金融理论与实践

培育发展新质生产力离不开绿色金融体系的有力支撑。构建由绿色信贷、绿色债券、绿色股票、绿色基金、绿色保险、绿色权益和政策支持等要素组成的绿色金融体系，采用模糊集定性比较分析（fsQCA）方法，整体探索绿色金融促进新质生产力发展的内在机制和多元路径。研究表明，单一绿色金融要素不构成必要条件，只有多元要素耦合协同才能发挥作用。绿色金融促进新质生产力发展有两种等效机制：以绿色股票和绿色基金为主、政策支持为辅的“市场驱动型”路径，和以绿色债券和政策支持为主的“市场—政策驱动型”路径。不同地区间的机制路径存在显著差异。随着新质生产力水平提升，“市场—政策驱动型”路径将逐步向“市场驱动型”路径演进跃升，即推动绿色金融发展的市场内生动力不断强化，政策外部拉动逐渐削弱。

New quality productive forces are inherently green productive forces, and their cultivation and development rely on the robust support of a green financial system. This study constructs a green financial system comprising green credit, green bonds, green stocks, green funds, green insurance, environmental rights trading, and policy support. Using the fuzzy-set Qualitative Comparative Analysis(fsQCA) method, this paper holistically explores the internal mechanisms and diverse pathways through which green finance promotes the development of new quality productive forces. The research reveals that no single element of green finance constitutes a necessary condition; instead, the coupling and synergy of multiple elements are required to drive progress. There are two equivalent mechanisms through which green finance promotes the development of new quality productivity: A “market-driven” path primarily fueled by green stocks and green funds, supplemented by policy support, and a “market-policy driven”path dominated by green bonds and policy support. Significant differences exist in these mechanistic pathways across different regions. As the level of new quality productivity improves, the “market-policy driven” path will gradually evolve and ascend into the “market-driven” path, meaning that the endogenous market forces driving the development of green finance continuously strengthen, while the external pull of policies gradually diminishes.