| The global greenhouse gas pollution and the resulting global climate change accompanied by economic development have become major challenges faced by the entire global economy and a worldwide problem that needs to be overcome urgently.With the continuous growth of China’s economy,energy consumption,carbon dioxide emissions and other issues have gradually become the focus of attention,while maintaining sustained economic growth,while considering the impact of environmental pollution,which is currently a problem facing China.The improvement of total factor productivity is the key to a country’s development,and the improvement of green total factor productivity,including environmental factors such as energy consumption and carbon dioxide emissions,will be the key force to promote sustainable development.Financial opening and the improvement of the level of financial agglomeration can have a certain role in promoting the efficiency of the financial industry,and taking financial openness,financial agglomeration and green total factor productivity as a framework,the impact on the green total factor productivity of various regions in China still needs to be studied under the condition that financial opening and financial agglomeration play a joint role.In the context of China’s proposal of carbon peaking and carbon neutrality,this paper takes carbon dioxide emissions as undesired outputs,and takes financial openness and financial agglomeration as the core explanatory variables,and studies their impact on China’s regional green total factor productivity under their joint effects.This paper adopts the provincial perspective,takes the panel data analysis of 30 provinces in China between 2003 and 2018 as the benchmark,measures the level of financial openness by using the factual indicator method,measures the level of financial agglomeration by using the location entropy method,and measures the level of green total factor productivity in various regions of China by establishing the Malmquist-Luenberger index,and divides it into green technology efficiency and green technology progress.The regional division method of the western region qualitatively analyzes the impact of the level of financial openness and financial agglomeration level of each province and region on the total factor productivity of green provinces and regions.Then,empirical analysis was conducted to explore the impact of financial openness and financial agglomeration on our regional green Total factor productivity by using mixed OLS regression,random fixed effects model and systematic GMM.The research results show that:(1)From a national perspective,there is a significant U-shaped relationship between financial openness and green total factor productivity,and China’s current financial opening plays a role in promoting green total factor productivity;China’s financial agglomeration has a significant role in promoting green total factor productivity;There is a significant inverted U-shaped relationship between financial opening and financial agglomeration,when the level of financial opening exceeds a certain critical value,it will have a promoting effect on financial agglomeration,and China’s financial opening at this stage mainly plays a role in promoting financial agglomeration;As an intermediary variable in the role of financial openness,financial agglomeration can jointly have a positive impact on green total factor productivity.(2)From a regional perspective,it can be seen that the effects of financial openness and financial agglomeration on green total factor productivity are different from regions,and the effect on the eastern region will be stronger than that in the central and western regions.Due to differences in geographical location,natural environment,and economic development foundation,the impact of financial openness and financial agglomeration on green total factor productivity is also different under the influence of the regional economic and financial environment. |
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