Research On Environmental Governance Effect Of Carbon Finance

Carbon finance refers to various financial institutional arrangements and financial trading activities aimed at reducing greenhouse gas emissions,including trading and investment in carbon emission rights and derivatives,investment and financing of low carbon project development,and other related financial intermediaries.activity.At present,the research on carbon finance in China mainly focuses on risk management,quota pricing and development path,etc.,and does not conduct corresponding research on the governance effect of its environment.However,the purpose of building carbon finance is to control the emission of greenhouse gases such as carbon dioxide.Based on this,in 2011,the National Development and Reform Commission approved five provinces and two cities,namely Beijing,Shanghai and other provinces and cities for the carbon emissions trading pilot,marking the implementation of China's narrow carbon finance-carbon emissions trading.Through the fact that China's carbon dioxide emissions have slowed down in recent years,the corresponding question is raised: Does the implementation of the carbon emission trading policy reduce carbon dioxide emissions? Or does carbon finance have an environmental governance effect? Due to the late implementation of the carbon emission trading policy and the important period of the five-in-one construction of ecological civilization in China,the carbon dioxide emission reduction effect of the carbon emissions trading policy is difficult to distinguish.For example,the reduction in carbon dioxide emissions is due to the increase in environmental regulation and the awareness of environmental protection.Based on this,this paper uses the panel data of 30 provinces and cities in China from 2005 to 2015,and uses the difference in difference method to study the carbon dioxide emission reduction policy.Moreover,parallel trend hypotheses and random groupings were tested to ensure the“quasi-natural” experimental nature of their policies.In addition,the paper also uses the two methods of counterfactual and propensity score matching and difference in difference methods to test the robustness of the results.Carbon emissions trading policy,as an important part of China's carbon finance,not only has important practical significance,but also enriches the relevant theories of green finance.The results show that:(1)The parallel trend hypothesis and random grouping between the pilot and non-pilot of carbon emission trading mean that the counterfactual reasoning framework in the difference in difference method can only use the method of the differencemethod to explore the net effect of its policy.(2)On the basis of the difference in difference method,this paper further adopts the method of counterfactual and PSM-DID to test the robustness of the results,which has enhanced the effect of argumentation and made the results more convincing.(3)The regression coefficient of the policy interaction item is significantly negative,indicating that the carbon emission trading policy has a significant inhibitory effect on carbon dioxide emissions.(4)The regression coefficient of urbanization rate and per capita GDP explanatory variable is significantly positive,indicating that the improvement of urbanization and the improvement of living standards have a significant effect on smog pollution.(5)The higher the proportion of private enterprises in the industry,the less carbon dioxide emissions,which is in line with the reality of China's extensive economic growth.(6)The carbon emissions trading policy has a “ marginal effect increasing ” rule for carbon dioxide treatment.Compared with the pilots with lower carbon emissions,the carbon emission rights policy effect of the pilots with higher carbon emissions is more obvious.