生态经济

绿色金融可以有效连接环境治理与经济效率，通过市场化工具和资本再配置驱动城市绿色全要素生产率提升。论文选取2006—2024年我国280个地级及以上城市的面板数据，采用熵值法和包含非期望产出的SBM-GML指数，分别测算绿色金融发展指数和城市绿色全要素生产率，并构建空间杜宾模型，探讨绿色金融对城市绿色全要素生产率的影响及空间溢出效应。研究表明：(1)绿色金融有效提升了城市绿色全要素生产率，且这种促进作用具有显著的空间溢出效应。(2)绿色金融对城市绿色全要素生产率的促进作用与空间溢出效应因地理区位、低碳试点政策和资源禀赋不同而存在异质性。(3)在两种空间权重矩阵下，教育支出水平与人力资本水平会分别减缓和增强绿色金融对本地区城市绿色全要素生产率的作用，且二者在对称与非对称空间关联下对空间溢出的调节方向存在显著差异，揭示了空间结构对传导机制的关键约束作用。

Green finance effectively bridges environmental governance and economic efficiency,driving the improvement of urban green total factor productivity through market-oriented instruments and capital reallocation.Based on the panel data of 280 prefecture-level and above cities in China from 2006 to 2024,this paper adopts the entropy method and the SBM-GML index incorporating undesirable outputs to measure the green finance development index and urban green total factor productivity respectively.It further constructs a spatial Durbin model to explore the impact of green finance on urban green total factor productivity as well as its spatial spillover effects.The research findings are shown as follows:(1) Green finance significantly promotes urban green total factor productivity,and such a promotional effect presents pronounced spatial spillover characteristics.(2) The promotional effect and spatial spillover effect of green finance on urban green total factor productivity exhibit obvious heterogeneity due to differences in geographical location,low-carbon pilot policies and resource endowments.(3) Under two types of spatial weight matrices,education expenditure level weakens while human capital level strengthens the local impact of green finance on urban green total factor productivity.Moreover,the two factors differ significantly in their moderating directions on spatial spillover under symmetric and asymmetric spatial correlations,revealing the critical constraint effect of spatial structure on the transmission mechanism.