The Carbon Emission Reduction Effect and Spatio-Temporal Heterogeneity of the Science and Technology Finance Network: The Combined Perspective of Complex Network Analysis and Econometric Models

With the active promotion of the "carbon peaking and carbon neutrality" goals, science and technology finance (STF) is the important driving force of low-carbon development, and financial networks facilitate the aggregation and transformation of resources in space, so it is of great theoretical and practical significance to investigate the impact of science and technology finance networks (STFN) on carbon emissions (CE). Based on the 30 provinces of China from 2011 to 2019, this article used the STF development level in each province as the main indicator to construct the STFN. The complex network analysis and econometric models are combined, with the weighted degree values and betweenness centrality selected as typical network structure indicators incorporating into the econometric model to explore their impact on CE. Then, the Geographically and Temporally Weighted Regression (GTWR) model is applied to analyse the spatio-temporal heterogeneity of influencing factors. The results show the following: (1) From 2011 to 2019, the spatial structure of China's STFN has changed significantly, and the status of the triangle structure consisting of Beijing-Tianjin-Hebei (BTH)-Yangtze River Delta (YRD)-Pearl River Delta (PRD) is gradually consolidated in the overall network, and the network structure tends to be stable. (2) The results of the benchmark regression show that the weighted degree value of the STFN has a significant inhibitory effect on CE, while betweenness centrality shows a certain positive effect on CE. (3) The weighted degree value has a more significant effect on CE reduction in the eastern region, while the betweenness centrality has a more significant effect on CE reduction in the central and western regions, but shows a significant promotion effect in the eastern region. (4) There is spatio-temporal heterogeneity in the effects of residents' affluence, energy consumption, industrial structure, and environmental pollution on CE.