| General Secretary Xi Jinping put forward the policy of “deepening the structural reform of the financial supply side” at the “Improving Financial Services and Preventing Financial Risks” meeting chaired in early 2019.The core content of which is to improve the quality of financial supply and meet the capital demand of the real economy,especially the "new momentum of economic growth ".Among them,green development as a new growth point of China’s economy is an important area that should be supported from the financial supply side.Unlike previous research relationships that focused on the growth of financial and economic "quantity",this article aims to study the relationship between financial supply and green development,and explore the support role of financial supply for the "qualitative" economic development.This article aims to study the relationship between financial supply and green development.It uses a combination of literature research and empirical research,uses literature combing and theoretical foundation construction,and conducts empirical research from the macro and micro levels to explore the financial supply for green development impact.At the macro level,using the panel data of 30 provinces from 2004 to 2017,constructing the green development index and measuring the financial supply with the role of saving mobilization,loan-oriented,direct finance and policy finance from the perspective of financial function,the main conclusions are as follows: the role of saving mobilization,loan-oriented and direct finance have all significantly promoted the green development of the region,and the role of saving mobilization,loan-oriented and policy finance has significantly promoted the green development of other regions.After the standardized test,the role of savings mobilization in the four effects of green development in the region and other regions play the most role and are positive;through the mechanism test,it shows that financial supply through environmental technological progress and environmental system innovation significantly promoted green development;from the East,Central and West region analysis,financial supply for the central and western regions to promote the role of more significant.By using the 2011-2017 multivariable linear regression model,we conclude that the financial supply promotes the green development of the A-share listed enterprises in the heavy pollution industry,the controlling shareholder is the national stock or the state-owned legal person stock is the catalyst of the financial supply to promote the green development,and the relationship is strengthened by the environmental technology progress and the environmental system innovation.Finally,combined with the theoretical research and empirical results,this paper puts forward the relevant policy suggestions of financial supply to promote green development,my country’s financial supply has a better practical significance to promote green development.Green development is the main development direction of our country for a long time in the future.In the short term,because of the negative externalities of environmental problems,when technological progress is too fast and far beyond people’s understanding,it is difficult for entrepreneurs to look forward to the future and survive in a rapidly changing economy.Only the country can bear the extraordinary risks and uncertainties and the current uncertain international situation.But in the long run,the profitability of realizing green development is the most important,which can form green market and green consumption habits,and insist that the market plays a decisive role in the allocation of resources,so as to promote the spontaneous flow of financial resources into green industry and thus promote green development. |
