当代财经 ›› 2023, Vol. 0 ›› Issue (11): 28-40.

• 公共经济与管理 • 上一篇    下一篇

“双碳”目标下我国绿色地方政府专项债券的空间碳减排效应

张平, 郭青华   

  1. 天津财经大学 财税与公共管理学院,天津 300222
  • 收稿日期:2023-05-02 修回日期:2023-09-16 出版日期:2023-11-15 发布日期:2023-11-08
  • 通讯作者: 郭青华,天津财经大学博士研究生,主要从事地方政府债务研究,联系方式guoqinghua@stu.tjufe.edu.cn。
  • 作者简介:张平,天津财经大学教授,博士生导师,经济学博士,主要从事地方政府债务研究。
  • 基金资助:
    国家社会科学基金项目“政府和社会资本合作视阈下我国地方政府隐性债务风险的空间分布与治理研究”(18BJY211); 天津市研究生科研创新项目“双碳目标下我国绿色地方政府专项债券的空间环保效应与激励约束机制研究”(2022BKY232)

Spatial Carbon Reduction Effects of China’s Local Government Green Special Bonds under the“Dual Carbon”Goals

ZHANG Ping, GUO Qing-hua   

  1. Tianjin University of Finance and Economics, Tianjin 300222, China
  • Received:2023-05-02 Revised:2023-09-16 Online:2023-11-15 Published:2023-11-08

摘要: “双碳”目标下我国地方政府面临着巨大的财政压力,而绿色地方政府专项债券是减轻财政压力和改善生态环境的重要财政资金来源。基于2018—2021年我国省级面板数据,实证分析了绿色地方政府专项债券的空间碳减排效应。结果表明:绿色地方政府专项债券的发行显著地降低了碳排放水平,且具有空间溢出效应;在绿色地方政府债券制度中,发行规模越大和地方政府性基金收入越多,则越有利于降低碳排放水平;平均利率和项目收益率越高,则越不利于降低碳排放水平。进一步分析发现,绿色地方政府专项债券可通过优化能源消费结构来降低碳排放水平。因此,需要实施属地和区域联动相结合的治理模式,明确绿色地方政府专项债券资金分担比例;基于地理、经济和碳排放等空间差异,发行不同类型的绿色地方政府专项债券;结合碳减排目标和现状,优化绿色地方政府债券发行与偿还制度;引入第三方机构,加强绿色地方政府专项债券各环节的专业审核、监督与披露。

关键词: "双碳"目标, 绿色地方政府专项债券, 碳减排效应, 财政压力

Abstract: The local governments in China are facing huge financial pressure under the“dual carbon”goals, and the local government special greenbonds are an important source of financial resources to reduce financial pressure and improve the ecological environment. Based on the provincial panel data from 2018-2021, this paper empirically analyzes the spatial carbon emission reduction effect of the local government greenspecial bonds. The results show that the issuance of local government green special bonds has significantly reduced the carbon emission levels and has a spatial spillover effect, that in the local government green bond system, the larger the issuance scale and the more local government fund revenue, the more beneficial it is to reduce carbon emission levels, and that the higher the average interest rate and project yield, the less beneficial it is to reduce carbon emission levels. Further analysis reveals that the local governmentgreen bonds can reduce carbon emission levels by optimizing the energy consumption structure. Therefore, it is necessary to implement a governance model that combines territorial and regional linkages to clarify the proportion of the local governmentgreen bonds, issue different types of local government green bonds based on spatial differences in geography, economy and carbon emissions, optimize the issuance and reimbursement system of the local government green special bonds in light of the carbon emission reduction targets and the current situation, and introduce a third-party institution to strengthen the professional auditing, monitoring and disclosure of the local governmentgreen bonds in all aspects.

Key words: "double carbon"goals, local government green special bonds, carbon emission reduction effect, financial pressure

中图分类号: