Research On The Carbon Emission Effect Of Green Credit From The Perspective Of Spatial Spillover

"Carbon peak and carbon neutrality" goal is our solemn commitment to the world,which refers to the inevitable scene that makes things happen.China’s total carbon emission has long been the first in the world,and the pressure of emission reduction is severe.Under the guidance of the carzbon peak and carbon neutrality targets,it is necessary to find effective and efficient carbon reduction tools.The financial market is a key element to improve resource allocation.The green finance system with green credit as its core provides investment and financing services for green industries and optimizes the allocation of financial resources,which is an important means of green transformation and ecological environment improvement.Whether green credit can help low-carbon development and become an effective tool to achieve the goal of " carbon peak and carbon neutrality ",the existing literature has fewer studies on the emission reduction effect of green credit,especially the lack of studies on the relationship between green credit and carbon emission from a spatial perspective.Based on the data of 30 provincial administrative regions from 2007 to 2020,this paper empirically explores the spatial effects of green credit on carbon emissions by using the spatial Dubin model based on the externality theory,and tests the moderating effect of fiscal decentralization on the relationship between green credit and carbon emissions.The empirical results show that green credit has a significant negative direct effect and spatial spillover effect on per capita carbon emissions,which can effectively inhibit carbon emissions in the region and adjacent regions.Fiscal decentralization positively moderates the carbon emission effect of green credit,weakens the emission reduction effect,and restrains the implementation effect of green credit.Further research in the sub-region shows that there is significant heterogeneity in the implementation effect of green credit and the adjustment effect of fiscal decentralization in different regions,and there are also significant differences in the spatial spillover effect.The direction of policy implementation and fiscal decentralization is closely related to the regional environment.Compared with previous literatures,this paper expands in the following three aspects: First,this paper introduces the spatial spillover effect theory to analyze the spatial spillover effect of green credit on carbon emissions without ignoring the spatial dependence of policy influence,expands the research perspective of green credit at the macro level,deepens the research on the emission reduction effect of green credit,and enrichis relevant research results.Second,the fiscal and finance are closely connected,the effective allocation of financial resources is closely related to the decentralization system,and the fiscal decentralization is introduced as the adjusting variable in the spatial Durbin model analysis,empirical analysis whether the fiscal decentralization affects the resource allocation and implementation effect of green credit,widen the existing research Angle,to explore the reduction of carbon dioxide emissions and realize the " carbon peak and carbon neutrality " goal provides new ideas.Thirdly,regional heterogeneity is included in the analysis,and based on the heterogeneity of geographical,economic and policy environment between regions,the impact of green credit on carbon emissions is further discussed,so as to explore the regional linkage of green credit resource allocation.This paper reveals the rationality of green credit as a potential carbon emission reduction tool,booster green low carbon development,contribute to the realization of China’s " carbon peak and carbon neutrality " goal.At the same time,the effect of policy implementation and heterogeneity of green credit also provide the direction for the deepening development of green finance system with green credit as the core,and bring inspiration for promoting trans-regional cooperation of green credit,building a unified carbon market and optimizing resource allocation.