Research On The Effect Of Financial Development On Carbon Emission Reduction In High-energy-consuming Industries From The Perspective Of Technical Progress

Climate change has made the world realize the importance of carbon emission reduction.To achieve carbon emission reduction needs the support of policies,technologies,and financial capital.Among them,the most important is financial support.The paper analyzed the situation of the financial development,technical progress and carbon reduction in high-energy-consuming industries in China firstly.Then using tapio decoupling model to study the decoupling relationship between carbon emissions and industrial development,except for the ferrous metal smelting and rolling processing industry,the industrial development and carbon emissions of other highenergy-consuming industries were mostly decoupled,and the carbon dioxide emissions were restrained to a certain extent at the same time as industrial development.Then analyzed influencing factors of carbon dioxide emissions in China's high-energyconsuming industries,and decomposed the carbon emission reduction factors into energy structure effects,energy intensity effects,economic structure effects,and economic growth effects.Secondly,the impact of financial development on carbon reduction in highenergy-consuming industries was studied.The results of the mediating effect model showed that with the scale of loans and foreign capital as financial development variables,the R&D expenditure played a significant negative mediating effect.Financial development can promote carbon emission reduction by affecting technical progress With the stock market value as financial development variable,the mediating effect of R&D expenditure was not significant.The results of the panel threshold model showed that when the loan size was used as the core explanatory variable and with the R&D expenditure and energy structure as the threshold variables,the scale of loans has a significant emission reduction effect,and the emission reduction effect increased with the increase of R&D expenditure and the reduction of coal consumption.With the energy intensity as the threshold variable,the scale of loans and the carbon dioxide emissions have a positive V-shaped relationship.With the economic structure as the threshold variable,the scale of loans had a significant role in reducing emissions when the proportion of industrial added value in high-energy-consuming industries was lower.When using the foreign capital as the core explanatory variable,and with the R&D expenditure,energy intensity and industrial structure as threshold variables,the foreign capital had a negative impact on carbon dioxide emissions.However,when the threshold variables are in different ranges,the negative effects are different.When using the stock market value as the core explanatory variable,and with the R&D expenditure and the coal consumption proportion as threshold variables,the stock market value can promote carbon emission reduction,but it was not significant when the R&D expenditure or proportion of coal consumption was higher.With the energy intensity as the threshold variable,there was a V-shaped relationship between stock market value and carbon dioxide emissions.Finally,it proposed suggestions for promoting carbon emission reduction in highenergy-consuming industries.Including strengthening the government's support for carbon emission reduction;improving financial support for technical progress to promote carbon emission reduction;improving clean energy financing to improve energy consumption structure.