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金融发展在带动经济增长的同时对二氧化碳排放的影响也不容忽视。文章估算了1997-2011年中国30个省区的二氧化碳排放水平,并从总体规模、深化程度、效率水平以及中介发展四个角度对金融发展水平进行测度,在扩展的STIRPAT模型基础上使用动态面板数据模型和广义矩估计方法对金融发展、经济增长与中国省区碳排放的关系进行了系统研究。结果发现:在控制了人均收入和其他变量后,无论是从人均碳排放角度还是碳强度角度来看,金融发展对中国省区碳排放都起到负面作用。金融发展刺激了中国省区碳排放水平的增长,金融发展的财富效应和规模效应大于技术效应和结构效应,总体上对节能减排呈现负面效应。这与中国金融体系所处的发展阶段有关,今后应加强金融发展政策与节能减排规制的融合。
The impact of financial development on economic growth while on carbon dioxide emissions can not be ignored. This paper estimates the level of carbon dioxide emissions in 30 provinces and autonomous regions in China from 1997 to 2011 and measures the level of financial development from four aspects: the overall scale, the degree of deepening, the efficiency level and the intermediary development. Based on the extended STIRPAT model, the dynamic panel Data model and GMM are used to systematically study the relationship between financial development, economic growth and carbon emissions in China’s provinces. The results showed that after controlling for per capita income and other variables, the financial development played a negative role in China’s carbon emissions in both the carbon emission per capita and carbon intensity perspectives. Financial development stimulated the growth of carbon emission levels in China’s provinces and regions. The wealth effect and scale effect of financial development outweighed the technical effects and structural effects, and overall had a negative effect on energy conservation and emission reduction. This is related to the stage of development in which China’s financial system is located. In the future, the integration of financial development policies and energy conservation and emission reduction regulations should be strengthened.