产业生态化协同集聚的绿色经济效应与空间溢出效应

协同集聚作为现阶段产业发展的主要组织方式，对区域经济和生态均存在多方面影响。环保产业与一般制造业共聚是产业协同集聚的一种细分模式，通过对比其与一般协同集聚在动因、效应和关联方式等方面异同，依据其显著的生态闭环功能和环境正外部性特征，将其命名为生态化协同集聚，并基于2013—2019年短面板数据，采用杜宾模型（SDM）考察生态化协同集聚的绿色经济效应和空间溢出效应。结果表明，全国范围内生态化协同集聚对绿色经济效率的促进作用总体呈现U型特征，且存在显著的空间异质性和空间溢出效应；沿海地区生态化协同集聚程度较高，对绿色经济效率已形成有效促进作用，而内陆地区生态化协同集聚水平较低，集聚对绿色经济效率表现为抑制作用；环境规制对生态化协同集聚的绿色经济效应具有显著影响。结论可为生态化协同集聚促进区域绿色经济效率提升和高质量发展提供决策参考。     

The price of carbon risk: Evidence from China’s bond market

Using a 2009–2019 sample of Chinese bond issuers, we examine the effect of carbon risk on bond financing costs. Relative to low carbon risk issuers, high carbon risk issuers have substantially larger bond credit spreads, mainly because their credit risk is greater and they invest the funds in non-green projects. This positive relationship is more pronounced for issuers with financing constraints, those not making a green transition and those in cities with stringent environmental regulations. We find a reversed effect during the COVID-19 pandemic. However, China’s carbon peak and carbon neutral goals have renewed the focus on carbon risk. Carbon risk also causes bond issuers to scale back production and negatively affects their likelihood of receiving long-term financial support. Our findings suggest that investors consider carbon risk and charge a corresponding risk premium.     

Does green governance affect financing constraints? Evidence from China’s heavily polluting enterprises

Given the increasing focus on global sustainable development, many enterprises in developing countries such as China participate in green governance and scale up their green investment; however, many enterprises still experience financing difficulties. Our study investigates whether green governance can mitigate corporate financing constraints. Using a sample of Chinese, A-share listed, high-pollution enterprises from 2013 to 2018, we find that corporate green governance practices, including environmental performance and information disclosure, ease corporate financing constraints. This effect is pronounced in areas with high levels of financial development and for state-owned enterprises. This paper not only proposes a channel for alleviating enterprises’ financing constraints but also reveals the importance of industrial transformation and emissions reduction for energy-intensive industries in emerging markets.     

中国嵌入全球价值链对绿色技术创新的影响

在对全球价值链嵌入影响绿色技术创新特质、机理、异质性、滞后性与动态效应进行理论分析的基础上，运用2008-2018年中国内地25个省份面板数据，测度中国各省份全球价值链嵌入对绿色技术创新的影响。结果发现：(1)从全国层面看，绿色技术创新是一个动态演化、循序渐进的过程，嵌入全球价值链对绿色技术创新具有显著促进作用，但这种影响存在逐渐减弱的滞后性；(2)从时间层面看，嵌入全球价值链对绿色技术创新的影响具有显著时间差异性，伴随着中国自主创新水平提升和环境规制力度加大，以及发达国家逆全球化趋势盛行，近年来嵌入全球价值链对绿色技术创新的影响日渐减弱；(3)从地区层面看，嵌入全球价值链对绿色技术创新的影响具有显著地区差异性，中西部地区嵌入全球价值链对绿色技术创新的影响比东部地区更明显。据此，提出进一步优化全球价值链嵌入度、扩大全球价值链溢出效应、缩小不同地区间技术差距等政策建议。     

科技金融政策如何促进城市绿色创新发展——来自“科技和金融结合试点政策”的证据

借助科技和金融结合试点政策“准自然实验”，基于2004—2019年中国内地地级市面板数据，使用双重差分法评估科技和金融结合试点政策对绿色创新的影响。研究发现，试点政策显著促进绿色创新发展，且随着试点政策的不断推进，这种促进作用呈现持续增强的动态演化规律。机制研究结果表明，试点政策对绿色创新的促进作用通过拓展公共科技金融资源和市场科技金融资源得以实现。异质性研究结果表明，创新资源投入越丰富、创新能力越强的城市，这种促进作用越显著。试点政策不仅有助于提升城市绿色创新水平，还有利于提高绿色全要素生产率。研究结论可为试点政策的进一步推广提供有效支撑，并为城市绿色发展提供重要启示。     

中国绿色技术创新效率异质性环境规制影响与时空跃迁研究

引导环境规制政策对绿色技术创新效率变革产生推动作用，可为经济高质量发展提供重要支撑。将命令控制型、市场激励型与公众参与型环境规制视为不可控制变量，构建动态SBM-DEA模型，考察异质性环境规制对绿色技术创新效率的影响，分析其动态演化特征及时空跃迁路径，揭示考虑和未考虑环境规制影响绿色技术创新效率的时空差异。结果发现：①异质性环境规制对2001-2018年中国绿色技术创新效率具有正向影响，影响作用存在地区差异性；②东部地区环境规制政策可以有效发挥市场机制和公众监督作用，中西部地区环境规制政策可以更好地发挥政府调控作用；③绿色技术创新效率时空演变具有持续优化、空间差异缩小等特征。为推动中国绿色技术创新均衡、高效发展，应重点制定相关策略以缩小南北地区绿色技术创新发展差距。     

Environmental sustainability in the OECD: The power of digitalization,green innovation,renewable energy and financial development

Digitalization has emerged as a crucial factor in reducing pollution and holds significant potential for facilitating the transition to a low-carbon economy. Nevertheless, the environmental impact of digitalization hinges on the strategies for collaboration with various economic actors and, as a result, their engagement with digitalization. In light of this, the present study seeks to examine the externality effect of digitalization on green innovation, renewable energy, and financial development in relation to environmental sustainability. The analysis employs the System Generalized Method of Moments (SYS-GMM) for 36 OECD countries over the period of 2000–2018. The empirical findings indicate that digitalization, green innovation, renewable energy, and financial development substantially promote environmental sustainability. Moreover, the interaction between digitalization, green innovation, renewable energy utilization, and financial development enhances the ecological footprint-mitigating effect of digitalization. In view of these results, merging digitalization and environmental policies may yield more robust outcomes and improved environmental quality compared to implementing a single policy in isolation.     

Green creates value: Evidence from China

This study explores whether and how the issuance of green bonds affects firm value in China from January 2015 to September 2020. Based on a multiperiod difference-in-differences model, we observe that firm value increases with the issuance of green bonds, but this positive effect is unsustainable and weakens gradually. The heterogeneity analysis suggests that the expected positive effect of green bond issuance on firm value is highly evident in non-state-owned firms, small firms, firms in green finance pilot zones, and firms in the eastern region. Moreover, we explore the mechanism in terms of financing condition, government support, and green investment and find that the financing condition, tax burden, and government subsidy of firms improve following the issuance of green bonds. However, green investments erode firm profits, which may lead to the unsustainability of the driving effect of green bond issuance on firm value. Further analysis reveals that when the volume of the green bonds issued by firms increases by one standard deviation, firm value increases by 0.032 units on average.     

绿色信贷政策能够促进企业绿色创新吗？——基于政策效应分化的视角

本文实证检验了绿色信贷政策影响重污染企业和节能环保企业绿色创新的不同效应。研究发现,绿色信贷政策对绿色创新的影响在两类企业之间存在分化:政策能更有效提升节能环保企业的绿色创新,对重污染企业绿色创新的促进作用相对有限。从银行信贷决策视角看,政策效应的分化一定程度上源于政策对信贷融资的影响存在差异:政策使重污染企业融资规模降低、融资成本提升的同时,促进了节能环保企业融资规模的增加。从企业绿色行为决策视角看,政策效应的分化一定程度上源于政策对企业绿色行为的影响存在差异:重污染企业采用“低成本策略”,节能环保企业则采用“竞争优势策略”。绿色信贷政策的效应还受企业所有权性质、现金持有以及企业规模的影响,而竞争性的银行业结构和政府补助有助于发挥政策对重污染企业绿色创新的促进作用。本文研究对评估绿色信贷政策的经济效果,推动政策进一步精准发力具有一定参考意义。     

Do green financial policies offset the climate transition risk penalty imposed on long-term sovereign bond yields?

Asset valuations in high-carbon sectors face significant corrections due to climate risks. This paper specifically analyses whether markets impose a penalty on long-term sovereign bonds issued by countries facing higher climate-related transition risk while rewarding those that have implemented green financial policies to mitigate these risks. We find that higher carbon dioxide emissions and a lower sustainable development score (both proxies for transition risks) lead to an increase in long-term sovereign bond yields. However, the presence of green financial policies appears to offset this climate transition risk premium.