绿色金融与经济增长质量：带有资源环境约束的一般均衡模型构建与实证检验

深入认识绿色金融对经济发展质量的影响机制、实证检验二者的关系，是科学引导绿色金融体系构建、助力高质量发展的基础，但该领域的理论研究和实证证据都十分有限。本文从绿色金融研究的理论脉络入手，构建了带有资源环境约束和金融部门的一般均衡模型。在模型中，自然资源的“公共物品问题”导致经济增长路径偏离最优水平，而绿色金融机构能够通过优化资本配置，改善经济增长路径，降低稳态中的环境损害水平，提高经济增长的质量。基于理论模型，本文使用2005年至2017年的省级面板数据检验了绿色金融活动与经济增长质量之间的关系，实证证据有力地支持了理论模型的推论。据此，本文指出，发展绿色金融的核心是“绿化”金融机构的运营理念和投资决策，从改善经济体的资源配置状况入手，促进经济的绿色发展。此外，本文的理论模型将绿色金融的研究与经济增长理论结合起来，也为绿色金融的理论体系构建提供了参考。

Green Finance and Economic Growth Quality: Construction of General Equilibrium Model with Resource Constraints and Empirical Test

It is widely believed that green finance is an important means to promote green growth. However, there is barely any theoretical research or empirical evidence on the relationship between green finance and economic growth quality. Is green finance truly influencing economic growth quality? How? A deep understanding of the relationship between the two is important for both green finance practice and research. Starting from the theoretical context of green finance research, a general equilibrium model with environmental constraints and financial sector is constructed. In the model, the “public goods problem” of natural resources causes the economic growth path to deviate from the optimal level, and green financial institutions can improve the economic growth path byoptimizing capital allocation; as a result, the steady-state resource consumption level is reduced, and economic growth quality is improved. Based on the theoretical model, a provincial panel data from 2005 to 2017 shows that financial support for energy conservation and environmental protection can significantly reduce the resource cost of economic growth; it strongly supports the theoretical inferences. Therefore, it is argued that the core of the development of green finance is to “green” the operating philosophy and investment decisions of financial institutions, which will improve financial resource allocation, and thus promote green growth. In addition, the theoretical model of this article combines the research of green finance with the economic growththeoryand provides a reference for the construction of theoretical models of green finance.