中国经济发展进入“新常态”，传统依靠高耗能、高污染的粗放式发展模式难以为继，并成为制约经济可持续发展的主要瓶颈。因此，以低能耗、低污染、高效率为特征的绿色经济是中国经济高质量发展的必然选择。绿色金融作为现代环境治理的重要政策工具，既具备市场型环境规制的特征，又兼具金融部门的资源配置功能，为绿色经济发展提供了现实可行的金融支持工具。2017年，国家开始设立绿色金融改革创新试验区，并辅之以配套的实施方案，各试验区结合自身发展优势探索出各具特色的绿色金融发展模式。基于此背景下，探究绿色金融试验区政策执行机制与实施效果具有重要的理论和现实意义。

本研究试图回答绿色金融试验区政策执行机制与实施效果中三个密切相关的问题：地方政府是如何有效执行绿色金融试验区政策？试验区政策执行过程中央地政府是如何选择和配置政策工具？绿色金融试验区政策实施效果如何？为了系统分析上述问题，本文以复杂适应系统、央地关系理论为基础，将“复杂性”概念引入绿色金融试验区政策执行研究中，将绿色金融试验区政策执行理解为复杂政策的执行过程，基于政策复杂性视阈开展绿色金融试验区政策执行的理论与实证研究。通过研究，得出的主要结论包括：

第一，从复杂适应系统理论出发构建了绿色金融政策执行的分析框架，认为该政策本身是具有模糊性和冲突性的复杂政策。地方政府在政策执行过程中，面临着系统内外部的复杂环境和场域，执行主体的执行行为受到系统内外部要素的交互影响，其所采取的适应性执行策略是政策执行有效的关键。第二，认为“资源整合-执行调适”是理解地方政府在地化执行行为逻辑的关键。地方政府作为绿色金融试验区政策的执行主体，有效的适应性执行策略推动了政策落地实施。研究发现，不同试验区的地方政府会根据其所处的制度体系、经济基础和行动情境等方面的差异，选择适合于本地区发展的执行策略，最终总结出“主动示范性执行”、“渐进调整性执行”、“借力引导性执行”三种不同的政策执行模式。第三，从绿色金融政策工具的演化特征来看，从中央到地方政策总量变化，体现出政策制定中的中央政府“高位推动”与地方政府“积极响应”的互动过程。从政策工具的分布结构来看，中央政府偏重使用管制型政策工具，强调“自上而下”推动政策执行；而地方政府侧重于使用管制型和激励型政策工具，根据地方情境采取“选择性精准”的执行策略。第四，评估了绿色金融试验区政策的实施效果。研究发现，绿色金融试验区政策取得了良好的政策效果，促进了试验区企业绿色创新水平的提升。其作用机制在于，绿色金融试验区政策通过缓解企业融资约束来提升绿色创新水平，并且能够发挥出资源调配效应，将金融资源由重污染行业转移到非重污染行业。进一步研究发现，这一政策在不同区域、不同企业特征以及对创新类型的影响存在异质性。

本研究的创新之处在于将复杂适应系统理论引入绿色金融政策执行过程研究，认为绿色金融政策本身是一个复杂政策，而政策执行过程处于一个复杂的、动态的演化系统。理论贡献在于构建了“资源整合-执行调适”政策执行过程的分析框架，以此来分析政策执行者的行动逻辑，打开政策执行过程的“黑箱”。同时，基于多种方法探讨绿色金融试验区政策的执行机制与实施效果。为了进一步完善绿色金融政策体系，推动试验区政策有效执行，提出以下政策建议：一是归纳总结执行经验，推动试验区经验扩散；二是完善绿色金融政策体系的顶层设计；三是优化绿色金融政策工具结构，增强政策实施力度；四是强化绿色金融与转型金融协调配合，建立与低碳转型相适应的金融服务体系。

China's economic development has entered a "new normal", and the traditional crude development model that relies on high energy consumption and pollution is unsustainable and has  become a major bottleneck limiting sustainable economic development. It has become a major bottleneck restricting sustainable economic development. Therefore, a green economy characterised by low energy consumption, low pollution and high efficiency is an inevitable choice for China's high-quality economic development. Green finance, as an important policy tool for modern environmental governance, not only has the characteristics of market-based environmental regulation, but also has the resource allocation function of the financial sector, which provides a realistic and feasible financial support tool for the development of the green economy.In 2017, the state began to set up pilot zones for green financial reform and innovation, supplemented by supporting implementation programmes, and the pilot zones combined with their own advantages in development to explore a distinctive model of green financial development. financial development model. Based on this background, it is of great theoretical and practical significance to explore the policy implementation mechanism and implementation effect of green finance pilot zones.

This study attempts to answer three closely related questions about the implementation mechanisms and effects of green finance pilot zone policies: How do local governments effectively implement green finance pilot zone policies? How do local governments choose and allocate policy instruments during the implementation process of the pilot green financial zone policy? What is the effect of the implementation of the green finance pilot zone policy? In order to systematically analyse the above issues, this paper introduces the concept of "complexity" into the study of policy implementation in green financial pilot zones on the basis of the theory of complex adaptive systems and central-local relations, and understands the policy implementation in green financial pilot zones as the process of complex policy implementation, and carries out theoretical and empirical research on the implementation of green financial pilot zones based on the threshold of policy complexity. and empirical research based on the threshold of policy complexity. The main conclusions drawn from the study include:

Firstly, an analytical framework for the implementation of green finance policy is constructed from the theory of complex adaptive systems, which holds that the policy itself is a complex policy with ambiguity and conflict. In the process of policy implementation, local governments are faced with complex environments and fields inside and outside the system, and the implementation behaviour of the implementation subject is affected by the interaction of internal and external elements of the system, and the adaptive implementation strategy adopted by the subject is the key to the effective implementation of the policy. Secondly, it is argued that "resource integration-execution adaptation" is the key to understanding the logic of local government's localised implementation behaviour. As the implementation body of the green finance policy in the pilot zones, the local governments' effective adaptive implementation strategies promote the implementation of the policy on the ground. It is found that local governments in different pilot zones will choose implementation strategies suitable for the development of their own regions according to the differences in their institutional systems, economic foundations, and action situations, and finally conclude that "proactive demonstrative implementation", "gradual adaptive implementation", "borrowing and adapting", and "adaptive implementation" are the key to understanding the logic of localised implementation behaviour. Finally, three different policy implementation modes are summarised: "active demonstration implementation", "gradual adjustment implementation" and "leveraging guidance implementation". Thirdly, from the perspective of the evolution of green financial policy tools, the total amount of policy changes from the central to the local level reflects the interaction between the central government's "high-level promotion" and the local government's "active response" in the policy formulation. In terms of the distribution structure of policy tools, the central government favours the use of regulatory policy tools, emphasizing "top-down" promotion of policy implementation, while local governments focus on the use of regulatory and incentive policy tools, adopting "selective and precise" implementation strategies according to the local context. implementation strategies according to the local context.Fourthly, the implementation effects of the green finance pilot zone policy were assessed. The study found that the green finance pilot zone policy has achieved good policy effects and promoted the improvement of the level of green innovation of enterprises in the pilot zone. Its mechanism of action is that the green finance pilot zone policy enhances the level of green innovation by alleviating the financing constraints of enterprises, and it is able to exert a resource allocation effect, transferring financial resources from heavily polluting industries to non-heavily polluting industries. Further research finds that there is heterogeneity in the impact of this policy across regions, firm characteristics and innovation types.

The innovation of this study is to introduce the theory of complex adaptive systems into the study of green financial policy implementation process, which considers that the green financial policy itself is a complex policy, and the policy implementation process is in a complex and dynamic evolutionary system. The theoretical contribution lies in the construction of an analytical framework for the policy implementation process of "resource integration-execution adaptation", which can be used to analyse the action logic of policy implementers and open the "black box" of the policy implementation process. At the same time, the implementation mechanism and effect of the green financial pilot zone policy are explored based on a variety of methods. In order to further improve the green financial policy system and promote the effective implementation of policies in the pilot zone, the following policy recommendations are put forward: first, summarize the implementation experience and promote the proliferation of experience in the pilot zone; second, improve the top-level design of the green financial policy system; third, optimize the structure of the green financial policy tools and enhance the implementation of the policy; and fourth, strengthen the coordination between green finance and transition finance, and establish a financial service system that is suitable for the low-carbon transition. Financial service system in line with low-carbon transformation.