Study On The Impact Of Green Finance And Low-Carbon Target Constraints On Regional Ecological Efficiency

The 20 th CPC National Congress mentioned that China needs to accelerate the eco-friendly transformation and promote development with low carbon in the future.As a key to promote green development in China,green finance has been gradually noticed in recent years.However,due to the fact that China’s green financial system is not perfect enough,there are still many disputes its specific operation mode.Therefore,this paper uses the regional ecological efficiency of 30 provinces from2011 to 2020 as the surrogate variable of regional green development,and thoroughly discusses the influence of green finance on green and sustainable development.Based on several green financial instruments,this paper constructs an index system including green credit,green investment,green securities,green insurance and carbon finance.Due to data restrictions,this paper only computes the development level of green finance of 30 provinces in China between 2011 to 2020 by entropy method,removing Hong Kong,Macao,Taiwan and the Tibet Autonomous Region.After that,it analyzes the impact on regional ecological efficiency based on theoretical and empirical analysis.Analysis results demonstrate that the emergence of green finance has a considerable,beneficial effect on regional ecological efficiency.The heterogeneity analysis points out that the impact of leading regions is much higher than that of lagging regions in technology.This paper further discovers that the low-carbon target constraint has a beneficial regulatory effect on green finance development,which in turn has an effect on regional ecological efficiency.According to the conclusion,this paper provides some guiding suggestions to promote the development of green finance in various regions,improve regional ecological efficiency and further promote green development.Firstly,coordinating and perfecting the green financial system.Secondly,local government making characteristic low-carbon development goals according to the specific circumstances.Thirdly,promoting a balanced development of green finance between the regionals,governments and enterprises.