| In recent years,while China has achieved fruitful results in the economic field,it has also produced some hidden dangers.China’s long-term extensive growth model has brought about rapid growth of the national economy,but the problems of excessive consumption of resources,serious environmental pollution and excessive emission of greenhouse gases will restrict the further development of China’s social economy.It has even brought irreparable huge losses to the broad masses of the people.In this context,finance,as the blood of modern economy,has also been given the mission of "green".What’s more,in-depth study of the relationship between the development level of green finance and ecological efficiency in China is of great value to enhance the carrying capacity of the environment,achieve sustainable economic development and promote the construction of ecological civilization.Firstly,this paper analyzes the mechanism of green finance affecting eco-efficiency by systematically combing the relevant literature of experts and scholars at home and abroad about green finance,eco-efficiency and the impact mechanism between them.They believed that green finance was the integration of resource conservation,environmental protection,emission reduction and other concepts with financial services,and the use of financial markets.Increase capital support,improve capital allocation,encourage scientific and technological innovation,improve legal constraints,realize the optimization of resource allocation,and then achieve the purpose of increasing economic output and reducing non-economic output,so as to improve ecological efficiency.Secondly,based on the panel data of six provinces in central China from 2009 to 2019,this paper selects six first-level indicators,including green credit,green bond,green investment,green insurance,green fund and carbon finance,to construct the evaluation index system of green finance.Then the entropy method is used to calculate the time series level of green finance development in six provinces.It is found that although the overall development level of green finance in the central region is low,the development is very rapid,and the average growth rate of each province is more than 20%during the study period,but there are still obvious regional differences and unbalanced development.Then,the data of six provinces and their capital cities and sub-central cities in central China are processed by using the super-efficiency SBM model with unexpected output,and the ecological efficiency of different provinces and cities is calculated.It is found that the eco-efficiency level of the six provinces in central China shows a downward trend at first and then an upward trend,but there are great regional differences in each province.However,there was a slight decline in Anhui and Hubei provinces.And then,according to the results of Hausmann test,the fixed effect model is selected,the green financial development index and the level of ecological efficiency are taken as explanatory variables and explanatory variables respectively,and the five indicators of economic development level,opening up level,industrial structure,scientific and technological progress level and foreign direct investment are selected.This paper makes a regression analysis of how the development of green finance affects the eco-efficiency in the central region of China,and discusses the impact of green finance on regional eco-efficiency and the differences of the relationship between different regions.The analysis shows that the relationship between green financial development and local ecological efficiency in Henan,Hubei,Anhui,Jiangxi and Shanxi provinces is "U" shaped.This is consistent with the overall role of the central region,but the development level of green finance in Hunan Province has a significant positive impact on regional ecological efficiency,rather than a "U" shape.Finally,according to the above empirical analysis results,in order to improve the eco-efficiency of the central region of China,this paper puts forward policy recommendations from five aspects:strengthening the top-level design of the legal system,enriching the multi-product system,promoting information sharing and resource flow,insisting on strengthening the country through science and technology,and optimizing the structure of international trade. |
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