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Chinese Journal of Management Science ›› 2022, Vol. 30 ›› Issue (12): 173-184.doi: 10.16381/j.cnki.issn1003-207x.2021.2630

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Research on the Emission Reduction Effect of Green Finance from the Perspective of General Equilibrium Theory: Modeling and Empirical Test

WEN Shu-yang1, SHI Hao-ming2, GUO Jian3, 4   

  1. 1. Institute of Chinses Financial Study, Southwestern University of Finance and Economics, Chengdu 610000, China;2. School of Finance,Southwestern University of Finance and Economics, Chengdu 610000, China;3. School of Management Science and Engineering, Central University of Finance and Economics, Beijing 100089, China;4. School of Business Administration, Karamay Campus, China University of Petroleum Beijing, Karamay City, 834000, China
  • Received:2021-07-31 Revised:2022-03-21 Published:2023-01-10
  • Contact: 文书洋 E-mail:wenshuyang1123@163.com

Abstract: Can green finance effectively promote carbon emission reduction? What is its internal mechanism? With the goal of carbon peaking and carbon neutrality, it is of great significance to answer this question scientifically and rigorously. The theoretical hypothesis is put forward that green finance can help carbon emission reduction by promoting the progress of green technology. This general equilibrium model with carbon emission constraints and endogenous emission reduction technology progress in the paper explains the internal mechanism of green finance to achieve carbon emission reduction by supporting technological progress, and provides empirical evidence based on China’s provincial panel data. The impact of green finance on carbon emission reduction from both theoretical and empirical dimensions is demonstrated, and it is pointed out that supporting technological innovation is an important mechanism for green finance to exert its emission reduction effect. Therefore, in the process of developing green finance, it is more effective to focus on the practical use of financial resources and effectively support the updating of emission reduction technologies than simply restricting the acquisition of financial resources in high-emission industries. At the same time, theoretical analysis shows that more green finance is not necessarily better, but there is an optimal scale. While actively promoting the development of green finance, it is still necessary to pay attention to overall planning to avoid unnecessary losses caused by financial “over-greening”.

Key words: green finance; carbon emissions; general equilibrium model

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