产业升级视角下绿色信贷与环保财政政策协同效应研究
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摘要
单一的绿色信贷政策或环保财政政策在促进环境治理、产业升级等方面存在局限性。因此,首先在阐述绿色信贷政策和财政政策作用机理的基础上,给出二者可能的政策协同渠道。然后,利用2007—2016年省际面板数据,考察绿色信贷与环保财政政策在促进产业升级方面是否存在协同效应,并对有可能增强二者协同效果的相关因素进行检验。结果表明:绿色信贷与环保财政政策存在显著协同效应,并且绿色信贷与税收政策的协同效果优于其与支出政策的协同效果,而金融发展水平能够显著促进绿色信贷与环保财政政策协同。此外,考察了政策协同与单位能耗及单位污染排放的关联性,得出了相似的结论。
A single green credit policy or environmental fiscal policy has limitations in environmental governance and industrial upgrading.Therefore,on the basis of explaining the mechanism of green credit policy and fiscal policy respectively,this paper gives the possible channels of policy synergy between them.Then,using the provincial panel data from 2007 to2016,this paper examines whether there is synergy between green credit and environmental fiscal policy in promoting industrial upgrading,and examines the relevant factors that may enhance the synergistic effect between them.The empirical results show that there is a significant synergistic effect between green credit and fiscal policy,and the synergistic effect between green credit and tax policy is better than that between green credit and expenditure policy,while the level of financial development can significantly promote the synergy between green credit and environmental fiscal policy.In addition,the paper also examines the relationship between policy synergy and unit energy consumption and unit pollution emissions,and draws similar conclusions.
A single green credit policy or environmental fiscal policy has limitations in environmental governance and industrial upgrading.Therefore,on the basis of explaining the mechanism of green credit policy and fiscal policy respectively,this paper gives the possible channels of policy synergy between them.Then,using the provincial panel data from 2007 to2016,this paper examines whether there is synergy between green credit and environmental fiscal policy in promoting industrial upgrading,and examines the relevant factors that may enhance the synergistic effect between them.The empirical results show that there is a significant synergistic effect between green credit and fiscal policy,and the synergistic effect between green credit and tax policy is better than that between green credit and expenditure policy,while the level of financial development can significantly promote the synergy between green credit and environmental fiscal policy.In addition,the paper also examines the relationship between policy synergy and unit energy consumption and unit pollution emissions,and draws similar conclusions.
引文
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[16]RAJAN R G,ZINGALESL.Financial dependence and growth[J].The American Economic Review,1998,88(3):559-586.
[17]MAKSIMOVIC V.Funding growth in bank-based and market-based financial systems:evidence from firm-level data[J].Journal of Financial Economics,2002,65(3):337-363.
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[19]褚睿刚.环境创新税收政策解构与重构:由单一工具转向组合工具[J].科技进步与对策,2018,35(10):107-114.
[20]周雄勇,许志端,郗永勤.中国节能减排系统动力学模型及政策优化仿真[J].系统工程理论与实践,2018,38(6):1422-1444.
[21]IGLESIAS G,RO P D,DOPICO J.Policy analysis of authorisation procedures for wind energy deployment in Spain[J].Energy Policy,2011,39(7):4067-4076.
[22]王妍.金融摩擦会影响政府财政支出乘数吗[J].中国管理科学,2015,23(S1):430-436.
[23]戴浩,柳剑平.政府补助对科技中小型企业成长的影响机理---技术创新投入的中介作用与市场环境的调节作用[J].科技进步与对策,2018,35(23):137-145.
[24]张成龙,李继峰,张阿玲,等.1997-2007年中国能源强度变化的因素分解[J].清华大学学报:自然科学版,2013,53(5):688-693.
[25]艾小青,陈连磊,朱丽南.空气污染排放与经济增长的关系研究---基于中国省际面板数据的空间计量模型[J].华东经济管理,2017,31(3):69-76.
[26]张磊,蒋义.促进节能减排的税收政策研究[J].中央财经大学学报,2008(8):6-11.
[27]席卫群.节能减排税收政策的有效性分析---基于工业高耗能行业数据[J].当代财经,2014(6):5-12.
[28]徐胜,赵欣欣,姚双.绿色信贷对产业结构升级的影响效应分析[J].上海财经大学学报,2018,20(2):59-72.
[29]孙海波,林秀梅.异质型人力资本与产业结构升级关系的动态演变[J].统计与信息论坛,2018,33(4):58-66.
[30]马子量,郭志仪.城市化发展中的产业升级:集聚推动、溢出效应与空间衰减---基于西北地区的空间计量[J].统计与信息论坛,2016,31(2):42-48.
[2]刘婧宇,夏炎,林师模,等.基于金融CGE模型的中国绿色信贷政策短中长期影响分析[J].中国管理科学,2015,23(4):46-52.
[3]李斌,苏珈漩.产业结构调整有利于绿色经济发展吗?---基于空间计量模型的实证研究[J].生态经济,2016,32(6):32-37.
[4]DUAN J,NIU M.The paradox of green credit in China[J].Energy Procedia,2011(5):1979-1986.
[5]KUMARI R L.Enhancing SMEs access to green finance[J].International Journal of Marketing,Financial Services&Management Research,2012,1(7):22-35.
[6]GILBERT S,ZHAO L.The knowns and unknowns of China's green finance.the sustainable infrastructure imperative:financing for better growth and development[C].London and Washington,DC:New Climate Economy,2017.
[7]左振秀,崔丽,朱庆华.中国实施绿色信贷的障碍因素[J].金融论坛,2017,22(9):48-57+80.
[8]李云燕,殷晨曦.绿色信贷信用风险转移模型构建与路径选择分析[J].中央财经大学学报,2017(11):50-57.
[9]周永圣,刘巧荣,李健,等.基于绿色信贷的政府促进银行实施代理监督权的博弈研究[J].系统工程理论与实践,2015,35(7):1744-1751.
[10]王凤荣,王康仕.“绿色”政策与绿色金融配置效率---基于中国制造业上市公司的实证研究[J].财经科学,2018(05):1-14.
[11]贾敬全.促进节能减排目标实现的财税政策研究[J].经济问题探索,2010(6):174-178.
[12]黄国宾,周业安.财政分权与节能减排---基于转移支付的视角[J].中国人民大学学报,2014,28(6):67-76.
[13]BERNANKE B,GERTLER M.Agency costs,net worth,and business fluctuations[J].American Economic Review,1989,79(1):14-31.
[14]GERTLER M.Financial capacity and output fluctuations in an economy with multiperiod financial relationships[J].Review of Economic Studies,1992,59(3):455-472.
[15]STIGLITZ J E,WEISSA.Credit rationing in markets with imperfect information[J].The American Economic Review,1981,71(3):393-410.
[16]RAJAN R G,ZINGALESL.Financial dependence and growth[J].The American Economic Review,1998,88(3):559-586.
[17]MAKSIMOVIC V.Funding growth in bank-based and market-based financial systems:evidence from firm-level data[J].Journal of Financial Economics,2002,65(3):337-363.
[18]石奇,孔群喜.动态效率、生产性公共支出与结构效应[J].经济研究,2012,47(1):92-104.
[19]褚睿刚.环境创新税收政策解构与重构:由单一工具转向组合工具[J].科技进步与对策,2018,35(10):107-114.
[20]周雄勇,许志端,郗永勤.中国节能减排系统动力学模型及政策优化仿真[J].系统工程理论与实践,2018,38(6):1422-1444.
[21]IGLESIAS G,RO P D,DOPICO J.Policy analysis of authorisation procedures for wind energy deployment in Spain[J].Energy Policy,2011,39(7):4067-4076.
[22]王妍.金融摩擦会影响政府财政支出乘数吗[J].中国管理科学,2015,23(S1):430-436.
[23]戴浩,柳剑平.政府补助对科技中小型企业成长的影响机理---技术创新投入的中介作用与市场环境的调节作用[J].科技进步与对策,2018,35(23):137-145.
[24]张成龙,李继峰,张阿玲,等.1997-2007年中国能源强度变化的因素分解[J].清华大学学报:自然科学版,2013,53(5):688-693.
[25]艾小青,陈连磊,朱丽南.空气污染排放与经济增长的关系研究---基于中国省际面板数据的空间计量模型[J].华东经济管理,2017,31(3):69-76.
[26]张磊,蒋义.促进节能减排的税收政策研究[J].中央财经大学学报,2008(8):6-11.
[27]席卫群.节能减排税收政策的有效性分析---基于工业高耗能行业数据[J].当代财经,2014(6):5-12.
[28]徐胜,赵欣欣,姚双.绿色信贷对产业结构升级的影响效应分析[J].上海财经大学学报,2018,20(2):59-72.
[29]孙海波,林秀梅.异质型人力资本与产业结构升级关系的动态演变[J].统计与信息论坛,2018,33(4):58-66.
[30]马子量,郭志仪.城市化发展中的产业升级:集聚推动、溢出效应与空间衰减---基于西北地区的空间计量[J].统计与信息论坛,2016,31(2):42-48.