Abstract
Based on provincial panel data from 2008 to 2017 as the research sample in China, this study examines the impact of financial development on carbon emissions. Regression models are employed to estimate the influence of financial development on carbon emissions in different regions. The research reveals that the level of carbon emissions is influenced by differentiation and heterogeneity, with different regions showing varying sensitivities to factors such as financial development, technological innovation, and industrial structure. Financial efficiency has a negative impact on carbon emissions, being positive in regions with low carbon emissions. In areas with higher carbon emissions, the impact of financial efficiency on carbon emissions is greater. Industrial structure has a negative impact on carbon emissions, and in regions with lower carbon emissions, the upgrading of industrial structure has a greater impact on carbon reduction. Technological innovation has a negative impact on carbon emissions in regions with medium to high levels of emissions, while its impact in low-emission areas is positive but not significant. Per capita GDP, energy structure, and urbanization level overall have a positive impact, while foreign investment has a negative impact. The introduction of technological innovation as a moderating variable significantly enhances the significance level of financial efficiency.
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