Impact Of Green Finance Development On Green Total Factor Productivity

China’s economy has entered a stage of high-quality development,environmental pollution and ecological protection issues are receiving more and more attention.As a traditional export sector of China,the textile industry has strong international competitive advantages,but it is also a typical heavily polluted industry with high dependence on labor input,large resource consumption and strong pollution emissions.How to coordinate the green development of the textile industry and promote the green transformation of textile enterprises is an important issue that needs to be urgently studied in the industry development.Under the new development pattern,green finance,as an important financial means to serve the real economy with green development goals in mind,can effectively enhance the industry’s green total factor productivity.How green finance affects green total factor productivity in the textile industry deserves further in-depth research.Based on the panel data of the textile industry in 30 provinces and cities in China from 2005 to 2020,this paper uses benchmark regression to study the mechanism and effect of green finance on the green total factor productivity of the textile industry.This paper uses the entropy method to construct an indicator system from five dimensions of green finance,and uses the SBM-GML index measurement method to obtain the green total factor productivity of the textile industry and its decomposition items,green technology progress,and green technology efficiency.The empirical test analyzes the impact relationship and mechanism between them,and analyzes regional heterogeneity.The research results show that: Firstly,at present,China’s green finance is divided into three major regions according to the green finance pilot areas,and presents a "high to low" distribution pattern.The textile industry’s green total factor productivity,which was first set as a green finance experimental area,is at a high level,higher than the national level.Secondly,empirical research has found that green finance has a positive impact on green total factor productivity in the textile industry,and has promoted the improvement of green total factor productivity in the textile industry through two paths: green resource allocation and technological innovation.R&D investment as a regulatory variable plays a regulatory role in the path that green finance affects the green total factor productivity of the textile industry through the technology innovation path.Thirdly,the heterogeneity study found that green finance in the second echelon regions composed of Beijing,Shaanxi,Chongqing,and other provinces has a more significant impact on green total factor productivity,green technology efficiency,and green technology innovation in the textile industry.When the level of economic development reaches a high quality stage and the level of pollution emission is low,that is,the stage of high pollution control level,green finance has a stronger promoting effect on green total factor productivity in the textile industry.Finally,based on the empirical research results,countermeasures and suggestions are proposed to accelerate the development of green finance and promote green total factor productivity in the textile industry from the enterprise level and the government level.