An Empirical Study On Financial Support For The Development Of Green Economy In Hebei Province

Since the reform and opening up in 1978,China’s economy has been growing at a high speed,constantly breaking through and improving at a high speed.With the development of the economy,China has paid more attention to the concept of green development,and put forward the development idea that green waters and green mountains are golden mountains and silver mountains.In the guidance issued by the State Council in 2021 on accelerating the establishment and improvement of the green and low-carbon cycle development economic system,it was pointed out that the establishment and improvement of the green and low-carbon cycle development economic system should be established,Promoting the comprehensive green transformation of economic and social development is the basic strategy to solve the ecological problems of China’s resources and environment.In this context,it is of great practical significance to strengthen the empirical research on financial support in the development of green economy in Hebei Province to promote the industrial transformation,economic development,resource protection and other aspects of Hebei Province.This paper reviews the theory of financial development and defines the concepts of green economy,green finance and financial support.It has established a theory of financial support for green economy development,and studied the mechanism of financial support for green economy development in four aspects,such as capital support,optimization of resource allocation,technological innovation and green finance’s contribution to green development.And through the statistical yearbook and other data,explain the development status of green economy in Hebei.Secondly,the evaluation index system of green economy development was constructed.The entropy method was adopted to measure the green economy development index of Hebei Province.The research found that the green economy development index of Hebei Province showed an increasing trend from 2009 to 2020,rising from 0.19 in 2009 to0.528 in 2020,with an increase of about 177%.The development and quality of the green economy has been continuously improved.Based on the green economy development index obtained,financial development scale,financial development partners,green environmental protection input and technical level indicators are selected to measure the financial support for green economy development and analyze the influencing factors.The results show that the continuous expansion of financial development scale in Hebei Province promotes the development of green economy level.At the same time,there is a positive correlation between green environmental protection input and green economic development level,and there is a critical value of promoting effect between financial development efficiency and green economic development level,showing an inverted U-shaped relationship.Finally,the empirical research is expanded,and the hysteresis of variables is studied.Finally,the robustness is tested by using different methods,least square method and HAC method.Based on the empirical results,this paper puts forward some suggestions on how to promote the development of green economy through financial support in Hebei Province,including the establishment of a coordinated development mechanism of financial and economic ecology;Building multi-level financing channels to enhance the driving force of green economy;Strengthen financial innovation and enhance the vitality of green finance;We will cultivate more talents for ecological development of finance and economy.