| Since the reform and opening up,China’s economy has developed rapidly,becoming the world’s second largest economy second only to the United States,but the extensive economic growth model has caused serious ecological environment pollution,such as water pollution,air pollution,land pollution and so on.As a new financial model,green finance plays an important role in improving the ecological environment,coping with climate change,and actively guiding capital investment in environmental protection industry.In 2016,relevant departments of China made an overall deployment on the construction of green finance system,emphasizing that green finance is an important path to achieve sustainable economic development,which can effectively alleviate the severe environmental situation in China and promote the development of regional economic ecology.This paper first introduces the background and significance of the research,sorts out the connotation of green finance and economic ecologicalization at home and abroad,and measures related literatures of indicator system,analyzes the action mechanism of green finance on economic ecologicalization,and summarizes relevant policies and development scale of green finance in China.On this basis,the green finance development index evaluation system is constructed from the following five aspects: Green credit,green securities,green insurance,green fund,carbon finance,from economic,social,environmental,resources,science and technology five aspects of constructing index evaluation system of ecological and economic development,with 30 provinces（except Tibet,Hong Kong,Macao and Taiwan）in 2007-2019 panel data calculated on the basis of the provinces domain green ecological financial and economic development index.Then,the spatial agglomeration degree of green finance and economic ecologicalization in China is analyzed by calculating Moran index and drawing moran scatter chart.Finally,based on the correlation between green finance and economic ecological development,with green finance development index as the core explanatory variable and economic ecological development index as the explained variable,six control variables are selected to construct a spatial econometric model,including: Spatial autoregressive model（SAR model）,spatial error model（SEM）,spatial Durbin model（SDM）,and finally selected the spatial Durbin model for spatial spillover effect analysis,in order to further study the impact of green finance on economic ecological development.The research shows that there is a significant interaction between green finance and economic ecologicalization,and green finance can promote the development of economic ecologicalization.With the passage of time,the development of green finance and ecological economy in China has been improved to varying degrees,but there are obvious regional differences among the development of the east,middle,west and northeast.From the perspective of green finance development,the development level of green finance in eastern China was significantly higher than that of the other three regions from 2007 to 2019.In 2014,China’s economy entered the "new normal" development,and the growth rate of green finance in eastern China and central China increased rapidly,while the growth rate of green finance in western China and northeast China slowed down.Through the analysis,it is found that the development of green finance in China has a spatial effect,and the green finance demonstration area has an obvious effect.It is predicted that the development level of green finance in the eastern and central regions will surpass the central and northeastern regions at a faster speed in the future.From the point of ecological and economic development,the eastern region and the green financial development trend is the same,2007-2019 in the ecological and economic development level is much higher than in the east,west,northeast,four tectonic plates and the fastest growing,economic and ecological development space aggregation,but the overall spatial correlation exists,correlation has been increasing in recent years.The effects of green finance on economic ecologicalization can be divided into direct effects and indirect effects.In terms of direct effects,the improvement of green finance can improve the level of regional economic ecologicalization.Indirect effect: the ecological economic development level of surrounding provinces will be affected by the positive spatial spillover effect of green finance in surrounding provinces,and the research also concludes that the ecological economic development level of this province will be affected by the ecological economic development level of neighboring provinces. |
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