Research On The Measurement And Influencing Factors Of Green Finance Development Level Under The "dual Carbon" Goal

Achieving the carbon peak and carbon neutrality goal is a phased practice of China’s scientific development concept.The process of achieving it will also bring a large number of green financial business opportunities to financial institutions.The realization of the "dual carbon" goal not only requires the support of public finance,but also the market-oriented allocation of financial resources.Through the participation of currency,credit,and capital markets,market entities are supported,encouraged,and regulated to actively participate in the "dual carbon" development goal.Therefore,the development of green finance has also become an important support for achieving China’s "dual carbon" goals.In addition,through research and development,the "dual carbon" feature in the existing green finance evaluation index system is not obvious,and there is limited literature and a single method to explore the factors affecting the development level of green finance.In this context,this article takes the Green Finance Reform and Innovation Pilot Zone(hereinafter referred to as the "Green Reform Zone")as the research object,incorporating the "dual carbon" goal into the evaluation of the development level of green finance,and studying the development level and influencing factors of green finance.The research object is unique and the perspective is novel.This article reviews and analyzes relevant research literature,and summarizes the current research status both domestically and internationally.In terms of relevant concepts and theories,the concepts of green finance and "dual carbon" have been defined,and the relevant theories of green finance have been introduced in sequence,laying the theoretical foundation for the following research;In the measurement of the development level of green finance,this paper collects Panel data from six provinces in the green reform zone,incorporates the "double carbon" goal into the construction of the indicator system,and uses the entropy weighted TOPSIS model to measure and analyze the development level of green finance in six provinces in the green reform zone from 2011 to 2020;In the analysis of the influencing factors of the development level of green finance,the obstacle model was first used to analyze the internal influencing factors,and then the LMDI index decomposition method was used to decompose four external influencing factors for analysis.Research has found that:(1)From 2011 to 2020,the overall development level of green finance in green reform zones showed a stable growth trend,with the exception of Gansu,the development level of green finance in the other five provinces showing an upward trend.(2)From the perspective of the sub dimension of green finance development level,green credit slightly declined during the sample period,green securities slowly increased,green insurance development level increased year by year,Eco-investing showed a downward trend,and carbon neutral finance showed a slow growth trend.(3)The analysis of internal influencing factors on the development level of green finance in green reform zones shows that carbon neutral finance and green insurance have a significant hindrance to the development of green finance in green reform zones,and there are significant differences in obstacle factors among different provinces.(4)The analysis of external influencing factors on the development level of green finance in green reform zones shows that economic development is the main factor promoting the development of green finance in green reform zones,and the population size also promotes the development of green finance to a certain extent.Insufficient technology and ecological environment conditions are important factors restricting the development of green finance in green reform zones.Finally,based on the above research conclusions,countermeasures and suggestions are proposed from six aspects: developing carbon neutral finance,filling the gaps in green insurance,promoting technological progress,improving the ecological environment,regulating human capital,and promoting coordinated development among the six provinces.