| With increasing attention to environmental issues,reducing pollution and carbon has become the primary task of alleviating environmental issues.At the 75 th United Nations General Assembly,General Secretary Xi Jinping proposed the strategic goals of "carbon peak" and "carbon neutral",which further confirmed the importance of carbon emission reduction.The country has issued a series of policies for carbon emission reduction,such as green finance,environmental regulations etc.It is of great significance to study the influence mechanism between these policies and carbon emission reduction.Combining with the current situation of green finance and environmental regulation in our country,it can be found that the research on the mechanism of environmental regulation and green finance on carbon emission reduction in China has very important theoretical and practical significance.By measuring the green finance panel data of 30 provinces in my country from 2008 to 2019,combined with the panel data of environmental regulation and carbon emissions,the benchmark regression,adjustment effect and panel smooth transition regression（PSTR）model are used to conduct research.Empirical research work has been carried out on the regulatory effect of environmental regulation on the relationship between green finance and carbon emissions,and the nonlinear impact of green finance on carbon emissions under different types of environmental regulations.Calculate the comprehensive green finance scores of 30 provinces from 2008 to 2019 by using the entropy method.The results show that: longitudinally,the development level of green finance in each province has shown a rising trend over time.Horizontally,the level of regional green development is closely related to the level of regional economic development.Provinces with more prominent economic development have relatively high levels of green finance,but there are also exceptions such as Shaanxi Province,Heilongjiang Province,Chongqing City,and Hubei Province.Shaanxi Province may be due to the relatively high level of development of green securities,environmental protection companies account for a relatively large market value,and the six major energy-intensive industries account for a relatively small market value.Heilongjiang Province has a relatively high level of green insurance development,which may be caused by the use of agricultural insurance to measure green insurance.Chongqing and Hubei Province mainly rely on the Yangtze River Economic Belt to drive economic development and significantly promote the development of local green finance.From the perspective of regional heterogeneity,the development level of green finance in the eastern region of my country is at the highest level,followed by the central region and the western region.If we continue to subdivide my country’s regions into four parts,that is,the northeast region is listed separately,we can find that the development level of green finance in the northeast region is higher than that in the western region,but not as good as that in the central region.Add control variables and introduce the quadratic term of green finance for benchmark regression.It is found that the coefficient of green finance is positive,and the coefficient of the quadratic term of green finance is negative,indicating that the impact of green finance on carbon emissions is first promoted and then inhibited.The control variables were added to the model in turn,and the coefficients of each variable did not change and were still significant,which indirectly proved the robustness of the results.Introduce the interaction term between green finance and environmental regulation,and it turns out that the interaction term coefficient is negative.It shows that under the adjustment of environmental regulations,green finance can effectively inhibit carbon emissions and promote carbon emission reduction.We will further explore the impact of green finance on carbon emissions under different types of environmental regulations after considering that the development of green finance is inseparable from the guidance and support of government environmental regulations,combined with the nonlinear impact of green finance on carbon emissions and the regulatory role of environmental regulation on the relationship between green finance and carbon emissions.In this paper,three different types of environmental regulations are considered as transformation variables for nonlinear analysis using a Panel Smooth Transformation Regression（PSTR）model.The result shows that: Under the command-based environmental regulations,the impact of green finance on carbon emissions presents an inverted "U" shape;Under market-based environmental regulations,the impact of green finance on carbon emissions presents an inverted "N" shape;Under voluntary environmental regulations,there is no non-linear relationship between the impact of green finance on carbon emissions.Further testing found that the coefficient of the interaction term between green finance and voluntary environmental regulations was negative and passed the 10% significance level test.It shows that under voluntary environmental regulations,green finance can effectively inhibit carbon emissions and promote carbon emission reduction.Finally,the entropy TOPSIS method is used to measure the green finance level of 30 provinces from 2008 to 2019,and the robustness test is carried out based on the results,and the model results are robust.Finally,based on the empirical research results of the article,the full text is summarized.It also put forward relevant policy recommendations in terms of strengthening local policy guidance,developing local capacity building,collaborating to promote environmental regulations and green finance,improving green finance financing mechanisms,and Promoting different types of environmental regulations to play their full role. |
