Research On The Impact Of Green Finance And Environmental Regulation On Green Technology Innovation

In recent years,energy conservation and environmental protection have draw more and more attention.The whole society need to consider the problem that How to achieve sustainable development.Since the beginning of the 21 st century,the development level of the the green technology in China has been improved continuously,and green finance has developed from a single the green credit model into a multi-level financial system.However,the level of green finance development and the efficiency of green technology innovation are quite different among provinces in China,and local governments are actively exploring environmental regulation measures to protect the ecological environment.How to establish a matching the green financial system to promote the development of green technology innovation has become a difficult problem that need to be solved by local governments,and how to grasp the strength of environmental regulation in the region needs constant practice and explorations.The paper combines qualitative analysis with quantitative analysis to analyze the impact of green finance and environmental regulation on green technology innovation.In theory,based on Schumpeter’s "innovation theory","Porter hypothesis" of government environmental regulation and neoclassical economics theory,this paper analyses the mechanism of green finance,environmental regulation and their interaction on green technology innovation.Because the role of green finance and environmental regulation in green technology innovation has both positive and negative transmission mechanisms,the impact of green finance,environmental regulation and their interaction on green technology innovation is uncertain.In the empirical aspect,the paper analyses the current situations of green finance,environmental regulation and green technology innovation in China,and then,according to the advantages and disadvantages of existing quantitative methods,the paper decide to use entropy methods to calculate the comprehensive score of green finance and environmental regulation and DEA methods to calculate the efficiency of green technology innovation,in order to measure the level of the green finance,environmental regulation and green technology innovation of 30 provinces(cities and districts)from 2000 to 2017.Finally,the paper empirically analyses the impact of the impact of green finance and environmental regulation on green technology innovation in 30 provinces(cities and districts)of China by constructing the spatial lag model(SLM)under the dual fixed effects of space and time.The results show that:(1)From 2000 to 2017,China’s the green Financial score increased from 0.0305 to 0.8968,environmental regulation score increased from 0.0361 to 0.8839,green technology innovation efficiency only increased from 0.2484 to 0.5598,green finance and environmental regulation scores are at a high level,however,green technology innovation efficiency scores are low.From 2000 to 2017,the average scores of green finance in the eastern,central and western region were 0.4497,0.3403 and 0.2977.The average scores of environmental regulations were 0.4875,0.3721 and 0.3674.The average scores of efficiency of green technology innovations were 0.4919,0.3351 and 0.2879.The scores in the eastern region were significantly higher than those in the central and Western region.Moreover,the gap between the levels of green finance development and the efficiency of green technology innovation in the western region and the central region are also large,which shows that the development level of green finance,environmental regulation and green technology innovation in China shows regional differences obviously.(2)From the national perspective,China’s green finance and environmental regulation will promote green technology innovation significantly.For every 1% increase in the green financial development score,the efficiency of green technology innovation will increase by 0.1598%;for every 1% increase in environmental regulation score,the efficiency of green technology innovation will only increase by 0.0541%;for every 1% increase in the interactive score of green finance and environmental regulation,the efficiency of green technology innovation will increase by 0.1763%.(3)Regionally,green finance will significantly promote green technology innovation in the East and central regions,and the promotion level in the East is significantly higher than in the central region,while the western region is being hampered;environmental regulation will promote green technology innovation in the east,while the central and western regions is not;the interaction between green finance and environmental regulation can promote green technology innovation in the East and the central region,while the western region is being hampere.According to the above results,the following policy recommendations are put forward: Promote the proportion of green credit in banking credit,encourage the diversified development of green financial system;Improve the efficiency of green technology innovation,establish the regional synergy mechanism of green technology innovation;Enhance the positive transmission mechanism of environmental regulation and green finance,and promote the role of green technology innovation.