摘要
中国的金融资源存在向重工业部门过度倾斜的错配现象,降低了经济环境效率。重工业部门一般伴随高能耗和高碳排放特征,因此考察金融错配对能源强度的影响,对发展绿色金融和实现“碳中和”目标具有重要意义。通过构建多部门内生增长模型以及工业行业数据的实证检验,本文发现金融错配能够显著提高能源强度。从作用机制上看,金融错配能够通过降低绿色创新质量提高工业能耗强度。进一步研究发现,金融错配的影响存在显著的劳动和所有权异质性,仅在低劳动密度行业和低国资占比行业加剧能源强度。在双碳目标下,金融支持经济低碳转型不仅需要继续推动绿色信贷政策发展,更需要从根源上解决诱发金融错配的信贷约束机制。
There exists a misallocation of financial resources in China,characterized by excessive tilt toward the heavy industry sector,which undermines the efficiency of the economic environment.Given that the heavy industry is typically associated with high energy consumption and high carbon emissions,examining the impact of financial misallocation on energy intensity holds significant implications for advancing green finance and achieving the"carbon neutrality"goal.By building a multi-sector endogenous growth model,this paper finds that financial misallocation significantly increases energy intensity,which is further validated by empirical tests using industrial sector data.Financial misallocation raises industrial energy intensity by reducing the quality of green innovation.Further analysis reveals notable heterogeneity in the impact of financial misallocation across dimensions of labor intensity and ownership structure:it only exacerbates energy intensity in industries with low labor density and a low state-owned share.Against the backdrop of the"dual carbon"goal,finance sector support for the low-carbon transition of the economy requires not only continued efforts to promote the development of green credit policies but,more importantly,addressing the credit constraint mechanisms that induce financial misallocation at its root.
作者
张帅
陆利平
Zhang Shuai;Lu Liping(School of Finance,Zhejiang Gongshang University;School of Finance,Renmin University of China)
出处
《经济科学》
北大核心
2025年第6期79-97,共19页
Economic Science
基金
浙江省社科规划课题“金融摩擦异质性视角下绿色信贷政策对低碳转型的激励机制与路径研究”(项目编号:23JCXK10YB)
浙江省自然科学基金“‘双碳’目标下气候政策冲击对银行稳定性的影响研究:理论机制与实证检验”(项目编号:LQ23G030005)
浙江省属高校基本科研业务费专项资金“面向碳中和目标的新质生产力范式构建”(项目编号:FR24008Q)的阶段性成果。
关键词
金融错配
经济低碳转型
能源强度
绿色金融
financial misallocation
low-carbon transition of the economy
energy intensity
green finance
作者简介
张帅,浙江工商大学金融学院,E-mail:zhangshuai@zjgsu.edu.cn;通信作者:陆利平,中国人民大学财政金融学院,E-mail:luliping@ruc.edu.cn。
