绿色金融发展对雾霾污染水平的影响研究
重庆大学硕士学位论文
（学术学位）
学生姓名：王钰
指导教师：冉茂盛教授
学科门类：经济学
学科名称：应用经济学
研究方向：绿色金融
答辩委员会主席：严太华教授
授位时间：2023年6月
Study on the Impact of Green Finance
Development on Smog Pollution
A thesis submitted to Chongqing University
in partial fulfillment of the requirement
for the degree of
Master of Science
in
Applied Economics
by
Yu Wang
Supervisor:
Prof.Maosheng Ran
June,2023
重庆大学硕士学位论文摘要改革开放以来，中国经济取得了举世瞩目的成就，经济总量达到121.02万亿
的规模（2022年）。但在高增长的同时，粗放型生产方式带来了严重的环境污染
和生态破坏，其中以雾霾为代表的空气污染问题对人们的日常生活及生产活动造
成了严重的负面影响。绿色金融本身兼具“环境”和“融资”的双重属性，在推
动经济高质量发展的同时，也肩负着节能减排和减少环境污染的重任。绿色金融
通过调控资本结构、优化资源配置，能够在降低能源耗费的同时保持经济稳定增
长，实现经济发展和环境保护的双赢。因此，深入探究绿色金融对雾霾污染的影
响机制，对推动经济可持续发展、实现节能减排和环境污染治理具有重要的现实
意义。
本文首先梳理了国内外关于绿色金融与雾霾污染的研究文献，从理论层面分
析了绿色金融发展对雾霾污染水平的直接影响和机制作用；以2010-2019年中国
30个省、直辖市、自治区为研究对象，采用面板回归模型实证检验了绿色金融发
展和雾霾污染水平之间的因果关系，并进行了一系列稳健性检验；构建计量模型
实证检验了能源消费结构调整在绿色金融发展影响雾霾污染水平过程中的中介作
用；从不同绿色金融维度、政府财政支出水平、产业结构水平和南、北区域的角
度出发探讨了绿色金融发展对雾霾污染水平的异质性作用。本文研究发现：一是
绿色金融能够显著降低各地区雾霾污染水平；二是在绿色金融改善雾霾污染的过
程中，能够通过提升清洁能源消费占比，从而有效抑制雾霾污染；三是绿色金融
对雾霾污染水平的改善作用因不同绿色金融维度、不同政府财政支出水平、不同
产业结构水平和南、北区域划分而表现出一定的异质性。
本文从以下几个方面提出政策建议：一是持续加强顶层设计，完善绿色金融
体系，制定绿色金融行业标准，推动绿色金融改革创新试验区试点政策落地；二
是强化联防联控，推进大气污染防治，根据地区实际情况有针对性地制定大气污
染防治行动战略，促进我国整体空气质量提升；三是转变发展方式，构建现代能
源体系，着力增强能源供应链稳定性和安全性，加快推动能源绿色低碳转型，更
好适应当前我国绿色经济发展的需要。
关键词：绿色金融；雾霾污染；能源消费结构；环境规制
I
重庆大学硕士学位论文Abstract
Abstract
Since the reform and opening up,the Chinese economy has achieved remarkable
achievements,with a total economic output of 121.02trillion yuan (2022).But at the
same time,extensive development pattern have caused damage to the environment and
ecology,among which air pollution problems,represented by haze,have caused serious
negative impacts on people's daily life and production activities.Green finance itself has
the dual attributes of "environment"and "financing".While promoting high-quality
economic development,it is also responsible for energy conservation,emission
reduction and environmental pollution reduction.Green finance can reduce energy
consumption while maintaining stable economic growth,so as to achieve a win-win
situation for economic development and environmental protection by regulating capital
structure and optimizing resource allocation.Therefore,in-depth exploration of the
impact mechanism of green finance on haze pollution has important practical
significance for promoting sustainable economic development,achieving energy
conservation and emission reduction and environmental pollution control.
This paper firstly combs the relevant literature on green finance and haze pollution
at home and abroad,and analyzes the impact of green finance development on haze
pollution level and its path at the theoretical level.Taking 30provinces,cities and
autonomous regions in China from 2010to 2019as research samples,this paper
empirically tests the impact and mechanism between the development of green finance
and the level of haze pollution using a two-way fixed effect regression model,and
carries out a series of robustness tests.To explore the transmission path of the impact of
green finance development on haze pollution,this paper builds an econometric model to
empirically analyze the intermediary role of energy consumption structure optimization
in the process of green finance development affecting haze pollution level.Finally,from
the perspective of different dimensions of green finance,the level of government
financial expenditure,the level of industrial structure,and the north and south regions,
this paper discusses the heterogeneous impact of green finance development on the
level of haze pollution.The following conclusions are drawn in this article:first,the
development of green finance can significantly improve China's haze pollution,and
environmental regulation has a positive moderating effect;Second,in the process of
green finance improving haze pollution,green finance can effectively curb haze
III
重庆大学硕士学位论文Abstract
pollution by increasing the proportion of clean energy consumption;Third,the
improvement effect of green finance development on haze pollution level shows a
certain heterogeneity due to different green finance tools,different levels of government
fiscal expenditure,different levels of industrial structure,and regional division of the
south and the north.
This paper puts forward policy suggestions from the following aspects:First,
continue to strengthen top-level design,improve the green finance system,formulate
green finance industry standards,and promote the implementation of pilot policies in
the green finance reform and innovation pilot zone;The second is to strengthen joint
prevention and control,promote air pollution prevention and control,formulate action
strategies for air pollution prevention and control based on the actual situation of the
region,so as to promote the overall improvement of air quality in China;The third is to
transform the development mode,build a modern energy system,focus on enhancing
the stability and security of the energy supply chain,accelerate the promotion of green
and low-carbon energy transformation,and better adapt to the current needs of China's
green economy development.
Keywords ：Green finance;Haze pollution;Energy consumption structure;
Environmental regulation
IV