Dissertation Submitted to
Hebei GEO University
for
The Master Degree of
Finance
Study on the Evaluation and Characteristics of Time and Space
of Regional Green Finance Resource Allocation Efficiency in
China
By
Yang Rongqin
Supervisor: Prof. Cao Nannan
Dec. 2022
摘
要
在当前“碳中和”愿景下，我国亟需向绿色、低碳、可持续的经济发展模式转型，
加速迈进经济高质量发展阶段。绿色金融是推动绿色低碳转型发展、助力“双碳”目
标实现的有力工具。中国绿色金融发展道路上面临的一大挑战就是：如何以有限的绿
色金融资源应对数万亿的绿色投融资需求，从而把握碳中和目标带来的机遇。本文旨
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在通过合理测度我国区域绿色金融资源配置效率，揭示其在时空上的区域差异特征及
收敛特性，为打通掣肘绿色金融资源有效配置的堵点、高效配置绿色金融资源提供建
议与对策。
本文首先系统梳理了与绿色金融资源配置效率相关的国内外研究成果，对绿色金
融体系和绿色金融资源配置效率的内涵进行深刻阐述。其次，基于绿色金融的内涵与
特质，从绿色金融投入、绿色产出和环境因素三方面构建绿色金融资源配置效率评价
指标体系。运用三阶段 DEA-Malmquist模型测度 2014—2019年中国 30个省份的绿色
金融资源配置效率，在此基础上对全国及东、中、西部地区效率值的静态差异和动态
变化趋势展开分析。再次，利用 ArcGIS软件刻画绿色金融资源配置效率的空间分异
特征，继而通过全局及局部空间相关性检验考察区域绿色金融资源配置效率的空间关
联性。最后，运用σ收敛检验法和空间β收敛模型探讨绿色金融资源配置效率的地区差
异随时间推移的演变规律，即收敛性特征。
根据实证分析可见：规模效率低下是我国绿色金融资源配置效率整体处于DEA
无效状态的主要原因；区域绿色金融资源配置效率由东向西呈阶梯递减的趋势，且区
域间的效率差异主要体现在东部地区与中、西部地区之间；就效率的动态变化趋势而
言，全国和东部地区绿色金融资源配置效率的全要素生产率指数在观察期内均呈现两
次“先升后降”的波动状态，且技术进步能力的退化是使得全要素生产率整体上呈下
降趋势的主要原因；我国绿色金融资源配置效率整体上存在“东高西低”的空间分异
特征，东部地区和西部地区的大多数省份呈现明显的空间集聚特征；全国总样本与东、
中、西地区的子样本的绿色金融资源配置效率均存在显著的绝对?和条件?收敛趋势。
根据研究结论，本文提出建立引导型绿色金融体系、强化绿色金融多元投入体系、
优化经济结构、破除区域壁垒的建议，以引导绿色金融资源在绿色低碳领域得到有效
配置。
关键词：绿色金融；资源配置效率；三阶段 DEA模型；区域差异；空间收敛性
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中金公司研究部.碳中和经济学[M].中信出版社,2021.
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ABSTRACT
Under the current vision of “carbon-neutrality”, China needs to transition to a green,
low-carbon, sustainable economic development model and accelerate the development of
high-quality economic development urgently. Green finance is a powerful tool that can
drive green and low-carbon transformation and help achieve the carbon peaking and carbon
neutrality goals. One of the challenges facing China's green finance development path is:
how to respond to billions of investment needs and financing needs of green finance with
limited green financial resources, so as to seize the opportunities presented by carbon
neutrality targets. The purpose of this paper is to measure the efficiency of green financial
resources in our region, reveal its regional differences and convergence characteristics in
time and space, and provide advice and countermeasures for opening up betting points that
restrict the efficient allocation of green financial resources and deploying green financial
resources efficiently.
First of all, the paper systematically collates domestic and foreign research results
related to the efficiency of green financial resource allocation. Then elaborates on the
connotation of green financial system and green financial resource allocation efficiency.
Based on the connotation and characteristics of green finance, an indicator system of the
efficiency of green financial resource allocation was built in terms of green financial input,
green output and environmental factors. Secondly, a three-stage DEA-Malmquist model
was used to measure the green financial resource allocation efficiency of China's 30
provinces from 2014 to 2019. Thirdly, this paper uses ArcGIS software to depict the spatial
differentiation characteristics of green financial resource allocation efficiency, and then
examines the spatial correlation of regional green financial resource allocation efficiency
through global and local spatial correlation. Finally, it uses the σ convergence inspection
method and space β convergence model to explore the evolutionary law of green financial
resource allocation efficiency.
Based on empirical analysis, these can be seen: inefficient scale is the main reason
why the overall efficiency of green financial resource allocation in China is not effective in
DEA；regional green financial resource allocation efficiency is decreasing from east to west,
and regional efficiency differences are mainly reflected in the eastern region, central and
western region; in terms of dynamic trends in efficiency, the whole factor productivity
index of green financial resource allocation efficiency across the country and the east
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