采用Super-SBM模型测算碳排放效率，运用“标杆法”构建金融资源错配指数，并基于2005—2023年中国省级面板数据实证检验金融资源错配对碳排放效率的影响及其作用机制。研究发现：金融资源错配会显著抑制碳排放效率的提升，且存在区域异质性，即对东部地区的抑制作用大于西部地区；结构错配对碳排放效率提升的抑制作用大于要素错配，且区分金融市场化程度后，这种抑制作用在金融市场化程度较低的地区更加明显；机制检验表明，金融资源错配会通过加剧金融资源集聚、抑制企业绿色技术创新和产业结构调整三条路径影响碳排放效率的提升。金融资源错配是制约碳排放效率提升的关键因素，地方政府应合理布局金融资源配置结构，引导金融资源向绿色低碳产业流动，为实现“双碳”目标创造有利条件。

This study employs the Super-SBM model to measure carbon emission efficiency, uses the “benchmarking method” to construct a financial resource misallocation index, and investigates the impact of financial resource misallocation on carbon emission efficiency and its mechanism based on the provincial panel data of China from 2005 to 2023. The empirical analysis reveals that financial resource misallocation significantly reduces carbon emission efficiency, with notable regional heterogeneity— the inhibitory effect is stronger in the eastern region than in the western region. Furthermore, structural misallocation exerts a greater negative impact than factor misallocation, and this effect is more pronounced in regions with lower levels of financial marketization. Mechanism analysis shows that financial resource misallocation impedes the improvement of carbon emission efficiency through three channels: intensifying the concentration of financial resources, suppressing firms' green innovation, and constraining industrial structure upgrading. The findings suggest that financial resource misallocation is a key barrier to enhancing carbon emission efficiency. Local governments should therefore optimize the allocation structure of financial resources and guide capital flows toward green and low-carbon industries to create favorable conditions for achieving China’s “dual carbon” goals.

X321；F832

教育部人文社科青年基金项目（23YJC790040）；福建省社科研究基地重大项目（FJ2020MJDZ051）