Many researches paid attention to the relationship between financial development and Carbon emissions. However, most of them look at this problem from a quantitative perspective, and ignore the impact of financial structures on carbon emissions. This paper uses data of 88 countries from 1990 to 2014, applies the system GMM method for empirical analysis, and studies on the relationship between financial structure and CO2 emission. The result shows that the financial structure with more financial market significantly reduce CO2 emissions intensity. The mechanism analysis shows that the financial structure mainly affects CO2 emissions through innovation and also infect financial development's innovation mechanism for CO2 emission. This is an important reason why economies with the same financial scale or development level have different financial emission reduction performance. This research can provide an important policy objective dimension for financial supply side structural reforms.

金融发展与碳排放的关系近年来受到较多关注，但大多数文献只是从量的角度考察金融对碳排放的影响，忽略金融结构影响碳排放问题。本文利用1990—2014年88个经济体的数据，采用系统GMM进行实证分析，以探究金融结构与碳排放的关系。研究表明，金融结构通过影响创新而发挥减排作用，偏市场的金融结构有利于增强创新减排机制，从而显著地降低碳排放强度。这是金融规模或发展水平基本相同的经济体具有不同金融减排绩效的一个重要原因。这一研究发现可以为金融供给侧结构性改革提供一个重要的政策目标维度。