Financial Agglomeration,Urbanization And Regional Carbon Emissions

Based on the provincial panel data of 30 provinces and municipalities in China Mainland from 2000 to 2015,this paper uses the spatial econometrics model to analyze the influence of financial agglomeration,urbanization on regional carbon emission.In order to improve the interpretation of the model,we choose the industrial structure as one of the variables.According to the consumption of three primary energy sources: coal,oil and natural gas,we use the carbon emission factor provided by IPCC to estimate carbon dioxide emission.The test of Moran's I index shows that there is a significant spatial dependence on the level of carbon dioxide emission and urbanization among provinces and municipalities,and there is no such characteristic as the degree of concentration of financial development.The result of Hausman test of spatial panel data shows that the fixed effect model can better describe the spatial data of regional carbon emissions in China.The result of LM test shows that the individual fixed effect and the time fixed effect should choose to establish the spatial lag model(SLM),and spatial error model(SEM)should be selected for the individual-time fixed model.Both the SLM model and the SEM model's estimation results show that financial agglomeration and urbanization have a significant positive impact on regional carbon emissions.The improvement of the industrial structure presented by the ratio of the added value of the tertiary industry to the GDP has a significant negative effect on regional carbon emissions.The results of panel spatial lag model and panel spatial error model show that financial agglomeration and urbanization have a significant positive impact on regional carbon emissions,the increase of ratio of added value of the tertiary industry to GDP accounts for a significant negative impact on regional carbon emissions.At the same time,this paper constructs a general panel data model that does not consider the spatial effect.The comparison shows that considering the spatial effect of carbon emission significantly improves the explanatory power of the model and reflects the spatial spillover effect among regional variables.Based on the results of empirical research,this paper further proposes relevant policy recommendations,pointing out that it is necessary to strengthen inter-regional financial cooperation and exchanges,implement direct financing channels,and help adjust the industrial structure;at the same time,we must give full play to the spatial spillover effect of urbanization and improve the quality of urbanization,take a new road to urbanization.