Financial Resource Allocation,Environmental Regulation And Quality Of Economic Growth

Facing with the dual pressures of global resource shortages and environmental problems,almost all countries in the world choose to develop green finance and ecological economy and achieve high-quality economic growth.This paper respectively summarizes the domestic and foreign scholars’ environmental regulation,financial resource allocation and economic growth quality,and then analyses the internal relation of environmental regulation,financial development and technology innovation theoretically.This paper selects the panel data from 2004 to2017 to explore the relationship between environmental regulation,financing source allocation and economic growth quality empirically.This research reveals that there is a "U" curve relationship between environmental regulation and the quality of economic growth,and it shows regional differences,which means the eastern region is now on the right side of the "U" curve,and the central and western regions are now on the left side of the "U" curve;the allocation of financial resources not only has a positive direct effect on the quality of economic growth,but also has an indirect effect on the quality of economic growth through marketization processes and technological development;there is a substitution effect between the allocation of financial resources and environmental regulations relative to the quality of economic growth,and there are also regional differences,which means the substitution effect in the eastern region is smaller than in the central and western regions.Then,this paper constructs the space dubin model to explore the spatial effects between financial resource allocation,environmental regulation,and the quality of economic growth.The article finds that environmental regulation has a U-shaped curve relationship with the quality of economic growth in surrounding cities;financial resource allocation has a positive spatial spillover effect on surrounding cities;the intersection of financial resource allocation and environmental regulation has a negative effect on surrounding cities.Therefore,this article puts forward suggestions including carrying out environmental regulatory policies based on the actual formulation,increasing innovation and deepening financial system reform,optimizing the allocation of financial resources,and reducing regional differences.