Financial Agglomeration,Low Carbon Target Constraints And Carbon Emission Efficiency

With the aggravation of global warming,China,as the largest carbon dioxide emitter in the world,is bearing more and more pressure of emission reduction from all over the world.Since the Copenhagen conference in 2009 proposed the 2020 carbon emission reduction target,China has put forward many carbon emission reduction targets in succession.The recent proposal of the carbon neutral target in 2060 shows that China adheres to the responsibility of a big country responsible for all mankind from the beginning to the end,and undertakes its own responsibilities and obligations.However,it is not easy to achieve this goal.It is not only limited to the control of emissions,but also lies in the optimization and upgrading of industrial structure and the introduction and promotion of low-carbon technologies.What is more in line with the reality is the improvement of carbon emission efficiency.At the same time,the construction process of national and regional financial centers is accelerating,and the trend of financial agglomeration is becoming more and more clear.In this context,it is of great theoretical and practical significance to study the impact of financial agglomeration on carbon emission efficiency.Based on the panel data of 30 provinces(autonomous regions and municipalities)in China from 2005 to 2018,this paper discusses the nonlinear effect of financial agglomeration on carbon emission efficiency and the smooth transfer effect of financial agglomeration based on the panel smooth transfer model,By introducing low-carbon target constraint,this paper analyzes the direct impact of low-carbon target constraint on carbon emission efficiency and its regulatory effect on the relationship between financial agglomeration and carbon emission efficiency.The results show that:(1)there is a significant smooth transfer effect between financial agglomeration and carbon emission efficiency.With the improvement of financial agglomeration level,the impact direction of financial agglomeration on carbon emission efficiency turns from negative to positive.(2)The direct impact of low-carbon target constraint on carbon emission efficiency is significantly negative,and the "green paradox" and "cost of compliance" effect are tenable.(3)Low carbon target constraint has a significant negative moderating effect on the relationship between financial agglomeration and carbon emission efficiency.(4)The impact of financial agglomeration on carbon emission efficiency is different in eastern,central and western regions.The financial agglomeration level of most provinces in the eastern region has crossed the threshold,which has the most significant effect on the improvement of carbon emission efficiency.The level of financial agglomeration in the central and western regions is generally low,which is not conducive to the improvement of carbon emission efficiency.Technological innovation promotes the improvement of carbon emission efficiency in the eastern region,and urbanization promotes the improvement of carbon emission efficiency in the central region.Therefore,the research enlightenment of this paper is as follows:(1)strengthen policy guidance and support to form a gradient,multi-level and differentiated spatial pattern of financial agglomeration.(2)Moderately strengthen low-carbon target constraint,and force industrial upgrading and economic transformation.(3)We will deepen the reform of green finance and actively promote green credit.(4)Speed up green technology innovation to ensure the quality and efficiency of urbanization.