On Efficiency Measurement And Spatial Effects Of Green Finance

During the 14 th Five-Year Plan period,green is becoming a bright background for high-quality development.Green finance will channel funds to low-carbon and environmental protection industries by regulating resource allocation,injecting vitality into the construction of lucid water and lush mountains.However,in order to ensure green finance to play its full role,the utilization efficiency of green finance resources must be improved.Therefore,it is crucial to measure and analyze the efficiency of green finance in various regions of China.This dissertation scientifically defines and measures the green efficiency of financial development,clarifies the improvement degree and driving factors of green efficiency of financial development,sorts out the spatial-temporal differences and dynamic evolution trend of green financial efficiency,and studies its driving factors and spatial spillover effects,providing reference for the country to further improve the development level of green finance.Firstly,the traditional DEA model was improved by referring to the hybrid directional distance function,an evaluation model of green finance efficiency under the condition of mixed disposability of undesirable output is constructed.Based on the green financial efficiency evaluation model measure under the conditions of mixed disposability,it is found that it can more truly reflect the current situation of green financial efficiency in China.Moreover,it has a better and more significant explanatory ability for the indicators such as the high-grade of industrial institutions,the level of scientific and technological innovation and the intensity of policy support.Secondly,the dissertation uses Malmquist index model to dynamically measure the efficiency of green finance,and further analyzes the efficiency index,and analyzes the spatial and temporal evolution characteristics and driving factors of green finance efficiency in China.Through the research,we found that the value of green financial efficiency showed a fluctuating upward trend.The areas with deteriorating efficiency are decreasing year by year,and the overall optimization situation is progressing steadily.The increase of pure technical change index is significantly higher than that of pure technical efficiency change and scale technical change index,indicating that the improvement of green finance efficiency depends on technological progress.Thirdly,in view of the non-equilibrium of green financial efficiency in all parts of China,this dissertation analyzes the convergence of green financial efficiency at the national and regional level.It is found that the efficiency of green finance at the national and regional levels has convergence characteristics during the whole observation period,and the convergence speed of the eastern region is faster than that of the central and western regions.Furthermore,the asymmetric spatial weight matrix proposed in this dissertation is used to analyze the spatial convergence of Chinese green financial efficiency at the national and regional levels.It is found that it has spatial convergence effects,and the speed of convergence and the half-time of convergence are faster and shorter than those under the traditional convergence model.Finally,in view of China’s green financial efficiency exist spatial correlation characteristics,this dissertation USES the spatial econometric model of financial efficiency and influencing factors of green spatial effects analysis,found at the national level,level of economic development,environmental regulation and innovation of science and technology level can have significant positive effects on the green financial efficiency;At the subregional level,the effects of various influencing factors are not the same;Through the direct effect and indirect effect test,we know that both environmental regulation and scientific and technological innovation have strong positive spillover effects.Therefore,it is necessary to further improve the environmental regulation reasonably to enhance the strength of scientific and technological innovation.From the perspective of policy suggestions,this dissertation further points out that,from the perspective of the input and output of green finance efficiency,the government should correctly guide the input of green finance resources and continuously improve the operation mechanism of green finance.More importantly,the government should make an overall plan for the coordinated development of green finance at the national level based on regional differences in economy,society,environment and resources,so as to improve the development level of green finance as a whole and integrate all localities into the "general trend" of integrated development.This dissertation hopes to integrate the study of green financial efficiency is incorporated into the overall system of "economy-society-environment",thus expanding the theory of green development.To construct a green finance efficiency measurement model based on the mixed disposability condition,supplement and expand the existing model,and provide a more scientific and effective method for the current green finance efficiency measurement.To explore the spatial effects of green financial efficiency in different regions of China from the perspective of spatial spillover,broaden the research scope of green financial efficiency,and provides a feasible path for the high-quality development of Chinese economy from the perspective of the coordinated development of green financial efficiency.