绿色金融视角下碳排放权交易政策的经济环境效率提升效应研究

Research on the Improvement Effect of Economic Environmental Efficiency of Carbon Emission Trading Policy from the Perspective of Green Finance

摘要: 本文基于2009年至2019年中国30个省市自治区的面板数据，运用双重差分模型，对绿色金融中的碳排放权交易政策如何影响地区经济环境效率及其潜在作用机制进行了深入探究。研究发现，碳排放权交易政策对试点地区的经济环境效率提升具有显著的正向效应，并且这一效应随时间推移逐渐增强，体现了政策的动态效果。进一步分析作用机制发现该政策通过推动能源效率的提高和碳排放强度的降低来提升经济环境效率水平。异质性分析还显示，碳排放权交易政策在可再生资源较缺乏、产业结构相对先进的地区表现出更为显著的效果。基于这些发现，本文从加强碳交易市场、协调绿色金融政策、促进低碳技术创新与能源结构调整、制定差异化政策等四个方面提出了对策建议。

Abstract: Based on panel data from 30 Chinese provinces, autonomous regions, and municipalities from 2009 to 2019, this paper employs a Difference-in-Differences (DID) model to empirically investigate the impact of the carbon emissions trading policy—a key instrument within green finance—on regional economic-environmental efficiency and its underlying mechanisms. The study finds that the carbon emissions trading policy has a significant positive effect on improving the economic environmental efficiency of pilot regions, and this effect strengthens over time, revealing the policy’s dynamic impact. Further analysis of the mechanisms indicates that the policy enhances economic environmental efficiency by promoting improvements in energy efficiency and reducing carbon emission intensity. Heterogeneity analysis also reveals that the policy’s effects are more pronounced in regions relatively lacking in renewable resources and those with a more advanced industrial structure. Based on these findings, this paper proposes policy recommendations in four areas: strengthening the carbon trading market, coordinating green finance policies, promoting low-carbon technological innovation and energy structure adjustment, and formulating differentiated regional policies.