Foreign Direct Investment,Financial Development And Green Economy Growth

Since the reform and opening up,China's foreign direct investment and financial development have achieved large-scale growth,and have played a certain role in promoting the economy.However,the problem of environmental pollution and lack of resources is also growing at a high speed.In this context,the Chinese government first proposed the concept of green development in the “13th Five-Year Plan” to clarify the importance of green economic growth for China's current society,so systematically explore the impact of foreign direct investment and financial development on China's green economy growth.It has important theoretical and practical significance.First,this paper measures the growth of green economy.Since total factor productivity is the main source of power for traditional economic growth,then green total factor productivity considering environmental factors is an important indicator to measure the internal driving force of green economy growth in a country or region.Therefore,this article refers to a large number of related literatures.Based on the non-radial and non-angle SBM model,the GML index was constructed using Max DEA Pro 6.6 software.The provincial green total factor productivity of China from 2007 to 2016 was measured to measure the growth of China's green economy.The results show that China's green economy is in a downward trend during the sample period,and there are obvious regional differences.Specifically,the degree of green economy development in the eastern,central and western regions has decreased in turn.Secondly,this paper selects the panel data of 30 provinces in China from 2007 to 2016,adopts the two-way fixed effect model of Driscoll-Kraay standard error,empirically analyzes the impact of foreign direct investment and financial development on green economy growth,and tests its internal Influencing the path,the green economy growth is further decomposed into green efficiency progress and green technology progress,as the explanatory variables are substituted into the model for testing,and cross-term items of foreign direct investment and financial development are introduced in the explanatory variables to test the relationship between the two.regulate the effect.In fact,the results show that foreign direct investment has inhibited green efficiency progress,but promoted green technology progress and promoted green economy growth as a whole;financial development promoted green economy growth by promoting green efficiency;foreign direct investment and financial development the mutual inhibition between them is not conducive to the role of the two in promoting the growth of green economy.Furthermore,this paper conducts an empirical study of foreign direct investment and financial development for green economy growth in different regions.The results show that there are obvious regional differences in the impact of foreign direct investment and financial development on green economic growth.For the eastern region,foreign investors direct investment and financial development have a significant positive effect on the green economy growth in the eastern region,but there is a mutual restraining effect between foreign direct investment and financial development,which hinders the green economy growth in the eastern region.In the central and western regions,foreign direct investment has a significant positive effect on the regional green economy growth,but the impact of financial development is not significant.As for the regulation effect of foreign direct investment and financial development,it also hinders the growth of green economy.Finally,based on the results of empirical analysis and the actual situation in China,this paper puts forward five constructive opinions on the growth of China's green economy.