异质性环境规制对长三角地区碳金融发展的影响研究

Research on the Impact of Heterogeneous Environmental Regulations on the Development of Carbon Finance in the Yangtze River Delta Region

摘要: 文章以2018~2023年长三角地区41个城市为样本，运用熵权TOPSIS综合评价法评价各城市碳金融发展水平，随后构建固定效应模型和门槛模型，研究异质性环境规制对长三角地区碳金融发展的影响及其作用机制。研究发现：长三角地区碳金融发展水平总体提升但内部差异显著，呈现核心辐射、梯度扩散与新兴增长点并存的空间演化特征；其次，强制命令型环境规制对碳金融的影响呈现出倒U型的非线性关系，市场激励型环境规制对碳金融产生直接的线性促进效应，而公众参与型规制则在跨越特定门槛后产生倍增作用。研究为探索环境规制与碳金融之间的复杂关系提供了新的经验证据，助力推动长三角地区构建差异化、协同化的环境治理政策体系，提升碳金融发展水平。

Abstract: This paper takes 41 cities in the Yangtze River Delta region from 2018 to 2023 as a sample, evaluates the development level of carbon finance in each city using the entropy weight TOPSIS comprehensive evaluation method, and then constructs a fixed-effects model and a threshold model to study the impact of heterogeneous environmental regulations on the development of carbon finance in the Yangtze River Delta region and its mechanism of action. The research findings are as follows: The overall development level of carbon finance in the Yangtze River Delta region has improved, but there are significant internal differences, exhibiting spatial evolutionary characteristics of core radiation, gradient diffusion, and coexistence of emerging growth points. Secondly, mandatory command-type environmental regulations have an inverted U-shaped nonlinear relationship with carbon finance, market incentive-type environmental regulations have a direct linear promoting effect on carbon finance, while public participation-type regulations have a multiplier effect after crossing a certain threshold. This paper provides new empirical evidence for studying the complex relationship between environmental regulations and carbon finance, and helps promote the construction of a differentiated and coordinated environmental governance policy system in the Yangtze River Delta region, thereby enhancing the development level of carbon finance.