Research on the impact of green finance on carbon emissions: evidence from China

Figures & data

Figure 1. Mechanism of green finance and carbon emissions.

Source: Authors.

Table 1. Green finance indicator system.

Total indicator	Composition of indicators	Index to explain	Source
Green Fiance	Green credit	Total liabilities of environmental listed companies	Wind
	Green securities	Total market value of environmental listed companies	Wind
	Green investment	Total expenditure on energy and environmental protection in the province	China Statistical Yearbook
		Total investment in pollution control of the province	China Statistical Yearbook
		Total equity investment of listed environmental protection companies	Wind

Source: Authors.

Table 2. STI index system.

Indicators	First-tier indicators	Second-tier indicators	Unit
Technological Innovation	Investment	R&D full-time equivalent of personnel	capita/year
		R&D Internal expenditure	10 thousand yuan
	Output	Number of 3 patent applications accepted	item
		Number of 3 kinds of patent applications	item
		Revenue from sales of new products of industrial enterprises	10 thousand yuan
		Technology market turnover	1 hundred million yuan

Note: This index is synthesized by the entropy weight method.

Source: Authors.

Table 3. Tests of thresholds for the whole country and subregions.

Threshold variable	Region	Threshold model	F value	P value	The critical value
					1%	5%		10%
PGDP	Domestic	Single	5.693**	0.018	6.205		3.870		2.628
		Double	3.163*	0.068	6.755		3.860		2.749
		Triple	4.614**	0.041	7.769		3.848		2.278
	Eastern region	Single	16.248***	0.000	7.011		4.107		2.858
		Double	4.711*	0.052	8.410		4.798		3.290
		Triple	6.972***	0.004	4.883		0.833		−0.539
	Central region	Single	20.118***	0.001	7.678		4.623		2.855
		Double	9.392***	0.002	6.451		3.809		2.697
		Triple	10.624***	0.001	7.207		3.359		1.468
	Western region	Single	12.422***	0.001	7.195		4.040		2.899
		Double	11.721***	0.000	1.303		−2.032		−4.135
		Triple	3.516*	0.080	7.475		4.134		3.142
IND	Domestic	Single	4.792**	0.037	8.994		3.979		2.757
		Double	10.426***	0.000	6.336		4.027		2.734
		Triple	6.402**	0.018	8.172		4.201		2.848
	Eastern region	Single	16.247***	0.000	7.297		4.158		2.998
		Double	4.634**	0.028	6.474		3.977		2.896
		Triple	4.735**	0.018	7.647		2.411		0.863
	Central region	Single	20.448***	0.000	6.777		3.690		2.668
		Double	3.678**	0.058	8.038		4.148		2.676
		Triple	2.539*	0.081	7.213		4.402		3.124
	Western region	Single	16.125***	0.000	7.422		3.712		2.741
		Double	6.517**	0.017	7.656		4.076		2.900
		Triple	2.204**	0.047	6.435		3.841		2.785

Note: *, ** and *** represent the indicators that are significantly reduced at the 10%, 5% and 1% levels, respectively, and the same applies to the tables below.

Source: Authors.

Table 4. Threshold estimates and confidence intervals.

Region	Order of thresholds	PGDP		IND
		Threshold estimate	95% confidence interval	Threshold estimate	95% confidence interval
Domestic	1^st threshold value	7 686	[4 294, 71 500]	0.420	[0.291, 0.481]
	2^nd threshold value	18 541	[4 294, 71 500]	0.454	[0.454, 0.454]
	3^rd threshold value	71 462	[4 294, 71 500]	0.464	[0.464, 0.466]
Eastern region	1^st threshold value	37 440	[11 400, 115 000]	0.328	[0.328, 0.351]
	2^nd threshold value	70 779	[67 700, 82 200]	0.440	[0.429, 0.478]
	3^rd threshold value	107 243	[107 000, 113 000]	0.457	[0.312, 0.501]
Central region	1^st threshold value	5 097	[5 097, 5 097]	0.327	[0.327, 0.327]
	2^nd threshold value	13 680	[12 000, 14 600]	0.336	[0.277, 0.454]
	3^rd threshold value	16 780	[14 900, 17 000]	0.386	[0.277, 0.454]
Western region	1^st threshold value	9 843	[3 033, 29 000]	0.3013	[0.292, 0.447]
	2^nd threshold value	12 200	[12 200, 13 800]	0.315	[0.311, 0.315]
	3^rd threshold value	17 700	[16 400, 18 200]	0.344	[0.292, 0.447]

Source: Authors.

Table 5. Regression results at the whole country level.

Take PGDP as the threshold variable		IND2 is taken as the threshold variable
PGDP	0.000***	PGDP	0.000***
	(3.93)		(3.97)
IND	0.735***	IND	0.674***
	(5.35)		（3.96）
HOUC	0.030***	HUMC	0.032***
	(3.43)		（3.58）
CAPS	−0.001***	CAPS	−0.001***
	(−1.99)		（−2.70）
HUMC	−0.001***	HOUC	−0.001***
	(−3.04)		（−3.41）
TL	−0.017*	TL	−0.010*
	(−0.78)		（−0.56）
FO	1.978***	FO	2.049***
	3.70)		（3.74）
GF （PGDP ≤ 7 686.332）	−1.217***	GF	−1.133***
	(−25.58)	（IND ≤ 0.420）	（−22.93）
GF （7 686.332 < PGDP ≤ 18 541.795）	−1.065***	GF	−1.043***
	(−23.48)	s	（−26.70）
GF （18 541.795 < PGDP ≤ 71 462.178）	−0.985***	GF	−1.230***
	(−21.07)	（0.454 < IND ≤ 0.464）	（−16.00）
GF （PGDP > 71 462.178）	−0.840***	GF	−1.025***
	(−6.35)	（IND > 0.464）	（−25.99）

Note: t statistics are in parentheses (), the same as below.

Source: Authors.

Table 6. Interregional comparison based on PGDP as the threshold variable.

Eastern region		Central region		Western region
GF	−0.051*	GF	−0.845***	GF	−1.188***
(PGDP ≤ 37 440)	(−0.70)	(PGDP ≤ 5 097)	(8.05)	(PGDP ≤ 9 843)	(20.33)
GF	−0.120*	GF	−1.055***	GF	−1.313***
(37 440 < PGDP ≤ 70 779)	(−1.67)	(5 097 < PGDP ≤ 13 680)	(−12.36)	(9 843 < PGDP ≤ 12 200)	(−19.69)
GF	−0.216**	GF	−0.907***	GF	−1.605***
(70 779 < PGDP ≤ 107 243)	(−2.51)	(13 680 < PGDP ≤ 16 780)	(−12.39)	(12 200 < PGDP ≤ 17 700)	(−17.71)
GF	−0.441***	GF	−0.705***	GF	−2.001***
(PGDP > 107 243)	(−4.64)	(PGDP > 16 780)	(−8.95)	(PGDP > 17 700)	(−13.95)
ConV	Yes	ConV	Yes	ConV	Yes

Source: Authors.

Table 7. Comparison between regions based on IND as the threshold variable.

Eastern region		Central region		Western region
GF	−0.208***	GF	−0.756***	GF	−0.976***
(IND ≤ 0.328)	(−3.03)	(IND ≤ 0.327)	(−7.27)	(IND ≤ 0.301)	(−15.42)
GF	−0.060*	GF	−1.001***	GF	−1.156***
(0.328 < IND ≤ 0.440)	(−0.96)	(0.327 < IND ≤ 0.336)	(−10.17)	(0.301 < IND ≤ 0.315)	(−26.00)
GF	−0.132**	GF	−0.899***	GF	−0.778***
(0.440 < IND ≤ 0.457)	(−2.08)	(0.336 < IND ≤ 0.386)	(−10.44)	(0.315 < IND ≤ 0.344)	(−9.30)
GF	−0.181**	GF	−0.843***	GF	−0.860***
(IND > 0.457)	(−2.57)	(IND > 0.386)	(−9.79)	(IND > 0.344)	(−12.01)
ConV	Yes	ConV	Yes	ConV	Yes

Source: Authors.

Table 8. Comparison of regional impact coefficients and trends.

	Taking PGDP as threshold				Taking IND as threshold
Stage	Domestic	Eastern region	Central region	Western region	Domestic	Eastern region	Central region	Western region
GF I	−1.217***	−0.051*	−0.845***	−1.188***	−1.133***	−0.208***	−0.756***	−0.976***
	(−25.58)	(−0.70)	(−8.05)	(−20.33)	(−22.93)	(−3.03)	(−7.27)	(−15.42)
GF II	−1.065***	−0.120*	−1.055***	−1.313***	−1.043***	−0.060*	−1.001***	−1.156***
	(23.48)	(−1.67)	(−12.36)	(−19.69)	(−26.70)	(−0.96)	(−10.17)	(−26.00)
GF III	−0.985***	−0.216**	−0.907***	−1.605***	−1.230***	−0.132**	−0.899***	−0.778***
	(−21.07)	(−2.51)	(−12.39)	(−17.71)	(−16.00)	(−2.08)	(−10.44)	(−9.30)
GF IV	−0.840***	−0.441***	−0.705***	−2.002***	−1.025***	−0.181**	−0.843***	−0.860***
	(−6.35)	(−4.64)	(−8.95)	(−13.95)	(−25.99)	(−2.57)	(−9.79)	(−12.01)

Source: Authors.