金融发展对环境规制提升工业绿色全要素生产率的创新补偿效应

以金融发展为切入点，探讨环境规制对工业绿色全要素生产率的影响。研究结果显示，不同融资模式的金融发展对环境规制提升工业绿色全要素生产率均存在创新补偿效应，且股票市场的创新补偿效应最大，银行部门次之，民间金融最小。分区域的估计结果显示，东部地区银行部门不存在创新补偿效应，其余地区的估计结果与整体一致。进一步的门槛检验结果显示，银行部门和民间金融均存在单一门槛，且呈现正向边际效率递增的非线性规律。

Innovation Compensation Effect of Financial Development on Environmental Regulation Promoting Industrial Green Total Factor Productivity

Taking financial development as the breakthrough point, this paper discusses the Influential mechanism of environmental regulation on industrial green total factor productivity. The research finds that: the financial development of different financing modes has innovative compensation effect on the improvement of industrial green total factor productivity by environmental regulation. The innovation compensation effect of stock market is the largest, followed by banking sector and private finance is the smallest. The innovation compensation effect of stock market is the largest, followed by banking sector and private finance is the smallest. According to the estimated results by region, there is no innovation compensation effect in the banking sector of the eastern region, and the estimated results of other regions are consistent with the overall results. Further threshold model shows that there is a single threshold in both banking sector and private finance which show a nonlinear law of increasing positive marginal efficiency.