| The Yangtze River Economic Zone is a pioneering demonstration zone,an innovation-driven zone and a coordinated development zone for the construction of ecological civilization in my country.The Central Committee of the Communist Party of China and the State Council clearly require that the development of the Yangtze River Economic Zone should be guided by joint efforts to protect and not engage in largescale development,and take ecological priority and green development as the guide,promote the coordinated development of the upper,middle and lower reaches of the Yangtze River and the high-quality development of the regions along the Yangtze River.As a financial service,green finance can promote the green transformation of the economy and support green development by guiding the flow of funds and internalizing environmental externalities.Therefore,it is of great significance to explore the supporting role and mechanism of green finance in the Yangtze River Economic Zone for its green development,and to put forward suggestions for green finance in the Yangtze River Economic Zone to support green development accordingly.This study conducts an in-depth discussion on the mechanism of green finance supporting green development.On this basis,data envelopment analysis and other methods are used to measure the level of green finance and green development in the Yangtze River Economic Zone from 2009 to 2018,then conduct an empirical study on the support of green finance to green development in the Yangtze River Economic Zone.Specifically:（1）Establish a green financial support system from four levels: green credit,green securities,green insurance,and green investment,and calculate the level of green finance in the Yangtze River Economic Zone from 2009 to 2018.Use the entropy method to calculate the comprehensive index of environmental pollution,environmental benefits and social benefits of the Yangtze River Economic Zone from2009 to 2018,use the perpetual inventory method to estimate the capital stock,and then use the DEA-SBM model to measure the ecological efficiency of the provinces and cities along the Yangtze River Economic Zone from 2009 to 2018.（2）Using multiple regression analysis methods to study the mechanism of green finance,that is,green finance’s promotion of industrial transformation and its suppression of carbon dioxide emissions.（3）Further use the multiple regression analysis method to measure the supporting effect of green finance in the Yangtze River Economic Zone on its green development.The main conclusions of this paper are as follows:（1）In recent years,the level of green finance in the 11 provinces and cities in the Yangtze River Economic Zone has shown a steady growth trend,and the overall spatial pattern of downstream-middleupstream declining has been shown.（2）From 2009 to 2018,the level of green development in the lower reaches of the Yangtze River Economic Zone was significantly higher than that in the middle and upper reaches.（3）Green finance has a significant positive effect on the green development of the Yangtze River Economic Zone,and has a certain degree of influence.（4）Taking 11 provinces and cities in the Yangtze River Economic Zone as the research object,it is found that green finance can promote the transformation of industrial structure and suppress carbon dioxide emissions.Based on the above research conclusions,relevant suggestions are made from three aspects: strengthening and perfecting green finance laws and regulations,strengthening green finance product and service innovation,and identifying,preventing and deflating green finance risks. |
