Research On The Impact Of Financial Agglomeration On Green Total Factor Productivity In Shandong Provinc

The 20 th National Congress of the Communist Party of China(CPC)emphasized the need to promote qualitative changes,efficiency and momentum reforms in economic development,focus on improving total factor productivity,and promote high-quality development.Faced with the intertwined changes of the century and the pandemic in the 21 st century,how to achieve a higher level and quality of development during the "14th Five Year Plan" period is an important issue for each province.As a large province of population,resources,and economy,Shandong is also actively implementing the green and low-carbon development strategy,accelerating the transformation of old and new driving forces,and promoting the improvement of green total factor productivity.However,there is still a long way to go for transformation in Shandong Province,and how to further improve the development quality of Shandong Province is currently a challenge facing Shandong Province.In recent years,some scholars have found that the concentration and scale of financial resources can have a positive impact on green total factor productivity.Therefore,this article combines the research of relevant scholars,analyzes from the perspective of capital flow,information exchange,technological progress,and industrial structure adjustment,and proposes the hypothesis that financial agglomeration in Shandong Province can promote the improvement of regional green total factor productivity.It is verified through benchmark regression analysis,heterogeneity analysis,and other studies.In addition,this article also combines the regional development strategy of "a group of two centers and three circles" in Shandong Province.This article mainly starts from three perspectives: first,measuring the degree of financial agglomeration in Shandong Province,second,measuring green total factor productivity in Shandong Province,and finally,conducting an empirical analysis of the relationship between financial agglomeration and green total factor productivity.On this basis,this paper uses the location entropy formula to calculate the level of financial agglomeration in various cities in Shandong Province,and draws the conclusion that the level of financial agglomeration in various cities in Shandong Province is not balanced;Using data envelopment analysis method to calculate the level of green total factor productivity in various cities in Shandong Province;Using models such as fixed effects,it is concluded that financial agglomeration can effectively promote the improvement of green total factor productivity,and the magnitude of this force will vary depending on regional and resource conditions.The impact within the Jiaodong economic circle is relatively significant,while the impact within the provincial capital economic circle and the Lunan economic circle is not significant.Based on the empirical results,this paper proposes the following targeted recommendations: 1.Promoting the coordinated development of the financial industry.The three major economic circles give play to their respective resource advantages and strive to deepen the supply-side structural reform of the regional financial industry.2.Promoting the development of regional green finance.To guide the flow of financial resources to green industries from the perspective of production,consumption,distribution,and exchange.3.Increasing investment in research and development.Areas with strong economic strength should pay more attention to the research and development of high-tech and the introduction of related industries.Areas with weak economic strength should first improve their own production efficiency,and then gradually develop high-tech industries.4.Improving infrastructure.To innovate investment and financing channels and strengthen regional financial support.5.Increasing talent cultivation.To improve talent competitiveness through both internal and external training.