Research On The Impact Of Financial Development On China’s Carbon Dioxide Emissions

Carbon dioxide emissions will reach a new high in 2019 in the world.Global warming cannot be ignored.The results of emission reduction in various countries are not optimistic.China’s total carbon dioxide emissions are among the top in the world,and it is under great pressure to reduce emissions,so it is imperative to develop a low-carbon economy.In this paper,the financial development and carbon emissions related research is combed.Based on this,the related theories of financial development are studied,and the impact mechanism of financial development on carbon dioxide emissions is analyzed.At the same time,this paper selects 30 provinces in China as the research object,and samples the panel data from 2000 to 2017.Firstly,the dynamic panel model system GMM estimation method is used to empirically analyze the impact of financial scale and financial efficiency on carbon dioxide emissions intensity.Secondly verify the three impact paths of carbon dioxide emissions,namely "financial development-technological progress-carbon dioxide emissions","financial development-industrial structure upgrade-carbon dioxide emissions","financial development-urbanization development-carbon dioxide emissions".Then group by time to study the difference of the impact of financial development on carbon dioxide emissions in different periods.Finally,three robustness tests were performed by changing the carbon dioxide emission index,changing the empirical method,and adding the completion degree of the emission reduction target as a control variable.The final empirical results show that: overall,financial scale and financial efficiency can help to reduce the intensity of carbon dioxide emissions,and financial efficiency has a stronger effect.Financial development promotes technological progress,industrial structure upgrades,and urbanization development,and the technical effects,structural effects,and urbanization effects all ultimately show a restraint on carbon emissions,and then draw the conclusion that financial development reduces carbon dioxide emissions.Thus,the rationality of technological progress,industrial structure and urbanization intermediary is verified.At the same time,in the process of financial development to suppress carbon dioxide emissions,the technical and structural effects are relatively obvious,and the urbanization effect is relatively small.Financial development has different effects on carbon dioxide emissions in different time periods.The first half shows that financial development will increase carbon dioxide emissions,and the second half shows that financial development will reduce carbon dioxide emissions.The above conclusions are a useful supplement to the impact of financial industry development on ecological development,and also provide theoretical support for policy formulation.