改革开放以来，粗放式的经济发展模式和以煤炭为主的能源消费结构，使得我国的碳排放问题日益突出。产业结构升级被广泛认为是我国低碳经济发展的有效途径之一，金融创新作为推动低碳发展的重要环节，为减碳技术发展和产业结构优化提供了动力，厘清金融创新、产业结构升级和碳排放之间的关系对我国实现“双碳”目标具有重要意义。因此，本文在综述国内外相关文献的基础上，以中国30个省份2008-2020年的面板数据为研究样本，采用计量经济学方法与模型，考虑空间差异和空间溢出效应，实证研究金融创新、产业结构升级与碳排放的关系，主要工作和研究结论如下：

（1）在相关研究和理论的基础上，分析了金融创新、产业结构升级与碳排放之间的作用机理，从金融创新对碳排放的影响、产业结构升级对碳排放的影响、金融创新对产业结构升级的影响以及产业结构升级的中介传导作用四个方面提出了研究假设。

（2）运用熵值法从金融绿色创新、金融市场创新、金融产品与机构创新与金融治理创新四个维度测算了金融创新综合评价指数，并根据能源消耗量对30个省份的碳排放进行了计算。分析得出，东部、中部、西部三大区域的金融创新水平存在较大差异，东部地区金融创新水平和二氧化碳排放量明显高于中西部；各地区碳排放存在显著的空间集聚效应，体现出正向的空间溢出效应。

（3）构建了空间杜宾模型和中介效应模型，实证得出金融创新会降低本地区和邻近地区的碳排放；产业结构升级会降低本地区的碳排放；金融创新促进了本地和邻近地区的产业结构升级，产业结构升级在金融创新影响碳排放的过程中存在部分中介作用；金融创新、产业结构升级对碳排放的空间溢出效应具有明显的区域差异。

本文从空间视角补充和完善了金融创新、产业结构升级和碳排放关系的相关研究，并依据研究结论针对性地提出了相关政策建议，为各地区降低碳排放提供一定的参考。

Since the reform and opening up, the rough economic development model and coal-based energy consumption structure have made China's carbon emission problem increasingly prominent. The upgrading of industrial structure is widely considered as one of the effective ways for low-carbon economic development in China, and financial innovation, as an important link to promote low-carbon development, provides impetus for the development of carbon-reducing technologies and industrial structure optimization. It is important to clarify the relationship between financial innovation, industrial structure upgrading and carbon emissions to achieve the "double carbon" goal in China. Therefore, based on a review of relevant literature at home and abroad, this paper empirically investigates the relationship between financial innovation, industrial structure upgrading and carbon emissions using panel data of 30 Chinese provinces from 2008 to 2020 as a research sample, adopting econometric methods and models, considering spatial differences and spatial spillover effects, and the main work and findings are as follows:

(1) On the basis of relevant researches and theories, the mechanism of action between financial innovation, industrial structure upgrading and carbon emission is analyzed, and the research hypotheses are put forward in four aspects: the influence of financial innovation on carbon emission, the influence of industrial structure upgrading on carbon emission, the influence of financial innovation on industrial structure upgrading and the mediating conduction role of industrial structure upgrading.

(2) The entropy method is applied to measure the comprehensive evaluation index of financial innovation from four dimensions: financial green innovation, financial market innovation, financial product and institution innovation and financial governance innovation, and the carbon emissions of 30 provinces are measured according to the energy consumption, and the analysis concludes that there are large differences in the financial innovation levels among the three regions of east, central and west, and the financial innovation level and carbon dioxide emissions in the eastern region are emissions in the eastern region are significantly higher than those in the central and western regions; there is a significant spatial clustering effect of carbon emissions in each region, reflecting a positive spatial spillover effect.

(3) The spatial Durbin model and intermediary effect model are constructed, and the empirical evidence concludes that financial innovation reduces carbon emissions in the local and neighboring regions; industrial structure upgrading reduces carbon emissions in the local region; financial innovation promotes industrial structure upgrading in the local and neighboring regions, and industrial structure upgrading has a partial intermediary role in the process of financial innovation affecting carbon emissions; the spatial spillover effects of financial innovation and industrial structure upgrading on carbon emissions have obvious regional The spatial spillover effects of financial innovation and industrial structure upgrading on carbon emissions have obvious regional differences.

This paper complements and improves the research on the relationship between financial innovation, industrial structure upgrading and carbon emissions from a spatial perspective, and puts forward relevant policy recommendations based on the research findings to provide some reference for the reduction of carbon emissions in each region.

[1]BP.BP statistical review of world energy [R].London.BP,2021.

[2]国家统计局.中国统计年鉴[R].北京:中国统计出版社,2021.

[3]Schumpeter,J.A.The Theory of economic Development[M].Harvard University Press.1911.

[4]Silber.The process of financial innovation[J].The American Economic Review,1983,(04):83-103.

[5]Kane,E.J.Acelerating infation,technological innovation,and the decreasing effectiveness of banking regulation , Journal of Finance 1981(36):355-367.

[6]Hicks,Niehans J.Financial innovation,multinational banking,and monetary policy[J].J-ournal of banking and finance,1983(07): 537-551.

[7]Tufano P.Financial innovation and first-mover advantages[J].Journal of Financial Economics,1989,25(02):213-240.

[8]陈岱孙,厉以宁.国际金融学说史[M].北京:中国金融出版社,1991.

[9]尹龙.金融创新理论的发展与金融监管体制演进[J].金融研究,2005(03):7-15.

[10]张玉喜.金融地理学视角下的区域金融创新需求与供给研究[J].学术交流,2008(10):59-63.

[11]林毅夫,付才辉,任晓猛.金融创新如何推动高质量发展：新结构经济学的视角[J].金融论坛,2019,24(11):3-13.

[12]安国俊.碳中和目标下的绿色金融创新路径探讨[J].南方金融,2021(02):3-12.

[13]Lerner J.The new new financial thing: The origins of financial innovations[J]. Journal of Financial Economics, 2006, 79(02): 223-255.

[14]Laeven L, Levine R, Michalopoulos S.Financial innovation and endogenous growth[J]. Journal of Financial Intermediation, 2015, 24(01): 1-24.

[15]孙浦阳,张蕊.金融创新是促进还是阻碍了经济增长——基于技术进步视角的面板分析[J].当代经济科学,2012,34(03):26-34+125.

[16]李媛媛,金浩,张玉苗.金融创新与产业结构调整:理论与实证[J].经济问题探索,2015(03):140-147.

[17]杨力,朱国龙,魏奇锋.金融创新、技术创新与经济增长的嵌合驱动研究——基于成渝地区双城经济圈的数据实证[J].经济体制改革,2021(04):195-200.

[18]李鹏宇.金融创新与商贸流通提质增效：关联性及其影响机制[J].商业经济研究,2021(08):166-169.

[19]蒋岳祥,蒋瑞波.区域金融创新:效率评价、环境影响与差异分析[J].浙江大学学报(人文社会科学版),2013,43(04):52-65.

[20]李林汉,田卫民.金融创新、制度环境与实体经济增长——基于空间杜宾模型的实证分析[J].金融发展研究,2020(12):14-25.

[21]张虎,韩爱华.金融集聚、创新空间效应与区域协调机制研究——基于省级面板数据的空间计量分析[J].中南财经政法大学学报,2017(01):10-17.

[22]陈晶莹.区域金融创新体系研究[J].改革与战略,2008(11):111-114.

[23]章莳安.基于主成分分析法的金融创新水平评价——以赣南等原中央苏区14县(市)为例[J].江西社会科学,2013,33(12):80-85.

[24]朱尔茜.基于因子分析的中国区域金融创新能力评价[J].武汉大学学报(哲学社会科学版),2013,66(03):85-89.

[25]王玲玲,毛磊,袁丹.基于多属性决策方法的区域金融创新能力评价研究——以湖北省为例[J].技术经济,2020,39(01):142-148.

[26]王仁祥,杨曼.科技创新与金融创新耦合关系及其对经济效率的影响——来自35个国家的经验证据[J].软科学,2015,29(01):33-36+41.

[27]张超,钟昌标.金融创新、产业结构变迁与经济高质量发展[J].江汉论坛,2021,No.514(04):5-16.

[28]Levine R.Finance and Growth:Theory and Evidence[M].Handbook of Economic Growth,2003.

[29]Brown J R,Fazzari S M.Petersen B C.Financing Innovation and Growth:Cash Flow,External Equity and the 1990s R&D Boom[J]. Journal of Finance,2009, 64(01):151-185.

[30]Merton R C.Financial lnnovation and Economic Performance[J].Journal of Applied Corporate Finance,1992,4(04):12-22.

[31]Qamruzzaman M,Wei J. Nexus between financial innovation and economic growth in South Asia:evidence from ARDL and nonlinear ARDL approaches[J].Financial innovation, 2018, 4(01): 20-39.

[32]Pradhan R P, Arvin M B, Bahmani S.Are innovation and financial development causative factors in economic growth?Evidence from a panel granger causality test[J].Technological Forecasting and Social Change, 2018, 132(01):130-142.

[33]Mollaahmetolu E, Akal B Y.The Missing-Link between Financial Development and Economic Growth:Financial Innovation[J].Procedia Computer Science,2019, 158(09):696-704.

[34]胡国晖,郑美美.金融集聚、金融创新与区域经济增长[J].河北经贸大学学报,2020,41(04):22-29.

[35]张颖,黄俊宇.金融创新、新型城镇化与区域经济增长——基于空间杜宾模型的实证分析[J].工业技术经济,2019,38(12):93-101.

[36]王灿,喻平.金融创新、金融监管与经济增长[J].统计与决策,2020,36(07):137-141.

[37]Henderson B J ,Pearson N D. The dark side of financial innovation: A case study of the pricing of a retail financial product[J].Journal of Financial Economics, 2011, 100(02):227-247.

[38]Chiu J,Meh C,Wright R.Innovation and growth with financial,and other, frictions[J].Working Paper, 2013,56(03):238-274.

[39]Beck T, Chen T,Lin C,et al.Financial Innovation:The Bright and the Dark Sides[J].Journal of Banking & Finance, 2016, 72(04): 28-51.

[40]刘超,马玉洁,史同飞.我国实体经济发展困境与新动能探索研究——基于金融创新和技术创新视角[J].现代财经(天津财经大学学报),2019,39(12):3-19.

[41]Gorodnichenko Y,Schnitzer M.Financial constraints and innovation: Why poor countries don't catchup[J].Journal of the European Economic Association,2013, 11(05):1115–1152.

[42]武魏巍.以金融创新促进低碳经济发展[J].宏观经济管理,2012,No.345(09):60-61+74.

[43]任卫峰.低碳经济与环境金融创新[J].上海经济研究,2008,No.234(03):38-42.

[44]蓝虹,任子平.建构以PPP环保产业基金为基础的绿色金融创新体系[J].环境保护,2015,43(08):27-32.

[45]冯登艳.发展低碳经济必须加快金融创新[J].金融理论与实践,2011(04):71-74.

[46]Tamazian A,Chousa J P,Vadlamannati K C.Does higher economic and financial development lead to environmental degradation:evidence from BRIC countries[J]. Energy policy,2009,37(01):246-253.

[47]Shahbaz M,Solarin S A,Mahmood H,et al.Does financial development reduce CO2 emissions in Malaysian economy?A time series analysis[J].Economic Modelling,2013, 35(C):145-152.

[48]顾洪梅,何彬.中国省域金融发展与碳排放研究[J].中国人口·资源与环境,2012,22(08):22-27.

[49]张忠杰,李真真,李宪慧.金融发展、城镇化对人均能源消费碳排放的影响[J].统计与决策,2020,36(08):106-110.

[50]张瑞锋,刘帅.区域金融发展与二氧化碳排放：促进或抑制？——基于SDM模型的实证分析[J].武汉金融,2022,No.273(09):72-80.

[51]Sadorsky P. The impact of financial development on energy consumption in emerging economies[J]. Energy Policy, 2010, 38(05):2528-2535.

[52]Zhang Y J.The impact of financial development on carbon emissions: an empirical analysis in China[J]. Energy policy,2011,39(04):2197-2203.

[53]Al-Mulali U,Ozturk I , Lean H . The influence of economic growth, urbanization, trade openness, financial development, and renewable energy on pollution in Europe[J]. Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards,2015, 79(01):621-644.

[54]熊灵,齐绍洲.金融发展与中国省区碳排放——基于STIRPAT模型和动态面板数据分析[J].中国地质大学学报(社会科学版),2016,16(02):63-73.

[55]赵军,刘春艳,李琛.金融发展对碳排放的影响：“促进效应”还是“抑制效应”？——基于技术进步异质性的中介效应模型[J].新疆大学学报(哲学·人文社会科学版),2020,48(04):1-10.

[56]Ozturk I ,Acaravci A.The long-run and causal analysis of energy, growth, openness and financial development on carbon emissions in Turkey[J]. Energy Economics, 2013, 36(03):262–267.

[57]李寿国,宋宝东.金融发展影响碳排放的门槛效应分析[J].生态经济,2019,35(04):20-25.

[58]彭智敏,向念,夏克郁.长江经济带地级城市金融发展与碳排放关系研究[J].湖北社会科学,2018(11):32-38.

[59]朱东波,任力,刘玉.中国金融包容性发展、经济增长与碳排放[J].中国人口·资源与环境,2018,28(02):66-76.

[60]Wurgler J.Financial markets and the allocation of capital[J].Journal of financial economics,2000, 58(1-2):187-214.

[61]李媛媛,金浩.金融创新对产业结构优化的效应研究[J].财经问题研究,2016(09):31-37.

[62]王军,王昆.金融创新促进产业升级的路径、机理和效应——以山东省为例[J].学术交流,2019,No.300(03):95-107.

[63]彭继增,方仙美.金融创新、消费需求与产业结构优化升级[J].求索,2016(06):115-120.

[64]庞敏,夏周培.金融创新对产业结构升级的影响机制与效应分析——基于中介效应和空间效应的解析[J].工业技术经济,2020,39(09):30-38.

[65]焦妍妍,郭彬,优瑞池.科技创新、金融创新与产业结构优化的耦合关系研究——基于“互联网+”视角[J].管理现代化,2019,39(05):32-36.

[66]赵明轩,吕连宏,张保留等.中国能源消费、经济增长与碳排放之间的动态关系[J].环境科学研究,2021,34(06):1509-1522.

[67]徐大丰.资本深化、技术进步与中国碳排放EKC的形成[J].系统工程理论与实践,2022,42(06):1632-1643.

[68]王鑫静,程钰.城镇化对碳排放效率的影响机制研究——基于全球118个国家面板数据的实证分析[J].世界地理研究,2020,29(03):503-511.

[69]潘喜莲,侯宇恒.影响我国碳排放的因素分解——基于省级面板数据的实证分析[J].科学决策,2021,No.293(12):84-94.

[70]Ma C,Stern D I.China's Changing Energy Intensity Trend:A Decomposition Analysis[J].Energy Economics,2008,30(03):1037-1053.

[71]Zhang Y J,Liu Z,Zhang H, et al.The impact of economic growth,industrial structureand urbanization on carbon emission intensity in China[J].Natural Hazards,2014,73(02):579-595.

[72]Wang Z,Zhang B,Liu T.Empirical analysis on the factors influencing national and regional carbon intensity in China[J].Renewable&.Sustainable Energy Reviews, 2016,55(C):34-42.

[73]Rui Z A,Ning M A,Yong G B,et al.Allocation of carbon emissions among industri-es/sectors:An emissions intensity reduction constrained approach-ScienceDirect[J].Jo-urnal of Cleaner Production,2017,142(4):3083-3094.

[74]Runar B,Tommy L,Per-Olov M.Carbon intensity in production and the effects of climate policy—Evidence from Swedish industry[J]. Energy Policy, 2014,67(4):844-857.

[75]张伟,朱启贵,高辉.产业结构升级、能源结构优化与产业体系低碳化发展[J].经济研究,2016,51(12):62-75.

[76]马丽梅,史丹,裴庆冰.中国能源低碳转型(2015—2050):可再生能源发展与可行路径[J].中国人口·资源与环境,2018,28(02):8-18.

[77]曹丽斌,蔡博峰,王金南.中国城市产业结构与CO2排放的耦合关系[J].中国人口·资源与环境,2017,27(02):10-14.

[78]王钊,王良虎.R&D投入、产业结构升级与碳排放关系研究[J].工业技术经济,2019,38(05):62-70.

[79]李斌,张晓冬.中国产业结构升级对碳减排的影响研究[J].产经评论,2017,8(02):79-92.

[80]黎振强,周秋阳.产业结构升级是否有助于促进碳减排——基于长江经济带地区的实证研究[J].生态经济,2021,37(08):34-40+111.

[81]周迪,王雪芹.中国碳排放效率与产业结构升级的耦合度及耦合路径[J].自然资源学报,2019,34(11):2305-2316.

[82]IPCC. Climate Change 2021: The Physical Science Basis[R].2021.

[83]Marshall A. Principles of economy[M].London:Macmillan,1920.

[84]Grossman G, Krueger A. Environmental Impacts of a North American Free Trade Agreement[R]. Cambridge: National Bureau of Economic Research, 1991.

[85]班斓.中国四大区域高质量发展的路径比较[J].统计与信息论坛,2022,37(08):28-40.

[86]马盼盼.PPP融资模式在我国环保产业中的应用研究[D].西北大学,2018.

[87]张叶东.“双碳”目标背景下碳金融制度建设：现状、问题与建议[J].南方金融,2021(11):65-74.

[88]胡金焱,王梦晴.我国金融发展与二氧化碳排放——基于1998-2015年省级面板数据的研究[J].山东社会科学,2018(04):118-124.

[89]景艳.产业结构优化对碳排放的影响[D].辽宁大学,2022.

[90]易信,刘凤良.金融发展、技术创新与产业结构转型——多部门内生增长理论分析框架[J].管理世界,2015(10):24-39+90.

[91]吴振信,谢晓晶,王书平.经济增长、产业结构对碳排放的影响分析——基于中国的省际面板数据[J].中国管理科学,2012,20(03):161-166.

[92]刘锋,黄苹,唐丹.绿色金融的碳减排效应及影响渠道研究[J].金融经济学研究,2022,37(06):144-158.

[93]田嘉莉,黄文艳,彭甲超等.绿色金融赋能碳中和的传导机制与空间效应[J].西部论坛,2022,32(05):44-62.

[94]赵倩倩.区域绿色金融发展对碳排放的影响研究[D].天津理工大学,2022.

[95]李成刚.绿色金融对经济高质量发展的影响[J].中南财经政法大学学报,2023,No.257(02):65-77.

[96]庞加兰,王薇,袁翠翠.双碳目标下绿色金融的能源结构优化效应研究[J].金融经济学研究,2023,38(01):129-145.

[97]徐德云.产业结构升级形态决定、测度的一个理论解释及验证[J].财政研究,2008,No.299(01):46-49.

[98]李华,马进.环境规制对碳排放影响的实证研究——基于扩展STIRPAT模型[J].工业技术经济,2018,37(10):143-149.

[99]Baron,R. M.,Kenny,et al.The moderator-mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations.[J]. Journal of personality and social psychology, 1986,51(06):1173.

[100]Smulders S,Tsur Y,Zemel A. Announcing climate policy:Can a green paradox arisewithout scarcity?[J].Journal of Environmental Economics and Management,2012,64(03):364-376.

[101]Lesage J P, Pace R K. Introduction to Spatial Econometrics[M].Boca Raton:CRC Press, 2009.

[102]邵帅,范美婷,杨莉莉.经济结构调整、绿色技术进步与中国低碳转型发展——基于总体技术前沿和空间溢出效应视角的经验考察[J].管理世界,2022,38(02):46-69+4-10.