Research On The Impact Of Financial Resource Allocation On Green Development Efficiency From The Perspective Of Environmental Regulation

Since the reform and opening up,the extensive economic growth model with high pollution and high investment leads to excessive consumption of resources and environmental pollution,which restricts the sustainable development of economy and society.The state has made a series of strategic arrangements to explore the green path of sustainable development.Green development has also become the only way for economic transformation and development.The efficient allocation of financial resources promotes the sustainable development of economy,and environmental regulation is the key mechanism to alleviate the externality of environmental pollution,which affects the quality of economy and environment.Therefore,it is of great significance to study the impact of environmental regulation and financial resource allocation on the efficiency of green development.Firstly,this paper combs the relevant literature on environmental regulation,financial resource allocation and green development efficiency,establishes the theoretical basis of the research,makes theoretical analysis and puts forward research hypotheses,and further takes 30 provinces across the country(excluding Tibet,Hong Kong,Macao and Taiwan)from 2000 to 2019 as the research sample to incorporate the unexpected output affecting environmental quality into the SBM model of the index system and the green development efficiency calculated by the global ml index,The empirical analysis uses fixed effect model,threshold effect model and heterogeneity analysis to test the regulatory effect of environmental regulation on the allocation of financial resources and the efficiency of green development.The results show that:(1)From 2000 to 2019,China’s green development efficiency rose as a whole,and its spatial distribution showed a trend of high in the East and low in the West.The medium and high-speed regions were mainly concentrated in the eastern region,and the green development efficiency of the western region was relatively poor.(2)The technical efficiency index of the decomposition term of green development efficiency is generally lower than 1,and the technical progress index is higher than 1.In green development,technical progress is the main reason affecting the efficiency of green development.Green technical progress shows a significant positive role,while technical efficiency plays a negative role.(3)The allocation of financial resources significantly promotes the improvement of green development efficiency.The allocation mode of financial resources has obvious time lag,and the effect of current financial resource allocation has a significant impact in the current or long term.From the perspective of decomposition,the allocation of financial resources promotes the progress of green technology and is the driving force to promote green development.(4)Environmental regulation and financial resource allocation have significantly improved the efficiency of green development in the whole sample,mainly by promoting the progress of green technology.The regulatory effect of environmental regulation on the efficiency of green development is not significant in the current period,and the policy effect may appear in the longer term,with obvious time lag.It confirms that the impact of financial resource allocation on the efficiency of green development is regulated by environmental regulation.(5)U Under the constraint of environmental regulation,the impact of financial resource allocation on green development efficiency has a double threshold effect,with a threshold value of11.4664,which is significant under the threshold value of 1%.Further analysis shows that green technology efficiency and green technology progress also have a double threshold effect and a single threshold effect.According to the research results,the following suggestions are put forward: promote the coordinated development of regional finance,improve the laws and regulations of the financial industry,promote the reform of financial institutions,accelerate the innovation of financial technology,adjust measures to local conditions in environmental regulation,and improve the ability of independent innovation.