基于空间溢出效应的绿色金融与企业全要素生产率关系研究

本文以2009—2019年我国30个省市区(因数据缺失,不包括西藏地区和港澳台地区)为研究样本,综合利用空间杜宾模型和面板门槛模型考察绿色金融对企业全要素生产率(TFP)的空间效应,并分析其中的中介机制.主要结论如下:①绿色金融对企业TFP存在明显促进效应和空间溢出效应;②在影响机制方面,绿色金融与TFP之间的关系受到了产业结构调整、技术创新发展、区域经济发展水平和城镇化水平的中介影响,且存在明显的门槛效应.其中产业结构、技术创新的提升能够有效提升绿色金融对TFP的带动效应,而经济发展水平在两者间存在逐步弱化效应,城镇化水平则对两者间的影响呈"U"型.本文研究结论为推进企业绿色转型升级,提升全要素生产率战略目标,完善绿色金融体系提供了重要的方向性参考.

Research on the relationship between green finance and total factor productivity based on space spillover effect

This paper takes 30 provinces and municipalities in China from 2006 to 2016 as research samples, comprehensively uses the spatial Dubin model and panel threshold model to investigate the spatial effect of green finance on the total factor productivity (TFP) of enterprises, and analyzes the intermediary mechanism. The main conclusions are as follows: (1) Green finance has a significant promotion effect and space spillover effect on TFP of enterprises.(2) In terms of impact mechanism, the relationship between green finance and TFP has been affected by the intermediary influence of industrial structure adjustment, technological innovation and development, regional economic development level and urbanization level, and there are obvious threshold effects. Among them, the improvement of industrial structure and technological innovation can effectively promote the driving effect of green finance on TFP, and the level of economic development between the two gradually weakens, and the impact of urbanization on the two is U-shaped. The research conclusions in this article provide important directional references for advancing the green transformation and upgrading of enterprises, improving the strategic goals of total factor productivity, and improving the green financial system.