Abstract: This paper conducts a theoretical analysis of the interplay between green finance, technological innovation, and urban economic resilience. Utilizing panel data encompassing 247 Chinese cities spanning from 2010 to 2019, it employs a two-way fixed effect model and an intermediary effect model to empirically examine the impact of green finance and technological innovation on urban economic resilience. The findings indicate that green finance significantly enhances urban economic resilience by alleviating financing constraints, reducing financing costs, and serving as a catalyst for technological innovation. Moreover, technological innovation plays a pivotal role in bolstering the resilience, adaptability, and transformative capacity of urban economies. Furthermore, heterogeneity analysis reveals that the influence of green finance on urban economic resilience varies across different city types. While non-resource-based cities experience a notable improvement in resilience due to green finance, its impact is less significant in resource-based cities. Additionally, green finance exhibits a more pronounced effect on larger and eastern cities compared to central and western counterparts. Moreover, the study identifies threshold effects concerning the economic development level, employment population size, and digital financial development level. Consequently, it suggests tailoring green finance initiatives to local contexts, fostering innovation in green financial products, and prioritizing the enhancement of technological innovation quality. Furthermore, it advocates for the continued integration of green finance and digital finance to fortify urban economic resilience and advance sustainable development goals.

Key words: Green Finance, Technological Innovation, Economic Resilience, Mechanism

摘要： 从理论上分析了绿色金融、技术创新对城市经济韧性的作用机制,并基于2010—2019年我国内地247个地市级及以上城市的面板数据,实证检验了绿色金融、技术创新如何影响城市经济韧性。研究发现:绿色金融能够显著提升城市经济韧性;绿色金融通过缓解融资约束、降低融资成本和发挥信号传递作用驱动技术创新,技术创新增强了城市经济的恢复抵抗能力、适应调整能力和转型再造能力,从而提升城市经济韧性;异质性分析表明,绿色金融对城市经济韧性的影响在非资源型城市中显著,而在资源型城市中不显著,在大型城市具有促进效果,在东部城市、中部城市的影响效果优于西部城市;此外,绿色金融对城市经济韧性的影响在经济发展水平、就业人口规模和数字金融发展水平等方面存在门槛效应。为此,应因地制宜发展绿色金融,积极创新绿色金融产品,注重提升技术创新质量,持续推进绿色金融与数字金融的深度融合,以提升城市经济韧性,实现可持续发展。

关键词: 绿色金融, 技术创新, 经济韧性, 作用机制