Green Finance, Technological Innovation, and Energy Efficiency Improvements: Evidence from China's Green Finance Reform Pilot Zone

被引：12
|
作者：
Zhang, Yun [1 ]
Fang, Xia [2 ,5 ]
Yang, Zhenyu [2 ]
Sun, Yuchen [3 ]
Wang, Qiuyu [4 ]
机构：
[1] Shanghai Lixin Univ Accounting & Finance, Sch Finance, Shanghai, Peoples R China
[2] Zhejiang Gongshang Univ, Sch Finance, Hangzhou, Peoples R China
[3] Hubei Univ, Business Sch, Wuhan, Peoples R China
[4] Jiangxi Inst Qual & Standardizat, Nanchang, Peoples R China
[5] Zhejiang Gongshang Univ, Sch Finance, Hangzhou 310018, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2023年 / 59卷 / 11期
关键词：
Green finance; energy efficiency; technological innovation; digital technology;
D O I：
10.1080/1540496X.2023.2226324
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Improving energy efficiency is an important pathway for the development of green and low-carbon economy. Based on the evidence from China's green finance reform pilot zone, we apply the data of Chinese prefecture-level cities from 2005 to 2020 to analyze the action mechanism among green finance, technological innovation and energy efficiency. We find that green finance effectively promotes energy efficiency. Moreover, the analysis of action mechanism reveals that while green finance can drive green technology innovation, only high-quality green technology innovation (green invention patents) can significantly increase energy efficiency. The heterogeneity analysis reveals that green finance has a more significant effect on increasing energy efficiency in regions with large-scale economic development and weak environmental regulation. Furthermore, digital technology can amplify the driving effect of green finance on energy efficiency, and the higher the level of digital technology development, the greater the driving effect of green finance. The findings provide empirical evidence and policy implications for building a market-based green financial system and promoting green and efficient development in regions.
引用
收藏
页码：3531 / 3549
页数：19
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