长江经济带绿色金融发展的空间关联结构及驱动因素研究

摘要/Abstract

摘要： 基于1998—2017年长江经济带11省市的面板数据，构建了考虑环境约束的超效率DDF-DEA模型，测度地区绿色金融发展效率，在此基础上利用社会网络分析法构建长江经济带绿色金融发展网络，剖析网络关联结构及驱动因素。研究结果表明：长江经济带各省市间的绿色金融发展普遍存在溢出关系，节点连接数逐年增多，网络关系日趋紧密，地区间互动增强，但网络结构存在极化现象，四大网络板块间存在明显的梯度溢出传导路径。地区发展模式、社会资源禀赋、绿色发展环境和地理邻接关系在不同程度上影响着长江经济带绿色金融发展的关系网络格局。进一步指出，不能仅从本地属性视角求发展，更应从整体上把握长江经济带绿色金融发展的空间结构及其关系溢出路径，将地区发展置于长江经济带整体发展的“一盘棋”中，准确定位自身的关系网络角色，是实现全长江经济带绿色协同发展的关键。

关键词: 绿色金融发展, 空间关联, 社会网络分析, 长江经济带

Abstract: Based on panel data from 11 provinces and cities in the Yangtze River Economic Belt from 1998 to 2017, a super-efficiency DDF-DEA model considering environmental constraints is constructed to measure the efficiency of green finance in the region. Furthermore, a social network analysis method is used to construct a green finance development network in the Yangtze River Economic Belt, analyzing the network’s relational structure and driving factors. The research results show that there is common overflow relationship on green finance among provinces in the Yangtze River Economic Belt, characterized with a gradual increase of interconnectedness, a more compact network; an increase of inter-regional interaction, but polarization in the distribution of network relation; and an obvious conduction path of gradient overflow among four major network plates. It is found in this study that regional development model, social resource endowment, green development environment and geographical adjacency influence the relationship network pattern of green finance to some extent. Furthermore, this study points out that the key to realizing green and coordinated development among provinces in the Yangtze River Economic Belt is to grasp the spatial structure and relationship overflow path of the green finance development as a whole, not merely from the perspective of local attributes, meanwhile, to put regional development in “a chess game” of overall development and position its own relationship network.

Key words: green finance development, spatial correlation, social network, Yangtze River Economic Belt

柏建成, 张利霞, 严翔, 邹晨. 长江经济带绿色金融发展的空间关联结构及驱动因素研究[J]. 管理评论, 2024, 36(4): 63-74.

Bai Jiancheng, Zhang Lixia, Yan Xiang, Zou Chen. The Spatial Network Structure and Driving Factors of Green Finance Development in Yangtze River Economic Belt[J]. Management Review, 2024, 36(4): 63-74.

参考文献

[1] Linnenluecke M. K., Smith T., McKnight B. Environmental Finance: A Research Agenda for Interdisciplinary Finance Research[J]. Economic Modelling, 2016,59:124-130
[2] 西南财经大学发展研究院、环保部环境与经济政策研究中心课题组,李晓西,夏光,蔡宁. 绿色金融与可持续发展[J]. 金融论坛, 2015,20(10):30-40 Southwestern University of Finance and Economics Institute of Development Studies, Ministry of Ecology and Environment Environmental and Economic Policy Research Center Project Team, Li X. X., Xia G., Cai N. Green Finance and Sustainable Development[J]. Finance Forum, 2015,20(10):30-40
[3] 牛海鹏,张夏羿,张平淡. 我国绿色金融政策的制度变迁与效果评价——以绿色信贷的实证研究为例[J]. 管理评论, 2020,32(8):3-12 Niu H. P., Zhang X. Y., Zhang P. D. Institutional Change and Effect Evaluation of Green Finance Policies in China: Evidence from Green Credit Policy[J]. Management Review, 2020,32(8):3-12
[4] Aizawa M., Yang C. Green Credit, Green Stimulus, Green Revolution? China’s Mobilization of Banks for Environmental Cleanup[J]. The Journal of Environment & Development, 2010,19(2):119-144
[5] Busch T., Bauer R., Orlitzky M. Sustainable Development and Financial Markets: Old Paths and New Avenues[J]. Business & Society, 2016,55(3):303-329
[6] 孙毅,景普秋. 资源型区域绿色转型模式及其路径研究[J]. 中国软科学, 2012,(12):152-161 Sun Y., Jing P. Q. A Study on Green Transition Mode and Transition Path of Resource: Based Regions[J]. China Soft Science, 2012,(12):152-161
[7] Zerbib O. D. The Effect of Pro-environmental Preferences on Bond Prices: Evidence from Green Bonds[J]. Journal of Banking & Finance, 2019,98:39-60
[8] 李健旋. 农村金融发展与农业绿色全要素生产率提升研究[J]. 管理评论, 2021,33(3):84-95 Li J. X. Rural Financial Development and the Improvement of Agricultural Green Total Factor Productivity[J]. Management Review, 2021,33(3):84-95
[9] 游士兵,杨芳. 金融服务实体经济的效率测度及影响因素——基于绿色发展视角[J]. 金融论坛, 2019,24(4):29-30 You S. B., Yang F. The Efficiency Measurement and Influencing Factors of Financial Support for the Real Economy: From the Perspective of Green Development[J]. Finance Forum, 2019,24(4):29-30
[10] 陈经伟,姜能鹏,李欣. “绿色金融”的基本逻辑、最优边界与取向选择[J]. 改革, 2019,(7):119-131 Chen J. W., Jiang N. P., Li X. Basic Logic, Optimal Boundary, and Orientation Selection of “Green Finance”[J]. Reform, 2019,(7):119-131
[11] 唐松. 中国金融资源配置与区域经济增长差异——基于东、中、西部空间溢出效应的实证研究[J]. 中国软科学, 2014,(8):100-110 Tang S. Financial Resources Allocation and Disparity in Regional Economic Growth: An Empirical Analysis of Spatial Spillover Effect in East, Middle and West China[J]. China Soft Science, 2014,(8):100-110
[12] 李林,丁艺,刘志华. 金融集聚对区域经济增长溢出作用的空间计量分析[J]. 金融研究, 2011,(5):113-115 Li L., Ding Y., Liu Z. H. Spatial Econometric Analysis of the Spillover Effect of Financial Agglomeration on Regional Economic Growth[J]. Journal of Financial Research, 2011,(5):113-115
[13] 黄建欢,吕海龙,王良健. 金融发展影响区域绿色发展的机理——基于生态效率和空间计量的研究[J]. 地理研究, 2014,33(3):532-545 Huang J. H., Lv H. L., Wang L. J. Mechanism of Financial Development Influencing Regional Green Development:Based on Eco-efficiency and Spatial Econometrics[J]. Geographical Research, 2014,33(3):532-545
[14] 邵汉华,周磊,刘耀彬. 中国创新发展的空间关联网络结构及驱动因素[J]. 科学学研究, 2018,36(11):2056-2068 Shao H. H., Zhou L., Liu Y. B. Study on the Spatial Network Structure and Driving Factors of Regional Development in China[J]. Studies in Science of Science, 2018,36(11):2056-2068
[15] 王营,曹廷求. 中国区域性金融风险的空间关联及其传染效应——基于社会网络分析法[J]. 金融经济学研究, 2017,32(3):46-55 Wang Y., Cao T. Q. Study on Spatial Correlations and Contagion Effect of Regional Financial Risks in China: Based on Social Network Analysis[J]. Financial Economics Research, 2017,32(3):46-55
[16] 刘华军,刘传明,孙亚男. 中国能源消费的空间关联网络结构特征及其效应研究[J]. 中国工业经济, 2015,(5):83-95 Liu H. J., Liu C. M., Sun Y. N. Spatial Correlation Network Structure of Energy Consumption and Its Effect in China[J]. China Industrial Economics, 2015,(5):83-95
[17] 沈丽,刘媛,李文君. 中国地方金融风险空间关联网络及区域传染效应:2009—2016[J]. 管理评论, 2019,31(8):35-48 Shen L., Liu Y., Li W. J. China’s Regional Financial Risk Spatial Correlation Network and Regional Contagion Effect: 2009—2016[J]. Management Review, 2019,31(8):35-48
[18] 刘军. QAP:测量“关系”之间关系的一种方法[J]. 社会, 2007,(4):164-174 Liu J. QAP: OAP:A Unique Method of Measuring “Relationships” in Relational Data[J]. Chinese Journal of Sociology, 2007,(4):164-174
[19] 吕承超,宋洁. 金融发展缩小了我国地区经济差距吗——基于关系数据分析范式[J]. 经济学家, 2020,(9):42-52 Lv C. C., Song J. Has Financial Development Narrowed the Regional Economic Gap in China? Based on the Relational Data Analysis Paradigm[J]. Economist, 2020,(9):42-52
[20] 张蕴萍,杨友才,牛欢. 山东省金融效率、溢出效应与外商直接投资——基于空间动态面板Durbin模型的研究[J]. 管理评论, 2018,30(12):32-41 Zhang Y. P., Yang Y. C., Niu H. Financial Efficiency, Spillover Effects, and FDI: Based on the Spatial Dynamic Panel Durbin Model[J]. Management Review, 2018,30(12):32-41
[21] 吕朝凤. 金融发展、不完全契约与经济增长[J]. 经济学(季刊), 2018,17(1):155-188 Lv Z. F. Relationships between Financial Development and Economic Growth from the Incomplete Contract Perspective[J]. China Economic Quarterly, 2018,17(1):155-188
[22] 王康仕,孙旭然,王凤荣. 绿色金融发展、债务期限结构与绿色企业投资[J]. 金融论坛, 2019,24(7):9-19 Wang K. S., Sun X. R., Wang F. R. Development of Green Finance, Debt Maturity Structure and Investment of Green Enterprise[J]. Finance Forum, 2019,24(7):9-19
[23] 王兰平,王昱,刘思钰,等. 金融发展促进产业结构升级的非线性影响[J]. 科学学研究, 2020,38(2):239-251 Wang L. P., Wang Y., Liu S. Y., et al. The Non-linear Effects of Financial Development on Industrial Structure Upgrading[J]. Studies in Science of Science, 2020,38(2):239-251
[24] 米建国,李建伟. 我国金融发展与经济增长关系的理论思考与实证分析[J]. 管理世界, 2002,(4):23-30 Mi J. G., Li J. W. Theoretical Thinking and Empirical Analysis of the Relationship between Financial Development and Economic Growth in China[J]. Journal of Management World, 2002,(4):23-30
[25] 张帆. 金融发展影响绿色全要素生产率的理论和实证研究[J]. 中国软科学, 2017,(9):155-156 Zhang F. Theoretical and Empirical Research on the Impact of Financial Development on Green Total Factor Productivity[J]. China Soft Science, 2017,(9):155-156
[26] 李红,王彦晓. 金融集聚、空间溢出与城市经济增长——基于中国286个城市空间面板杜宾模型的经验研究[J]. 国际金融研究, 2014,(2):89-96 Li H., Wang Y. X. Financial Agglomeration, Spatial Spillover, and Urban Economic Growth: An Empirical Study Based on the Spatial Panel Durbin Model of 286 Chinese Cities[J]. Studies of International Finance, 2014,(2):89-96
[27] 严翔,成长春,金巍,等. 基于经济门槛效应的创新能力与生态环境非均衡关系研究[J]. 中国科技论坛, 2017,(10):112-121 Yan X., Cheng C. C., Jin W., et al. Non-equilibrium Relationship between Regional Innovation Ability and Ecological Environment Based on Economic Threshold Effect[J]. Chinese Science Forum, 2017,(10):112-121