绿色债券的区域节能效应

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中图分类号： X196；F124.5；F832.5 文献标志码：A

The Regional Energy-saving Effect of Green Bonds

XIE Yue CHAI Siyuan CHU Shan'er (School of Economics Zhejiang University of Technology,Hangzhou)

Abstract: Improving the green finance system is an important measure to promote economic green transformation and leverage regional energy-saving efects，and green bonds are an important component of the green finance system.Based on panel data from 28l cities from 2Ol4 to 2O2l,this article examines and analyzes the impact and underlying mechanisms of green bonds on urban energy intensity.Research has found that the issuance of green bonds can significantly reduce urban energy intensity and have a significant regional energy-saving efect; Mechanism testing found that green bonds mainly achieve regional energy-saving efects through two channels: green technology innovation and industrial structure upgrading; Heterogeneity analysis found that the energy- saving effect of green bonds is more pronounced in cities with higher green attention，non resource-based cities，and cities with lower financing constraints.

Key words: green bonds;energy intensity; energy saving effect

0 引言

污、扩绿、增长，推进生态优先、节约集约、绿色低碳发展”。（剩余11116字）