《保险研究》20220903-《金融机构贷款碳排放强度对经济可持续发展的影响研究》（任再萍、孙永斌、施楠）

［摘   要］金融机构如何通过控制贷款碳排放强度促进双碳转型、推动经济可持续发展？本文运用2005~2018年的跨国面板数据研究金融机构贷款的碳排放强度对经济可持续发展的影响。本文首先构建经济可持续发展指标，然后通过面板回归模型分析，发现金融机构贷款的碳排放强度与经济可持续发展之间呈显著负相关，贷款的碳排放强度每降低1%，经济可持续发展水平将上升1.939%。对经济发展水平的异质性检验结果显示，相对高收入、OECD与发达经济体，贷款的碳排放强度降低对经济可持续发展的促进作用在低收入、非OECD或发展中经济体更显著。本文的研究结论对运用绿色金融促进经济可持续发展，实现“双碳”转型提供了理论依据。

［关键词］经济可持续发展；贷款碳排放强度；气候风险

［基金项目］本文得到2021年上海市金融学会重点课题“金融机构气候风险管理的国际经验”(202144)支持,特此感谢。

［作者简介］任再萍，上海对外经贸大学金融管理学院副教授、硕士生导师，主要研究方向:国际金融与创新、商业银行经营管理、自贸区金融改革与国际金融中心建设、绿色金融与可持续发展等；孙永斌，上海对外经贸大学金融管理学院硕士研究生；施楠(通讯作者)，上海社会科学院信息研究所助理研究员、博士。

A Research on the Impact of Carbon Emission Intensity of Financial Institution Loans on Sustainable Economic Development

REN Zai-ping,Sun Yong-bin,SHI Nan

Abstract：How can financial institutions promote the dual carbon transitions and promote the sustainable development of economy by controlling the carbon intensity of loans? This paper used cross-country panel data from 2005 to 2018 to study the impact of carbon emission intensity of financial institution loans on sustainable economic development.Firstly,the index of economic sustainable development was constructed.Then through panel regression model analysis,it was found that there was a significant negative correlation between the carbon emission intensity of financial institutions′ loans and the sustainable economic development,and the level of sustainable economic development would rise by 1.939% when the carbon intensity of loans decreased by 1%.The heterogeneity test results of economic development level showed that compared with high-income,OECD and developed economies,the reduction of carbon intensity of loans played a more significant role in promoting sustainable economic development in low-income,non-OECD and developing economies.The conclusion of this paper provides a theoretical basis for China to realize the dual carbon transitions and for the green financial industry to promote the sustainable economic development.

Key words：sustainable economic development;carbon intensity of loans;climate risks