An Empirical Study On The Construction Of China’s Green Finance Index And Its Impact On Environmental Quality

At present,our country is in an important period with conditions and motivation to solve environmental problems.We must effectively carry out environmental protection and ecological civilization construction,transform economic development models,break through economic development bottlenecks,and ultimately achieve sustainable social development.main issue.Finance is an effective means of national macro-control.The efficient and stable development of all aspects of the economy and society cannot be separated from the strong support of government finance,and the construction of ecological civilization and the sustainable development of society cannot be separated from the scientific guidance of government finance.Green finance is to continuously revise and reform the traditional financial system to adapt to and promote the green development of society,which will undoubtedly be more in line with the requirements of the contemporary era for environmental development.In addition,today’s China has been connected to the world as never before,and China will open more and more to the outside world.When solving ecological and environmental problems,it is necessary to comprehensively consider the changes in the scale of foreign direct investment.Based on the above background,this paper uses the relevant statistical data of 31 provinces and cities in my country from 2007 to 2019 to construct my country’s Green Finance Index to comprehensively evaluate the level of green finance in various regions,and then empirically analyze the impact of my country’s Green Finance Index on environmental quality.First of all,this article clarifies the theoretical connotation of green finance and environmental quality,summarizes the theoretical basis and main approaches of environmental fiscal policy,and introduces the “pollution refuge” effect related to foreign direct investment;then,from the implementation of fiscal policy and the effect of fiscal policy From two perspectives,we select indicators to construct a green finance index,and use the green finance index to evaluate my country’s green finance level;finally,it analyzes the impact of my country’s green finance index on environmental quality,while testing the existence of the "pollution refuge" effect.The empirical results show that the green finance development level and the green finance index gap in various regions of my country are characterized by gradual stability after rising fluctuations.The green finance development in the eastern region is relatively rapid,followed by the central and western regions,and the slowest development of green finance is in the northeast region.;On the one hand,the green finance index can directly affect the environmental quality,on the other hand,it can also indirectly affect the environmental quality through foreign direct investment,but the direct impact is far greater than the indirect impact;the impact of the green finance index on the environmental quality includes foreign direct investment and the degree of industrialization is the threshold effect of the threshold variable.As the scale of foreign direct investment continues to increase,the increase in the level of green finance will ultimately effectively improve my country’s environmental quality.Based on the above conclusions,in order to effectively improve the environmental quality of our country,promote the construction of ecological civilization,and realize the sustainable development of the economy and society,the policy recommendations put forward in this article include: in the process of improving the green fiscal index evaluation system,we should focus on local conditions and objective improvement of indicators.Various regions should support the development of emerging industries,improve the green tax system,improve the green fiscal management system,and coordinate the promotion of green fiscal construction;attach importance to the entry threshold and scale of foreign investment from the perspective of environmental protection,inspire enterprises to develop green innovation capabilities;promote new industrialization And the development of urbanization,forming an effective regional governance system.