| The 20th National Congress of the Communist Party of China proposed that we should strengthen ecological protection in all directions,regions and processes,actively and steadily promote carbon peaking and carbon neutrality,and realize the construction of a beautiful China.In order to accelerate the realization of this goal,in the 2023 government work report,China proposed to continue to strengthen ecological environmental protection,handle the relationship between development and protection,and continuously improve sustainable development capabilities.The realization of these goals is inseparable from the promotion of green finance.As a financial innovation that supports environmental improvement,climate change and efficient use of resources,green finance can guide the flow of funds to low-carbon environmental protection industries through financial products such as green credit and green insurance,thereby affecting the level of regional eco-efficiency and accelerating the construction of a beautiful China.Based on this,this paper analyzes the mechanism of how green finance affects regional ecology by combing the relevant literature of green finance and regional eco-efficiency,and based on the relevant theories of green finance and regional eco-efficiency.Secondly,based on the panel data of the Beijing-Tianjin-Hebei region from 2010 to 2020,a green finance and eco-efficiency index system was constructed,and the green finance and eco-efficiency values of the three provinces and cities in the Beijing-Tianjin-Hebei region were calculated by the entropy value method.Thirdly,the fixed-effect model was used to test the impact of green finance on the ecological efficiency of the Beijing-Tianjin-Hebei region,and the regression results were analyzed,and the impact on regional ecological efficiency was explored from the perspectives of green credit,green securities and green insurance.Finally,based on the empirical analysis results,combined with the theoretical basis and practical background,the policy suggestions and research prospects of green finance to promote ecological efficiency improvement are proposed.The main conclusions of this paper are:(1)From 2010 to 2020,there were differences in the development level of green finance in the Beijing-Tianjin-Hebei region,among which Beijing had the highest level of green finance development.According to the measurement results of ecoefficiency in the Beijing-Tianjin-Hebei region,the eco-efficiency values of Beijing and Tianjin showed an upward trend year by year,while the eco-efficiency values of Hebei showed a downward trend.On the whole,Beijing’s eco-efficiency value is higher than that of Tianjin and Hebei;From the perspective of development speed,the average annual growth rate of ecological efficiency in Tianjin is higher than that of Beijing and Hebei.(2)The return coefficient of green finance to China’s regional ecological efficiency is positive,indicating that green finance has a promoting effect on the improvement of ecological efficiency in the Beijing-Tianjin-Hebei region,and green finance guides financial institutions to shift funds from high-pollution to Green and environmentally friendly industries,thereby promoting the improvement of ecological efficiency.(3)There were differences in the impact of different green financial products on ecological efficiency,and the regression coefficient of green credit on ecological efficiency in the BeijingTianjin-Hebei region was negative,indicating that green credit inhibited the improvement of regional ecological efficiency;The regression coefficient of green securities on the ecological efficiency of the Beijing-Tianjin-Hebei region was positive but failed the significance test,indicating that the impact of green securities on the ecological efficiency of the Beijing-TianjinHebei region was not obvious.The regression coefficient of green insurance on the ecological efficiency of the Beijing-Tianjin-Hebei region was positive,indicating that green insurance had a promoting effect on the improvement of ecological efficiency in the Beijing-Tianjin-Hebei region.Finally,due to the time limitation of the study,this paper only selects the panel data of the Beijing-Tianjin-Hebei region from 2010 to 2020,which cannot better reflect the long-term impact of green finance on the ecological efficiency of the Beijing-Tianjin-Hebei region.Although seven secondary indicators were selected to construct the ecological efficiency system in the BeijingTianjin-Hebei region,due to the limitations of data acquisition,the breadth and depth of the indicators were far from meeting the needs of research.Therefore,future research will further broaden the time range of panel data and more fully reflect the long-term effect of green finance on regional ecological efficiency in the Beijing-Tianjin-Hebei region,so as to improve the credibility of the research conclusions.It will continue to supplement the construction of secondary ecological efficiency indicators to form a more representative ecological efficiency index system and make the research results more accurate. |
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