Analysis Of The Space-time Effect Of The Impact Of Financial Development On The Growth Of Green Total Factor Productivity

In the past 40 years of reform and opening up,China's economy has continued to grow at a high speed.With the changes in economic structure,the economic growth pattern that continues to promote economic development with capital and factor inputs has become unsustainable.The growth of green total factor productivity is the key to promoting the transformation of green economy development.Studying the improvement of green total factor productivity under the new economic normal will have certain practical significance for China to continue to lead the global economic development.The relationship between financial development and green total factor productivity is inseparable.Considering that the overall level of financial development in China is not high,there is a certain phenomenon of "financial discrimination" in the financial system,and technological innovation and technological progress are facing strong financing constraints.Therefore,how to improve the efficiency of green economic development of financial services and promote the growth of green total factor productivity through financial development is a practical problem that needs to strengthen theoretical support and empirical research.In this paper,the financial development level of state-owned economy and non-state-owned economy is comprehensively characterized by four indicators,namely,financial institution scale(finst),private financial scale(fpriv),financial industry scale(findu)and financial distortion degree(fdist).Based on the panel data of input and output of 30 provincial administrative units in China from 2006 to 2017,the Fixed Window Malmquist model is used to measure the change of green total factor productivity growth(gtfp)and its decomposition values technological progress(tp)and technological efficiency improvement(ec)in each provinces of China,and then to explore the intermediate channels of financial development affecting green total factor productivity growth.Considering the potential two-way causal relationship between financial development and green total factor productivity growth in the time dimension,panel vector autoregressive model(pvar)is used to take into account the impact of financial development lag.The impact effect and degree of different financial development indicators on green total factor productivity growth are analyzed by impulse response function and variance decomposition,and dynamic panel analysis is used to study the dynamic effect of financial development on green total factor productivity growth.Considering the huge differences and spatial correlations between China's financial development and economic growth in the spatial dimension,the Spatial Dubin Model(SDM)is incorporated into the spatial factors to study the spatial spillover mechanism of financial development affecting the green total factor productivity growth from a static and dynamic perspective.Finally,based on the research basis,combined with China's "13th Five-Year Plan" economic development plan under the new economic normality,rationally allocate financial resources and propose policy recommendations to promote China's green total factor productivity improvement.The main conclusions are as follows:First,China's green total factor productivity shows a slowdown in the growth rate rather than a decline in production technology.Its decomposition value technological progress continues to increase positively during the inspection period,while technological efficiency shows a negative growth.Therefore,the deterioration of technical efficiency is the cause of the slow growth of green total factor productivity,while technological progress alleviates the negative growth trend of green total factor productivity.China's financial development and green total factor productivity reflect greater spatial heterogeneity,and the growth of green total factor productivity shows the spatial difference characteristics of "high in the East and low in the West".Secondly,there are two-way interactions between the variables of financial development and the growth of green total factor productivity.The fluctuation of green total factor productivity growth mainly originates from itself,and the variables of financial development have a limited role in promoting the growth of green total factor productivity.The growth of green total factor productivity has a negative reaction to its own impact,which is reflected in the slowdown of the growth rate of green total factor productivity.For the impact of the scale of financial institutions,the size of the financial industry,and the degree of financial distortion,the growth of green total factor productivity has shown a short-term positive impact,and the negative impact in the medium-term has gradually disappeared in the final period;the impact of private financial scale on the growth of green total factor productivity has been reversed.The dynamic response of various variables of financial development to the impact of green total factor productivity growth has certain differences in response direction,response intensity,response speed,and cumulative effects.Thirdly,the impact of financial development on the growth of green total factor productivity shows both a time effect and a space effect.The cumulative effect of green total factor productivity growth and its decomposition value in time is greater than the spatial structure effect.The intermediate channel that financial development affects the growth of green total factor productivity is mainly technological progress rather than technological efficiency improvement.In the time dimension,green total factor productivity growth and technological progress have a strong time"accumulation" feature.Financial development has a far-reaching long-term impact on green total factor productivity growth,and a short-term impact on technological progress.Financial development has a very weak impact on technological efficiency improvement in the long-term and short-term.In the spatial dimension,the spatial correlation of financial development is mainly manifested in the economic interrelationship,while the spatial correlation of simple geography is not significant.For the growth of green total factor productivity and technological progress,the scale of financial institutions and the degree of Financial Distortion show a significant negative spatial role,while the scale of private finance shows a significant role in promoting,and the spatial role of the scale of financial industry is not significant in general.