统计与信息论坛

绿色金融改革是中国加强生态文明建设和推动经济可持续发展的重要举措，包容性绿色增长则是致力于追求经济增长、社会公平和环境友好的可持续发展方式。绿色金融改革能否实现经济、社会和环境三大系统包容性绿色增长，成为当前推动中国经济高质量发展过程中着力解决的重大课题。因此，基于2012—2022年中国286个城市面板数据，在测算包容性绿色增长指标基础上，运用双重差分模型考察了绿色金融改革创新试验区的设立对城市包容性绿色增长的影响。研究发现：(1)绿色金融改革政策的实施能够显著促进城市包容性绿色增长，并且该政策效应在资源禀赋较低、工业发展水平薄弱以及数字基础设施建设水平较高的城市中更为明显。(2)机制检验表明，绿色金融改革政策主要通过扩大绿色就业规模、提高农业生态效率以及吸引外商直接投资来促进城市包容性绿色增长。(3)进一步研究发现，绿色金融改革政策具有空间溢出效应，不仅促进了本地区包容性绿色增长，而且对邻近城市的包容性绿色增长也产生显著的促进作用。研究成果为绿色金融改革政策成效提供了崭新的评估体系，同时也为政府完善绿色金融改革政策框架、推进绿色金融改革创新试验区升级扩容以及促进经济高质量发展提供了有益的政策启示。

Green finance reform is an essential strategy for China to advance the construction of ecological civilization and to promote sustainable economic development.Inclusive green growth, as a mode of sustainable development, is committed to pursuing economic growth, social equity, and environmental friendliness.This mode emphasizes the coordinated development of efficiency, equity, and environmental protection, clasely aligned with the core principles of green finance reform, which aim to balance economic, social, and environmental benefits.These principles provide a robust framework for evaluating the effectiveness of green finance reform and innovation pilot zones.In the context of China's ongoing efforts to promote high-quality economic development, determining whether green finance reforms can achieve inclusive green growth across economy, society, and environment systems has emerged as a critical issue.Based on the panel data from 286 chinese cities during 2012 to 2022,the entropy weight method is used to comprehensively assess urban inclusive green growth via a multidimensional indicator system.This research primarily measures urban inclusive green growth across three dimensions: economic growth, social equity, and environmental friendliness.The difference-in-differences model is employed to examine the impact of green finance reform and innovation pilot zones on urban inclusive green growth.The findings indicate that green finance reform policies significantly enhance inclusive green growth in cities.This effect persists even after numerous robustness tests, including parallel trend tests, placebo tests, PSM-DID,and the replacement of dependent variables.Mechanism tests reveal that green finance reform policies chiefly foster urban inclusive green growth by expanding the scale of green employment, enhancing agricultural ecological efficiency, and attracting foreign direct investments.Heterogeneity analyses indicate that these policies have more pronounced effects in cities with lower resource endowments, weaker industrial development, and more developed digital infrastructure.This suggests that the local economic and technological contexts significantly influence the outcomes of green finance reforms.Considering that green finance reform policies may drive the development of the green finance market in the entire region through the interaction of financial markets, the connection of industrial chains, and the dissemination of technology and knowledge, they will influence surrounding areas and even wider areas.Further investigations highlight the spatial spillover effects of green finance policies, demonstrating that these reforms not only promote inclusive green growth within the pilot regions but also significantly enhance it in neighbouring cities.Such findings underscore the interconnected nature of regional economies and the potential of policy measures to generate broader regional benefits.The outcomes of this study not only provide a new evaluation system for assessing the effectiveness of green finance reform policies but also offer valuable policy insights.These insights can guide governmental in refinmg the green finance policy framework, prooting the upgrading and expansion of green finance reform and innovation pilot zones, and advancing high-quality economic development.By focusing on inclusive green growth, the study contributes to a deeper understanding of how green finance can be a pivotal element in achieving sustainable development goals, ensuring that economic advancements do not come at the expense of environmental degradation or social inequality.