| In the decades of economic development,China has realized that it cannot rely on sacrificing the environment for economic growth.A good ecological environment and economic development are mutually reinforcing.With the strengthening of environmental awareness,green finance has further developed.Compared with traditional finance,it pays more attention to the effective connection between finance and environmental protection and ecological balance,which is an important tool for environmental governance and ecological protection.In this context,ecological environment governance and sustainable development in rural areas are imperative,and there is a greater emphasis on coordinated development between agricultural production and environmental protection.As the first priority of agricultural production,improving the green total factor productivity of grain is of great significance for protecting the ecological balance of rural areas and promoting the green transformation and development of agriculture in China.Green finance,based on environmental protection,can play its unique role in improving green total factor productivity of food and further promote sustainable agricultural development.Therefore,this paper makes an in-depth analysis of the impact of green finance on China’s grain green total factor productivity.Based on the relevant data of 27 provinces,cities and autonomous regions in China from2001 to 2021,this paper uses the benchmark regression model and the spatial lag model to study the impact of green finance on China’s grain green total factor productivity.First of all,it defines the concept of green finance and grain green total factor productivity and analyzes their impact mechanism.Secondly,the entropy weight method is used to measure,evaluate and analyze the development level of green finance in China.It is found that green finance in China has developed rapidly since 2007,but there is still a large gap between the development levels of various regions;Using the SBM super efficiency model and GML index method,input and output variables were introduced,and unexpected outputs were considered to measure and analyze China’s green total factor productivity of grain.It was found that overall,China’s green total factor productivity of grain showed a trend of first decreasing and then increasing.Thirdly,a benchmark regression model is established to study the impact of green finance on grain green total factor productivity,and the heterogeneity analysis and mesomeric effect test are conducted.Finally,this paper constructs a spatial lag model to study the spatial spillover effect of green finance on grain green total factor productivity.The research results show that the development level of green finance can have a significant impact on grain green total factor productivity through the intermediary variable green technology innovation,and this impact has regional heterogeneity.At the same time,it also finds that the development level of green finance has a spatial spillover effect on grain green total factor productivity.Under the test of the above two empirical models,the relationship between the two shows a "U" shaped change relationship,which first drops and then rises.The development level of green finance has a negative impact on grain green total factor productivity at the initial stage,but when the development level of green finance crosses the "U" shaped inflection point,the development of green finance can significantly improve grain green total factor productivity.Therefore,the following countermeasures and suggestions are put forward: strengthen the government’s guiding role and build a long-term mechanism of green finance;Perfect the performance evaluation system of green finance of financial institutions to achieve sustainable development of green finance;Enhance research funding and promote green technology innovation;Accelerate the cross regional flow of green elements and promote the green transformation and development of rural areas in various regions. |
