The collaborative effect of green finance policy on pollution and carbon reduction: A quasi-experimental design

作者：Zhenhua Zhang, Haowen Deng, Yan Ma, Chao Feng, Huaping Sun · 发表于：International Review of Economics & Finance · 年份：2025 · DOI：10.1016/j.iref.2025.104265 · 被引用次数：31 · 研究领域：Energy, Environment, Economic Growth、Climate Change Policy and Economics、Fiscal Policy and Economic Growth

The pilot policy for green finance reform and innovation (PPGFRI) plays a pivotal role in China's green finance framework and the pursuit of pollution and carbon reduction (PCR) goals. This study constructs a multidimensional environmental performance evaluation system, encompassing carbon reduction, air quality, and collaborative effect indicators of the PCR, to assess the impact of PPGFRI. Using a staggered difference-in-differences model, this paper analyzes panel data from 285 Chinese prefecture-level cities spanning 2010 to 2022. Our findings reveal that PPGFRI not only effectively reduces carbon emissions and improves air quality but also significantly enhances the collaborative effect of PCR. Channel analysis indicates that PPGFRI achieves these outcomes through promoting technological R&D, green innovation , and human capital accumulation. Heterogeneity analysis demonstrates that while PPGFRI shows significant unilateral effects in carbon reduction and air quality improvement across all pilot cities, the collaborative PCR effect is more pronounced in eastern regions and developed cities. Furthermore, this study identifies that industrial structure significantly influences policy effectiveness: PPGFRI improves air quality in secondary industry-dominated cities but negatively impacts carbon reduction, whereas it performs well in both dimensions for other cities. Additionally, we uncover that the digital divide and traditional urban infrastructure negatively moderate PPG...