Research On The Effect Of Synergy Between Green Finance And Environmental Regulation On Regional Ecological Efficiency

Green finance and environmental regulation are important means for my country to achieve carbon neutrality goals and economic transformation in 2060,and play an important role in the development of my country’s regional ecological efficiency.Based on the panel data of 30 provinces and cities nationwide(except Tibet)from2009 to 2020,this dissertation analyzes the spatial impact of green finance and environmental regulation on the regional ecological efficiency under the synergy of the two indicators.The entropy weight assignment method is used to calculate the comprehensive evaluation index of green finance,environmental regulation and regional ecological efficiency in each province and city,and the coupling coordination degree of green finance and environmental regulation is used as the proxy variable of their synergy.Threshold effect in the impact on regional eco-efficiency,and the mediating effect through technological progress of enterprises.Finally,the spatial econometric model is used to explore the spatial effect of the synergy of green finance and environmental regulation in each region on the regional ecological efficiency.The results show:(1)According to the degree of coupling coordination between green finance and environmental regulation in various provinces and cities in my country,the overall synergistic effect of the two is in the range of [0.5,0.7],belonging to two categories:reluctant coordination type IV and moderate coordination type V.The degree of coupling and coordination between green finance and environmental regulation is relatively high,and the degree of coupling and coordination can be used as a proxy variable for the synergistic effect of the two to analyze.(2)Based on the triple,double and single threshold effect test,it is found that there is a single threshold effect in the impact of green finance and environmental regulation on regional ecological efficiency.The synergy effect of green finance and environmental regulation has no significant effect on the improvement of the regional ecological efficiency level in this range.When the threshold value of 0.0673 is crossed,the synergy of green finance and environmental regulation can significantly improve the regional ecological efficiency level.(3)In the mechanism analysis,it is found that both green finance and environmental regulation may affect the regional ecological efficiency through the intermediary variable of enterprise technological progress.Therefore,the mediation effect model is used to verify whether enterprise technological progress exists in this process.According to the three-step test of the mediation effect model,there is indeed a mediation effect of corporate technological progress in the impact of environmental regulation,green finance and environmental regulation synergy on regional ecological efficiency,and the mediation effect is still significant after the robustness test.(4)From the perspective of Moran’s I on the synergy of green finance and environmental regulation and regional ecological efficiency in various provinces and cities,most provinces and cities in the east and west of my country are located in the high-value agglomeration and low-value agglomeration range of the first and third quadrants,indicating that there are obvious spatial autonomy in the eastern and western regions.Most of the provinces and cities in the central region are in the second and fourth quadrants,indicating that the two indicators in the central region have weak spatial agglomeration and uncoordinated development.(5)After the spatial LM test of fixed effects,it is found that the spatial lag model(SLM)is suitable for the whole country and the central region,and the spatial error model(SEM)is selected for the eastern and western regions.The results of the panel regression model show that the synergistic effect(D)of green finance and environmental regulation in all regions in my country has significantly improved the ecological efficiency level of the region,and the improvement effect in the western region is the most obvious.Although most of the univariate regression coefficients of green finance and environmental regulation show a promoting effect,the impact is small.However,under the synergistic effect of green finance and environmental regulation,the promoting effect is greatly enhanced,resulting in a “1+1>2” effect.(6)When studying regional eco-efficiency,the dependent variable may be affected by the independent variables of neighboring regions in addition to the local independent variables.Therefore,the spatial Durbin model(SDM)is introduced to analyze the synergy of green finance and environmental regulation on the region.Whether there is a spatial spillover effect in the improvement of ecological efficiency.From the model regression results,the indirect effect parameter of the synergistic effect of green finance and environmental regulation is 0.8362,and it is significant under the condition of 1%,indicating that the synergy of the two has a strong positive spillover effect on the ecological efficiency of neighboring provinces.It proves that it is necessary to strengthen financial cooperation in neighboring regions and jointly deal with environmental pollution control.