Research On The Impact Of Financial Development On Green Technology Innovation Under The Background Of Environmental Regulation

Finance is the product of the integration of money and credit.Financial transactions exist in all aspects of the national economy,it can be used to reflect the economic prosperity level of a country or region.Finance has made an important contribution to adjusting industrial structure and maintaining economic development since the background of the new normal.Realizing economic restructuring,transformation and upgrading through finance and improving the "greenness" of regional economic development have become national strategies.Only by guiding finance to better allocate social resources and improve the ability of green technology innovation can we support the growth of regional green economy.This paper integrates environmental regulation into the mechanism of financial development and green technology innovation,and carries out a systematic,comprehensive and in-depth study on its comprehensive influence mechanism.This paper firstly measures the spatial gap of green technology innovation in China,and analyzes its evolution process and spatial-temporal differentiation characteristics.Secondly,from the perspective of financial structure,financial scale and financial efficiency,it examines the mechanism of financial development on green technology innovation.Thirdly,the influence factors of environmental regulation were added as moderating variables to analyze the mechanism of action among environmental regulation,financial development and green technology innovation,and a diagram of the influence mechanism was constructed.Finally,using the relevant data of various provinces in China,we selected indicators to conduct empirical analysis and robustness test on the mechanism of action among the three.On the basis of the empirical results,the influence path and effect of financial development on green technology innovation are obtained.Through the analysis results,the paper puts forward countermeasures and suggestions that should combine with China’s actual conditions to promote the development of financial system and improve the level of green technology innovation.The results show that the level of green technology innovation is in a progressive state on the whole,but the space gap still exists.The development trend of different regions is unbalanced,among which the green technology innovation in the eastern region and the northeast region is more dependent on advances in technology;From the perspective of the spatial gap of green technology innovation,the eastern,central and northeastern regions showed a decline in Gini coefficient during the survey period,while the Gini coefficient in the western region increased slightly.Hypervariable density was the main source of the spatial gap of green technology innovation;From the perspective of the distribution evolution of green technology innovation,the center of the overall kernel density curve moves to the right,and the crest becomes thinner,which proves that the spatial level of green technology innovation is improved,the spatial gap is reduced,and there is no polarization phenomenon either in the country or in the sub-region;The empirical results show that there are differences in the impact of financial development on green technology innovation when indicators of different dimensions are used to measure financial development.Environmental regulation has a moderating effect between financial structure and green technology innovation,as well as between financial efficiency and green technology innovation,but there is no moderating effect between green technology innovation,Innovation output has a mediating effect among financial structure,financial scale,financial efficiency and green technology innovation,and environmental regulation has an integrated boundary effect among financial development,innovation output and green technology innovation,but the direction of the effect is different.This paper proposes countermeasures and suggestions to improve the financial system and lead the development by innovation,mainly including promoting the coordinated adaptation of financial system reform and economic development,and formulating differentiated and personalized financial development strategies and environmental regulation policies according to different characteristics and development potential of different regions,and leverage the role of the financial system in promoting green technology innovation.