This paper introduces social capital into environment economics. We use Hamilton dynamic optimization and panel model to draw the conclusions： under the incentives of environmental policy, environmental awareness and environmental action, deriving from dwellers, enterprises and government, gradually internalize into social capital. The accumulation of social capital is the key power of economic growth and environmental protection. We find that the elastics of social capital on GDP, employment, retail sales and consumer goods as well as on pollution emission intensity, energy consumption intensity, pollution emissions compliance rate are far greater than those of technology progress, human capital, material capital, which is completely different from our intuition.%本文将社会资本引入环境经济学领域，首次综合运用Hamilton优化模型和面板计量，验证了如下结论：在环境政策激励下，居民、企业、政府的环保意识与行动逐渐内化为社会资本，社会资本积累是经济增长与环境保护的重要动力。面板回归证实表明，社会资本关于经济增长指标、环境保护指标的绩效弹性，远大于直觉意义的技术进步、人力资本、物质资本，再次验证社会资本是经济与环境双赢的动力，据此提出培育社会资本的可行途径。
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