| Since China’s reform and opening up more than 40 years ago,the long-term extensive growth model has accumulated varying degrees of resource consumption and ecological deterioration along with the advancement of industrialization,and faced the difficulties of structural restructuring and the pressure of source governance,which restricted the improvement of the quality of economic output and the realization of sustainable development goals.The 19 th National Congress of the Communist Party of China pointed out that China is in a critical period of economic development mode transformation.In order to reduce the degree of damage to the ecological environment and the intensity of energy and resources consumption,and break through the bottleneck of high-quality growth,it is imperative to develop a green economy that takes into account both economic and environmental benefits.Green finance as a service in high quality of economic growth and ecological civilization construction of financial instruments,has been rising in "much starker choices-and graver consequences-in" plan for a national strategy,under the policy guidance for energy conservation and environmental protection industry of technological innovation and product upgrading to provide more financial support,to promote economic structure transformation and improve the ecological environment is of great significance.This paper firstly reviews the domestic and foreign literature on the connotation definition,measurement evaluation and influence mechanism of green finance development and green economy efficiency,and summarizes and deduces the relevant theories and mechanism of the two on the basis of existing research.Then,comprehensive green credit,green fund,green insurance,green securities and different aspects of the structure of the green financial development level evaluation index system,and respectively SBM model based on entropy weight method and ultra efficiency measure of China’s 30 provinces and cities in 2007-2019 comprehensive level and efficiency of green economy,green finance from the perspective of time and space dynamic its development present situation and evolution law.Finally,the regional economy,geographical factors into the model of SDM,explore the green level of financial development role in the economic efficiency of the green space mechanism,and USES the panel threshold model to simulate the relationship between the empirical test on in-depth analysis of the green financial development level under different intermediate mechanisms regulating characteristics influence on the efficiency of the green economy.The research conclusions are as follows: First,the development level of green finance in China shows a gradual upward trend,but it is still at a low level as a whole,and the average annual growth rate shows an inverted "M" shape trend.Green finance grew at a low level in the early stage,reached the maximum growth rate in 2012,and then maintained at a high level.The change trend of green economic efficiency in China shows an inverted "N" shape,and there is still a large space for improvement,among which the growth rate in eastern China shows a leading trend in the later period.There are regional differences in the spatial distribution of green finance development level and green economic efficiency.Among them,the green finance development level in developed eastern China has a low growth rate and stable development,while the green economic efficiency in most provinces and cities keeps rising.However,the development level of green finance in central and western China is growing rapidly with a large fluctuation range,and the efficiency of green economy in most provinces and cities is declining.Second,the spatial autocorrelation between the development level of green finance and the efficiency of green economy is increasing,and the distribution characteristics are basically the same.The influence of the development level of green finance on the efficiency of local green economy is u-shaped,that is,the development level of green finance will hinder the improvement of the efficiency of green economy in the early stage,but will play a promoting role with the expansion of scale.The influence of the development level of green finance on the green economic efficiency of neighboring areas shows an inverted "U" shape,that is,the development level of green finance in neighboring areas can promote the improvement of the local green economic efficiency in the early stage,but has an obstacle effect after crossing the "U" shaped inflection point.From the perspective of spatial-temporal lag effect,green economic efficiency has spatial spillover effect between adjacent areas of economic geography,and the improvement of green economic efficiency in both local and adjacent areas in the previous period has a significant promoting effect on the local current period.Third,the impact of green finance development level on the efficiency of green economy has a threshold feature,that is,when it is on the left side of the threshold,it can promote the efficiency of green economy,but after crossing the threshold,the promoting effect decreases.In addition,the green level of financial development impact on the efficiency of the green economy is financial support,supervision of enterprises,the threshold of the economic development and environmental quality,including the influence of enterprise supervision between the two is u-shaped,financial support,and economic development can play an active mediation effect between the two,to further improve the degree of pollution of the environment is weakening effect between the two.Finally,aiming at the above conclusions,the paper puts forward the following countermeasures: adjust measures to local conditions to develop in accordance with local development actual elastic and sustainable green financial policy,strengthen the financial innovation and adjacent provinces environment information sharing and cooperation,encourage innovation diversified green financial products,to promote its services in the green economic transition process. |
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