Research On The Impact Of Green Finance On The Ecological Efficiency Of The Yangtze River Economic Belt

In recent years,China’s rapid economic development and accelerated industrialisation and urbanisation have gradually revealed problems such as the deterioration of the ecological environment and the depletion of ecological resources,posing a major threat to people’s survival and livelihood.In terms of ecological civilisation construction,the Yangtze River Economic Belt is a national advanced demonstration belt,innovation belt and coordinated development belt,which has an important demonstration and leading role in promoting economic and ecological civilisation development.However,while great progress has been made in economic development,it is also facing problems such as increased ecological and environmental constraints and widening regional development gaps,failing to achieve systematic and synergistic overall development.The problems of the environment and ecology are ultimately a matter of development approach.China’s green economy has developed rapidly over the years,and green finance is playing a pivotal role in promoting green development,which is also creating fertile ground for green finance.In order to balance the development of green finance and environmental protection,this paper addresses the increasingly serious environmental situation in the Yangtze River Economic Belt region by bringing into play the functions of green finance,thereby promoting ecological benefits.After reviewing and analysing the relevant literature,this paper constructs a panel model to measure the level of green finance and eco-efficiency in 11 provinces and cities in the Yangtze River Economic Belt region from 2005 to 2020,and the relationship between the two.Firstly,according to the conceptual definition,the eco-efficiency level is estimated using the super-efficiency SBM model,while the development level of green finance is estimated using the entropy value method.In the empirical part of the paper,three hypotheses are proposed,and after model testing,a fixed-effects model is used to analyse the impact of green finance on eco-efficiency in the Yangtze River Economic Belt,followed by further exploration of the level of regional differences between its upper,middle and lower reaches.This is followed by a mediating effects model to analyse the effect of green finance on the pathways of eco-efficiency at different levels of economic development,industrial structure and technology levels.Finally,based on the confirmed research hypotheses,relevant policy advice is put forward in the context of the regional development of the Yangtze River Economic Belt.The study shows that: firstly,theoretically,green finance can contribute to eco-efficiency through multiple paths of influence;secondly,there is a significant gradient between regions in terms of green finance and eco-efficiency,and there is much room for development.On the whole,the eco-efficiency values of Anhui,Hubei,Chongqing and Sichuan are at a low level,while Shanghai,Jiangsu and Zhejiang have a strong benchmarking role in sustainable economic development compared with other provinces,achieving a balance between economic growth and resource conservation in their economic development while also protecting the environment;third,the development of green finance as a whole can enhance eco-efficiency,but different regions The impact varies from region to region.Compared with the downstream areas of the Yangtze River Economic Belt,the upstream areas need to change their traditional development methods,increase support for green industries,promote scientific and technological innovation,stimulate investment,encourage green finance and advocate green culture;fourthly,green finance can enhance eco-efficiency by promoting economic development,upgrading industrial structure and improving technology.Based on the above conclusions,combining the theoretical basis and the realistic background,this paper puts forward suggestions to improve the top-level design of green financial development,form specialized green financial institutions,strengthen the flow of green financial resources and information sharing as well as promote economic development,advance scientific and technological progress and upgrade industrial structure.