should be taken as the fouces to optimizing the financial structure,constructing green "the Belt and Road ",as well as achieving the cooperation of economic development and ecological environment.
引文
[1]郑思齐,万广华,孙伟增.公众诉求与城市环境治理[J].管理世界,2013(6):72-84.
[2]陆铭,冯皓.集聚与减排:城市规模差距影响工业污染强度的经验研究[J].世界经济,2014(7):86-114.
[3]王兵,唐文狮,吴延瑞,等.城镇化提高中国绿色发展效率了吗?[J].经济评论,2014(4):38-49.
[4]葛鹏飞,黄秀路,徐璋勇.金融发展、创新异质性与绿色全要素生产率提升---来自“一带一路”的经验证据[J].财经科学,2018(1):1-14.
[5]张成思,刘贯春.最优金融结构的存在性、动态特征及经济增长效应[J].管理世界,2016(1):66-77.
[6]严成樑,李涛,兰伟.金融发展、创新与二氧化碳排放[J].金融研究,2016(1).
[7]徐盈之,管建伟.金融发展影响我国环境质量的实证研究:对EKC曲线的补充[J].软科学,2010,24(9).
[8]赵娜,王博,刘燕.城市群、集聚效应与“投资潮涌”---基于中国20个城市群的实证研究[J].中国工业经济,2017(11):81-99.
[9]Au C.C.,Henderson J.V.Are Chinese Cities too Small?[J].The Review of Economic Studies,2006,73(3):549-576.
[10]Zhang H.How does Agglomeration Promote the Product Innovation of Chinese Firms?[J].China Economic Review,2015,35:105-120.
[11]蔡昉.城市化与农民工的贡献---后危机时期中国经济增长潜力的思考[J].中国人口科学,2010,2010(1):2-10.
[12]崔宇明,代斌,王萍萍.城镇化、产业集聚与全要素生产率增长研究[J].中国人口科学,2013(4):54-63.
[13]杜雯翠,冯科.城市化会恶化空气质量吗?---来自新兴经济体国家的经验证据[J].经济社会体制比较,2013(5):91-99.
[14]York R.Demographic Trends and Energy Consumption in European Union Nations,1960-2025[J].Social Science Research,2007,36(3):855-872.
[15]王会,王奇.中国城镇化与环境污染排放:基于投入产出的分析[J].中国人口科学,2011(5):57-66.
[16]Buehn A.,Farzanegan M.R.Hold your breath:A new index of air pollution[J].Energy economics,2013,37:104-113.
[17]穆怀中,范洪敏.城市化对环境质量的影响---基于27个国家面板数据的分析[J].城市问题,2016(9):73-79.
[18]Bai Y.,Deng X.,Jiang S.Exploring the Relationship between Urbanization and Urban eco-efficiency:Evidence from Prefecture-level Cities in China[J].Journal of Cleaner Production,2017.
[19]Han F.,Xie R.,Fang J.The Effects of Urban Agglomeration Economies on Carbon Emissions:Evidence from Chinese Cities[J].Journal of Cleaner Production,2018,172:1096-1110.
[20]罗琼.中国金融发展与新型城镇化建设的关系实证分析[J].经济地理,2016,36(9):66-71.
[21]谢家智,王文涛.金融发展的经济增长效率:影响因素与传递机理[J].财贸经济,2013,34(7):59-67.
[22]Freixas X.,Rochet J.C.Microeconomics of Banking[M].MIT Press,2008.
[23]Laeven L.,Levine R.,Michalopoulos S.Financial Innovation and Endogenous Growth[J].Journal of Financial Intermediation,2015,24(1):1-24.
[24]陈志刚,郭帅.金融发展影响全要素生产率增长研究述评[J].经济学动态,2012(8).
[25]任力,朱东波.中国金融发展是绿色的吗---兼论中国环境库兹涅茨曲线假说[J].经济学动态,2017(11):58-73.
[26]顾永昆,刘永甜.金融发展与产业结构调整---基于生产要素分配的分析视角[J].财政科学,2017(2):98-109.
[27]王勋,Anders Johansson.金融抑制与经济结构转型[J].经济研究,2013(1):54-67.
[28]Ma C.,Stern D.I.China’s Changing Energy Intensity Trend:A Decomposition Analysis[J].Energy Economics,2008,30(3):1037-1053.
[29]Cole M.A.,Elliott R.J.R.,Shimamoto K.Industrial Characteristics,Environmental Regulations and Air Pollution:An Analysis of the UK Manufacturing Sector[J].Journal of Environmental Economics&Management,2005,50(1):121-143.
[30]关爱萍,李娜.金融发展、区际产业转移与承接地技术进步---基于西部地区省际面板数据的经验证据[J].经济学家,2013(9):88-96.
[31]Poumanyvong P,Kaneko S.Does urbanization lead to less energy use and lower CO 2,emissions?A cross-country analysis[J].Ecological Economics,2010,70(2):434-444.
[32]崔也光,李博.企业社会责任履行、R&D投入与财务绩效---基于我国主板上市公司的经验证据[J].贵州财经大学学报,2018(2):60-69.
[33]孙天阳,许和连,王海成.产品关联、市场邻近与企业出口扩展边际[J].中国工业经济,2018(5):24-42.
[34]Hansen E.Sample Splitting and Threshold Estimation[J].Econometrica,2010,68(3):575-603.
(1)原始数据来自世界银行数据库,由作者整理得出。
(1)研究对象包括中国、菲律宾、柬埔寨、马来西亚、泰国、文莱、新加坡、印尼、越南、巴基斯坦、孟加拉国、斯里兰卡、印度、哈萨克斯坦、吉尔吉斯斯坦、塔吉克斯坦、乌兹别克斯坦、亚美尼亚、格鲁吉亚、阿塞拜疆、伊朗、以色列、约旦、埃及、塞浦路斯、土耳其、白俄罗斯、俄罗斯、摩尔多瓦、乌克兰、保加利亚、波兰、捷克、克罗地亚、拉脱维亚、罗马尼亚、马其顿、斯洛伐克、斯洛文尼亚、希腊、匈牙利、爱沙尼亚等42个国家。
[2]陆铭,冯皓.集聚与减排:城市规模差距影响工业污染强度的经验研究[J].世界经济,2014(7):86-114.
[3]王兵,唐文狮,吴延瑞,等.城镇化提高中国绿色发展效率了吗?[J].经济评论,2014(4):38-49.
[4]葛鹏飞,黄秀路,徐璋勇.金融发展、创新异质性与绿色全要素生产率提升---来自“一带一路”的经验证据[J].财经科学,2018(1):1-14.
[5]张成思,刘贯春.最优金融结构的存在性、动态特征及经济增长效应[J].管理世界,2016(1):66-77.
[6]严成樑,李涛,兰伟.金融发展、创新与二氧化碳排放[J].金融研究,2016(1).
[7]徐盈之,管建伟.金融发展影响我国环境质量的实证研究:对EKC曲线的补充[J].软科学,2010,24(9).
[8]赵娜,王博,刘燕.城市群、集聚效应与“投资潮涌”---基于中国20个城市群的实证研究[J].中国工业经济,2017(11):81-99.
[9]Au C.C.,Henderson J.V.Are Chinese Cities too Small?[J].The Review of Economic Studies,2006,73(3):549-576.
[10]Zhang H.How does Agglomeration Promote the Product Innovation of Chinese Firms?[J].China Economic Review,2015,35:105-120.
[11]蔡昉.城市化与农民工的贡献---后危机时期中国经济增长潜力的思考[J].中国人口科学,2010,2010(1):2-10.
[12]崔宇明,代斌,王萍萍.城镇化、产业集聚与全要素生产率增长研究[J].中国人口科学,2013(4):54-63.
[13]杜雯翠,冯科.城市化会恶化空气质量吗?---来自新兴经济体国家的经验证据[J].经济社会体制比较,2013(5):91-99.
[14]York R.Demographic Trends and Energy Consumption in European Union Nations,1960-2025[J].Social Science Research,2007,36(3):855-872.
[15]王会,王奇.中国城镇化与环境污染排放:基于投入产出的分析[J].中国人口科学,2011(5):57-66.
[16]Buehn A.,Farzanegan M.R.Hold your breath:A new index of air pollution[J].Energy economics,2013,37:104-113.
[17]穆怀中,范洪敏.城市化对环境质量的影响---基于27个国家面板数据的分析[J].城市问题,2016(9):73-79.
[18]Bai Y.,Deng X.,Jiang S.Exploring the Relationship between Urbanization and Urban eco-efficiency:Evidence from Prefecture-level Cities in China[J].Journal of Cleaner Production,2017.
[19]Han F.,Xie R.,Fang J.The Effects of Urban Agglomeration Economies on Carbon Emissions:Evidence from Chinese Cities[J].Journal of Cleaner Production,2018,172:1096-1110.
[20]罗琼.中国金融发展与新型城镇化建设的关系实证分析[J].经济地理,2016,36(9):66-71.
[21]谢家智,王文涛.金融发展的经济增长效率:影响因素与传递机理[J].财贸经济,2013,34(7):59-67.
[22]Freixas X.,Rochet J.C.Microeconomics of Banking[M].MIT Press,2008.
[23]Laeven L.,Levine R.,Michalopoulos S.Financial Innovation and Endogenous Growth[J].Journal of Financial Intermediation,2015,24(1):1-24.
[24]陈志刚,郭帅.金融发展影响全要素生产率增长研究述评[J].经济学动态,2012(8).
[25]任力,朱东波.中国金融发展是绿色的吗---兼论中国环境库兹涅茨曲线假说[J].经济学动态,2017(11):58-73.
[26]顾永昆,刘永甜.金融发展与产业结构调整---基于生产要素分配的分析视角[J].财政科学,2017(2):98-109.
[27]王勋,Anders Johansson.金融抑制与经济结构转型[J].经济研究,2013(1):54-67.
[28]Ma C.,Stern D.I.China’s Changing Energy Intensity Trend:A Decomposition Analysis[J].Energy Economics,2008,30(3):1037-1053.
[29]Cole M.A.,Elliott R.J.R.,Shimamoto K.Industrial Characteristics,Environmental Regulations and Air Pollution:An Analysis of the UK Manufacturing Sector[J].Journal of Environmental Economics&Management,2005,50(1):121-143.
[30]关爱萍,李娜.金融发展、区际产业转移与承接地技术进步---基于西部地区省际面板数据的经验证据[J].经济学家,2013(9):88-96.
[31]Poumanyvong P,Kaneko S.Does urbanization lead to less energy use and lower CO 2,emissions?A cross-country analysis[J].Ecological Economics,2010,70(2):434-444.
[32]崔也光,李博.企业社会责任履行、R&D投入与财务绩效---基于我国主板上市公司的经验证据[J].贵州财经大学学报,2018(2):60-69.
[33]孙天阳,许和连,王海成.产品关联、市场邻近与企业出口扩展边际[J].中国工业经济,2018(5):24-42.
[34]Hansen E.Sample Splitting and Threshold Estimation[J].Econometrica,2010,68(3):575-603.
(1)原始数据来自世界银行数据库,由作者整理得出。
(1)研究对象包括中国、菲律宾、柬埔寨、马来西亚、泰国、文莱、新加坡、印尼、越南、巴基斯坦、孟加拉国、斯里兰卡、印度、哈萨克斯坦、吉尔吉斯斯坦、塔吉克斯坦、乌兹别克斯坦、亚美尼亚、格鲁吉亚、阿塞拜疆、伊朗、以色列、约旦、埃及、塞浦路斯、土耳其、白俄罗斯、俄罗斯、摩尔多瓦、乌克兰、保加利亚、波兰、捷克、克罗地亚、拉脱维亚、罗马尼亚、马其顿、斯洛伐克、斯洛文尼亚、希腊、匈牙利、爱沙尼亚等42个国家。