Abstract: Green finance is an important means of supporting the green and low-carbon transformation and promoting high-quality development of the economy and society. If positive interactions can be achieved among carbon finance, green credit and green insurance, it will be conducive to the coordinated development of the green finance system, thereby providing strong support for realizing the carbon peaking and carbon neutrality goals and promoting the construction of a beautiful China.
Based on the perspective of internal coordination of green finance, this paper uses the PVAR model to empirically investigate the correlation among China's carbon finance, green credit and green insurance over the period from 2014 to 2020, with an emphasis on comparative analyses of different regions as well as different time periods. Furthermore, the influencing factors and the improvement path of the correlation are explored from the internal ecology, institutional constraints and technical support levels. The results show that in general, the current development of carbon finance, green credit and green insurance in China exhibit strong path dependence, with a lack of positive interactions. There is regional heterogeneity in the relationship among carbon finance, green credit and green insurance. Specifically, the internal coordination of green finance in strong regions of carbon finance development is better than that in weak regions. After 2017, the internal correlation of green finance has been partially improved, and the improvement is more prominent in weak regions. The enhancement of the macro ESG level, environmental regulation, and financial digitalization can assist the benign circulation among carbon finance, green credit and green insurance, thus promoting the coordinated development of green financial system. The above positive effects are more obvious in weak areas, which can reduce the regional differences in the internal coordination of green finance.
Compared to previous studies, the marginal contributions of this study are as follows: (1) This paper integrates carbon finance, green credit, and green insurance into a unified framework in which the dynamic correlation of the three is empirically examined from the perspective of internal coordination, thereby enriching relevant research on green finance and providing empirical evidence for the internal coordination development of green finance in China. (2) By dividing the sample provinces and cities based on the development level of carbon finance and analyzing the regional differences in the internal coordination of green finance, this article provides new ideas for formulating green finance policies according to local conditions. (3) According to key time points in the dynamic evolution of the policy environment, this article conducts a comparative analysis of different time periods, providing theoretical support for deepening the construction of relevant institutional systems. (4) Further analyses regarding the improvement path of the correlation among carbon finance, green credit and green insurance are conducted, based on which targeted policy implications are derived.
The research conclusions will help clarify the interaction relationship among green finance markets in China, and provide policy implications for promoting the benign circulation and coordinated development within the green financial system. Accordingly, this paper proposes to work together from both the supply and demand sides to break down the internal integration barriers of green finance, fully draw on the development experience of advanced regions, while paying attention to strengthening risk monitoring of key areas and targets. It is necessary to accelerate the pace of financial digitization construction, implement reasonable and effective environmental regulations, and promote the deep integration of regional environmental, social and governance concepts with the development of green finance.

Key words: Carbon Finance, Green Credit, Green Insurance, Green Finance, Internal Coordination

摘要： 基于绿色金融内部协调性视角,采用PVAR模型对2014—2020年中国碳金融、绿色信贷与绿色保险间的动态关联性及其影响因素进行实证分析。结果表明,总体而言,当前中国碳金融、绿色信贷与绿色保险发展的路径依赖性较强、良性互动不足。对比分析显示,碳金融、绿色信贷与绿色保险间的关联关系存在区域异质性,碳金融发展强势区域的整体关联性优于弱势区域;2017年后,绿色金融内部关联性得到部分改善,弱势区域的改善情况更佳。进一步从内部生态、制度约束和技术支持层面探究关联关系的改善路径,发现宏观ESG、环境规制以及金融数字化水平的提升有助于促进绿色金融体系协调发展,且该积极作用在弱势区域中更为明显,由此可缩小绿色金融内部协调性的区域差异。研究结论有助于厘清我国绿色金融市场互动关系,为促进绿色金融体系内部良性循环和协调发展提供政策建议。

关键词: 碳金融, 绿色信贷, 绿色保险, 绿色金融, 内部协调性