Research On The Impact Of Green Finance On China’s Environmental Quality

Nowadays,with the continuous development and progress of the economy and society,the public are no longer satisfied with the abundance of material life,but also have a higher pursuit of the ecological environment on which they depend for survival.However,the extensive economic development model pursued in the early stage of our country not only consumes a lot of resources,but also destroys the ecological environment of our country.Therefore,the past model of pursuing economic growth at the expense of the environment is no longer suitable for the needs of the development of the current era,China urgently needs to seek a new and sustainable economic development model to coordinate the relationship between economy and environment,and ultimately achieve green development.Green finance is a new type of financial development model that focuses on protecting environment.It can better resolve the contradiction between economic development and environmental protection,and promote the green transformation of China’s economy.Theoretically,green finance can provide sufficient financial support for green and environmentalfriendly enterprises,expand the scale of production and operation of these enterprises,and at the same time limit the development of "two high" industries,reduce pollutant emissions and improve the environmental quality.However,in the actual development process,whether green finance has effectively improved China’s environmental quality,through what factors green finance has an impact on environmental quality and what factors will affect the relationship between the two,these issues need to be studied.Therefore,this paper firstly sorts out the research status of green finance and environmental quality,and determines the research focus of this paper;Secondly,it theoretically analyzes the influence of green finance on environmental quality and its internal influence mechanism;Then,the panel data of 30 provinces(cities,districts)in China from 2011 to 2019 was used to calculate the green financial index and environmental quality index by the panel data entropy method.Then,based on the spatial correlation analysis,a spatial lag model was constructed to analyze the impact of green finance on environmental quality;using the mediation effect model incorporating the spatial econometric model,this paper analyzes the possible mediating effect from the aspect of technological innovation and industrial structure,and analyzes the moderating effect on the relationship between green finance and environmental conditions from the perspective of internet development.Finally,this paper summarizes the research conclusions of the impact of green finance on China’s environmental quality,and puts forward policy suggestions.This paper finds that :(1)the spatial distribution of environmental quality in 30provinces(cities and districts)in China is not independent,but shows a certain spatial correlation,and most provinces(cities and districts)show "high-high" agglomeration and "low-low" agglomeration.(2)At the national level,there is a significant positive correlation between green finance and environmental quality,indicating that promoting the development of green finance can significantly promote the improvement of environmental quality,while at the regional level,only in the eastern region that green finance can directly improve environmental quality;(3)from the perspective of impact mechanism,the improvement of environmental quality by green finance has a partial mediation effect of technological innovation and industrial structure,indicating that green finance can not only directly improve the environment quality,but also indirectly improve environmental quality by promoting technology innovation and optimizing of industrial structure.At the same time,the development of internet has a positive moderating effect on green finance to improve environmental quality.Based on this,this paper believes that my country should improve the development level of green finance,dredge the mechanism of green finance to improve environmental quality,accelerate technological innovation and optimize industrial structure,strengthen exchanges and cooperation with neighboring provinces(cities,districts),improve the level of Internet development and the level of urbanization in order to better promote the development of green finance in China and the improvement of environmental quality,and achieve green development.