【摘要】 开放与环境是当今世界各国关注的重大议题。本文使用1990—2015年47个国家跨国行业层面的数据，以世界各国股票市场开放的交错事件为准自然实验，探讨股票市场开放的碳减排效应。研究发现，股票市场开放降低了碳密集型行业的碳排放，该结论在一系列稳健性检验后依然成立。机制分析表明，股票市场开放通过加剧碳密集型行业的资本流出威胁，实现了绿色创新，促进了行业能源效率的提升，从而降低了经济中的碳排放。异质性分析发现，当一国的环境规制较弱、金融发展水平较低以及外国直接投资净流入较多时，股票市场开放促进碳减排的效果更为明显。本文进一步分析了股票市场开放的经济后果，对解释碳减排提供了新的视角，也为金融支持绿色发展的观点展现了新证据。更多还原

【Abstract】 Openness and environment are major issues of concern to countries around the world today. This paper uses data from 47 countries from 1990 to 2015 and the staggered events of stock market liberalization around the world to study its effect on carbon emissions. We find that the liberalization of the stock market reduces the carbon emissions of carbon-intensive industries, which is still true after a series of robustness tests. Mechanism analysis shows that stock market liberalization increases the threat of capital outflows from carbon-intensive industries, and promotes green innovation and energy efficiency in the industry, thereby reducing carbon emissions in the economy. The heterogeneity analysis finds that countries with weaker environmental regulations, lower levels of financial development, and higher net inflows of foreign direct investment have more significant carbon reduction effects from the opening of the stock market. This paper further analyzes the economic consequences of the stock market liberalization, provides a new perspective for explaining carbon emission reduction, and also presents new evidence for the view that finance supports green development.更多还原