生态经济

论文运用30个省份2007—2022年的相关数据，测度了地区金融显性集权和金融隐性分权程度，采用空间杜宾模型和面板门槛模型，探讨了金融显性集权和隐性分权对低碳转型的影响效应及传导机制。研究结果表明：金融显性集权对碳排放强度和人均碳排放量具有显著的负向直接效应、空间溢出效应和总效应，金融显性集权有利于降低本地区和邻近地区碳排放水平，进而推进区域经济低碳发展；金融隐性分权对碳排放强度和人均碳排放量具有显著的正向直接效应、空间溢出效应和总效应，金融隐性分权增加了本地区和邻近地区碳排放水平，金融隐性分权不利于推进区域经济低碳发展。机制分析表明：金融隐性分权加剧资本扭曲程度和弱化企业绿色技术创新而增加碳排放，金融显性集权通过弱化资本扭曲和强化企业绿色技术创新进而推进地区绿色低碳转型；财政压力具有门槛效应，当地方财政压力高于门槛值时，金融显性集权对碳排放强度具有显著抑制作用，金融隐性分权对人均碳排放量产生显著的促进作用。

Using relevant data from 30 provinces in China from 2007 to 2022,the degree of explicit and implicit financial decentralization in the region was measured.The spatial Durbin model and panel threshold model were used to explore the impact and transmission mechanism of explicit and implicit financial decentralization on low-carbon transformation.The research results indicate that financial explicit centralization has significant negative direct effects,negative spatial spillover effects,and negative total effects on carbon emission intensity and per capita carbon emissions.Financial explicit centralization is beneficial for reducing carbon emission levels in the local and neighboring areas,and promoting low-carbon regional economic development.Financial implicit decentralization has significant positive direct effects,positive spatial spillover effects,and positive total effects on carbon emission intensity and per capita carbon emissions.Financial implicit decentralization increases the carbon emission levels in the local and neighboring areas,which is not conducive to promoting low-carbon development of regional economy.Mechanism analysis shows that implicit financial decentralization exacerbates capital distortion and weakens corporate green technology innovation,leading to increased carbon emissions.Explicit financial centralization promotes regional green and low-carbon transformation by weakening capital distortion and strengthening corporate green technology innovation.Fiscal pressure has a threshold effect.When local fiscal pressure exceeds the threshold value,explicit financial centralization has a significant inhibitory effect on carbon emission intensity,while implicit financial decentralization has a significant promoting effect on per capita carbon emissions.