Research On The Impact Of Green Finance On Regional Low-carbon Economy Development

Global climate change is a serious threat to the sustainable development of human society.China actively participates in climate governance actions and has clearly put forward the goals of "carbon peaking" by 2030 and "carbon neutrality" by2060.Under the strategic deployment of the "dual carbon" target,China attaches great importance to the development of green finance and low-carbon economy.Green finance is a powerful support to promote the low-carbon economy development.Studying the specific mechanism of the green finance’ role on the regional low-carbon economy development has positive significance to both theoretical research and policy practice in China.This paper firstly compiles the research literature and theories related to green finance and low carbon economy,and explores the influence mechanism of green finance on regional low-carbon economy development.Then,based on the data of 30provinces(cities)in Chinese mainland from 2007 to 2021,this study uses the entropy method to calculate the Green Financial Index to measure the level of green financial development,and uses the SBM-DEA model and the Global Malmquist-Luenberger Index to calculate the Low-Carbon Total Factor Productivity to measure the level of low-carbon economic development.And it also evaluates the current development of green finance and regional low-carbon economy in China.In the empirical analysis section,a dynamic panel model is constructed and GMM estimation is used to test the direct impact of green finance on the regional low-carbon economy.Then this paper tests the moderating effect of industrial structure upgrading in the process of green finance’s impact on low carbon economy through the moderating effect model.The spatial spillover effect of the influence of green finance on low-carbon economy is analyzed by using a spatial econometric model.And the spatial panel quantile model and panel threshold model are used to portray the conditional and stage characteristics of green finance for low carbon economy development,respectively.The research findings show:(1)Green finance can significantly promote regional low-carbon economy development,and there is regional heterogeneity in the impact path,with its impact effect being strongest in the northeastern region,followed by the eastern and central regions,and insignificant in the western region;(2)Industrial structure rationalization has a positive moderating effect in the process of green finance’s impact on the low carbon economy,while the moderating effect of industrial structure advancement is not significant.Empirical analysis from both temporal and spatial perspectives reveals regional variability in the moderating effect and its tendency to increase over time;(3)The impact of green finance on the low-carbon economy development has obvious spatial spillover effects,specifically in the short term,the local green finance and low-carbon economy development has a competitive and crowding-out effect on neighboring regions,and the neighboring regions’ green finance and low-carbon economy development also has an inhibitory effect on the local low-carbon economy;(4)The influence of green finance on the regional low-carbon economy has conditional and phase-specific characteristics.The negative spillover effect of green finance and low-carbon economy between neighboring regions will gradually change to positive spillover effect as the development level of low-carbon economy increases.There is a single threshold effect of green finance development level,urbanization level and industrialization level,and the promotion effect of green finance on regional low-carbon economy increases significantly after the threshold value is exceeded.Finally,based on the empirical results,this paper proposes relevant countermeasures to promote the positive interaction and synergistic development of green finance and low-carbon economy,so as to eventually realize the transformation of China’s low-carbon economy.