Research And Analysis On The Effect Of Green Finance On Carbon Emission Reduction

In the process of chasing high economic growth,accompanied by almost all countries with high pollution,high emissions and high energy consumption problems,our country as a responsible big country has made solemn commitments to the international community to "carbon to peak,carbon neutral" as the core of carbon reduction.Low-carbon economy is the foundation of green finance,and the support of green finance is an indispensable part of sustainable development.With the development of modern financial industry,it plays an increasingly prominent role in the allocation of economic resources and should also play an active role in the field of carbon emission reduction.Based on the development status of green finance in China,this paper takes green credit and green venture capital as the core proxy variables of green finance.On the one hand,it theoretically analyzes the action mechanism of green finance on carbon emission reduction,and on the other hand,it uses the panel data of 22 provinces in China in 11 years from 2009 to 2019 to conduct empirical tests.The empirical analysis is divided into three steps: basic regression model is used to test the direct action mechanism of green finance on carbon emission reduction;mediation effect model is used to test the three indirect action mechanisms of green finance;and dynamic panel model is used to analyze the combined effect of green credit and green venture capital.It is found that green finance has a significant positive effect on carbon emission reduction without considering the mediating effect.The results of the mediating effect mechanism show that the scale effect,technology effect and industrial structuring effect of green finance on carbon emission reduction all exist and are significant,but their ways are slightly different.The channel of scale effect is "increase of green credit/green venture capital → decrease of economic scale → carbon emission reduction".The channel of technological effect is "green credit/green venture capital increase → technological progress → carbon emission reduction",and the channel of industrial structuring effect is "green credit/green venture capital increase → promoting industrial structure transformation → carbon emission reduction".And the main way of green finance to carbon emission reduction is through the direct way,which accounts for the average value of 84.11%.In addition,by studying the combination effect between green credit and green venture capital,the research results show that both of them can significantly inhibit carbon emissions,and the carbon emission reduction effect of green credit is better than that of green venture capital,and there is no significant crowding-out effect between them.Based on the above research conclusion,in order to further reduce the carbon emission levels in our country,improve the environmental quality in our country,this paper puts forward the policy recommendations of mainly include improving the high quality of the green credit development system,support and guide the development of green venture capital,improve the technology of green finance effect and industrial structure effect,and promote green finance by the whole people to participate in an carbon reduction effect,To better realize the "double carbon" vision.The contribution of this paper is mainly in two aspects.On the one hand,the measurement of green finance is extended to green venture capital.From the perspective of investment and financing,this paper uses the data of 22 provinces,municipalities and autonomous regions from 2009 to 2019 to establish a panel.Green credit is selected as a part of debt financing in green finance,and green venture capital is selected as a part of equity investment in green finance to form the core proxy variable of green finance.On the other hand,this paper divides the effect mechanism of green finance on carbon emissions into two parts: overall and individual.This paper not only considers the direct and indirect action mechanism of green credit and green venture capital separately,but also studies the combined effect of green credit and green venture capital on carbon emission reduction,which is helpful to evaluate the effect of policy implementation more accurately.