Research On The Impact Of Regional Green Finance On The Development Of Green Economy

At present,the rapid growth of China’s economy has caused gradual chang es in economic development factors such as natural resources and human resources.The traditional economic development is at the expense of the natural environment,and the ecological and environmental problems are becoming increasingly prominent.However,economic development under China’s new normal needs to better resolve the contradiction between economic development and environmental resources,and realize the green transformation of the economic structure.As an important driving force to achieve green economic growth and structural transformation,the establishment of green finance on the one hand aims to guide social funds to invest in green projects that are consistent with the maximization of social welfare,and cultivate new economic growth points;on the other hand,it promotes China Upgrading of green industries which has transformed from traditional environmentally consuming economic growth to green economic growth guided by green technology innovation.Green finance has now become one of the ne cessary means for the development of green industries.Based on the review of domestic and foreign research literatures,this paper takes 31 provinces(municipalities and autonomous regions)in China as the research object to study the impact of green finance on the development of green economy.According to the relevant theories of environmental economics and financial functions and the summary of the existing relevant research results,put forward their own research ideas,theoretical analysis and hypothe ses on the impact of green finance on the development of green economy,and then empirical analysis based on theoretical analysis.First,we use max DEA pro to calculate the SBM model of green economic efficiency for undesired output,and then establish a p anel vector autoregressive(PVAR)model between green finance and green economic efficiency.Using the full sample data for impulse response analysis,it is found that green finance and green economy have a significant mutual influence relationship.Green finance has a significant positive effect on the development of green economy and fluctuates accordingly in different periods.The impact of green economy on green finance shows different positive and negative fluctuations in different periods.In order to more clearly explore the impact of green finance and green economy,this paper empirically examines the intermediary role of green technology innovation between green finance and green economy and the regulatory role of environmental regulation between the two.Green finance and green economy play a part of the intermediary role,while environmental regulation plays a regulatory role.The government’s strengthening of environmental regulation will lead to a weakening of the role of green finance in promoti ng the green economy.In addition,on the basis of full sample data research,conduct regional related research.Finally,according to the conclusion of the study,put forward relevant suggestions.