低碳转型对金融发展水平的影响——基于低碳城市试点政策的研究

The Impact of Low-Carbon Transition on the Level of Financial Development—A Study Based on Pilot Policies for Low-Carbon Cities

摘要: 为促进绿色低碳转型，中国正稳步推进低碳城市试点工作，并致力于精确衡量这些试点在提升绿色全要素生产率方面的成效。为此，研究聚焦于低碳城市，依托2007年至2021年间中国281座城市的面板数据，运用多阶段双重差分模型，对低碳城市试点政策如何影响金融发展水平进行了实证分析。结果显示，与非试点城市相比，低碳试点政策显著抑制了金融发展水平的提升，经过一系列稳健性检验后，上述结论依然成立。机制分析表明，低碳城市试点能够通过政府干预和经济集聚水平抑制金融发展水平。

Abstract: To promote a green and low-carbon transition, China is steadily promoting low-carbon city pilots and is committed to accurately measuring the effectiveness of these pilots in enhancing green total factor productivity. To this end, the study focuses on low-carbon cities and empirically analyzes how pilot policies for low-carbon cities affect the level of financial development, relying on panel data for 281 Chinese cities between 2007 and 2021 and using a multi-stage double difference model. The results show that compared with non-pilot cities, low-carbon pilot policies significantly inhibit the improvement of financial development level, and the above conclusion still holds after a series of robustness tests. The mechanism analysis suggests that low-carbon city pilots can inhibit the level of financial development through government intervention and the level of economic agglomeration.