Research On The Impact Of Financial Agglomeration On Carbon Productivity

With the increase of the global population and the acceleration of the urbanization process,the demand for resources in the global economic development of various countries is increasing,and the consumption of more and more energy has intensified the tension of environmental protection.It is necessary to coordinate economic development and environmental protection.The relationship between the two has become a major problem that our society needs to face.As the country with the largest carbon dioxide emissions,China now shoulders a greater responsibility for the task of carbon emission reduction.With the proposal of the "30·60" carbon emission reduction target,my country has strengthened its determination and confidence in carbon emission reduction.At the same time,with the close connection of the global economy,financial integration is also becoming a development trend.As a key force in promoting economic development,the financial industry itself is clean and efficient,providing a basis for the green development of the economy.The continuous agglomeration of the financial industry and the improvement of the level of financial agglomeration will have a positive effect on the innovation and application of green technology,optimize the upgrading of the industrial structure,and provide a possible basis for improving carbon productivity.Using the panel data of 30 provinces and cities from 2005 to 2018,this paper empirically analyzes the impact of financial agglomeration on regional carbon productivity by using a spatial autoregressive model.The intermediary variables of technological innovation are added,and financial agglomeration,technological innovation and carbon productivity are brought into the same research framework,in an attempt to provide realistic evidence for the transmission of technological innovation between financial agglomeration and carbon productivity.The research results show that: First,from a national perspective,the distribution of carbon productivity in different regions in my country is quite different,and the surrounding areas have obvious positive spillover effects on local carbon productivity.There is a nonlinear relationship between financial agglomeration and carbon productivity,which is suppressed first and then enhanced.From a sub-regional perspective,financial agglomeration in the eastern region increases carbon productivity,while financial agglomeration in the central and western regions inhibits the increase in carbon productivity.Second,from a national perspective,my country’s technological innovation has improved carbon productivity despite a relatively high level of financial agglomeration.The improvement of the level of financial agglomeration will improve carbon productivity,and it can also promote the improvement of carbon productivity through technological innovation.From a regional perspective,in the eastern region,technological innovation plays a conductive role in the process of financial agglomeration improving carbon productivity.In the central and western regions,the transmission effect of technological innovation between financial agglomeration and carbon productivity is not obvious.Third,my country’s transportation facilities and environmental regulations have reduced carbon productivity.Opening to the outside world increases carbon productivity,following the "pollution halo" hypothesis.In this regard,the research implications of this paper are as follows: Improve the level of financial agglomeration and promote the improvement of carbon productivity.Continuously improve the financial legal supervision mechanism,and build a solid safety net for financial agglomeration.Implement the green finance development strategy,and guide financial development to shift towards green finance through the implementation of relevant policies.In addition,it is necessary to create a good environment for technological innovation,and each region should escort and carry out technological innovation activities according to local conditions,and do a good job in guarantee work.