Green Financial Development,corporate Technology Innovation And Carbon Emissions In China

The massive energy and resource consumption resulting from China’s economic growth since the reform and opening up has caused a large amount of CO₂ emissions.In order to make China’s economy realize the harmonious unity between economic development and environmental protection on the premise of improving the quality of ecological environment,Chinese government has tried to promote green finance with corresponding policies and legal regulations and take this as the starting point for the development of the financial industry.The development of low-carbon economies by enterprises is greatly impacted by green finance and technological advancement.In order to explore the relationship between green finance development,enterprise technology innovation and carbon emission,we first sort through the relevant literature and theoretical foundations,summarize the research gaps in the existing literature,and bring the three into a unified framework and conduct an empirical study by collecting data from 30 Chinese provinces from 2011 to 2020.Firstly,a comprehensive index of green financial development is calculated from a quantitative perspective,and the information entropy method is used to analyze the current situation of green financial development in China.And the development trend of green finance,enterprise technology innovation and carbon emission in China from 2011 to 2020 and the regional differences are analyzed by drawing a line graph.Secondly,this study builds a benchmark regression model and a panel quantile regression method to examine the level and trend of green finance,corporate technological innovation,and carbon emission.After determining the significant effects of green finance and enterprise technology innovation on carbon emissions,a panel threshold regression model is constructed to further investigate whether the effects are interfered by the level of environmental regulation,i.e.,whether there is a certain"threshold"of environmental regulation by local governments that can make the effects of green finance and enterprise technology innovation on carbon emissionsThe result suggests that green finance significantly suppresses carbon emissions,and corporate technology innovation promotes carbon emissions,both of which are most effective in regions with medium carbon emission levels.Corporate technology innovation and green finance development both have a twofold threshold impact on CO₂ emissions.On the reduction of carbon dioxide emissions,the level of green financial development has a non-linear upward trend.;the level of enterprise technology innovation has a non-linear decreasing trend on the promotion of carbon dioxide emissions.Finally,based on the findings,countermeasures are proposed in terms of improving the green financial system,implementing differentiated green financial policies,implementing the concept of corporate green innovation,and dovetailing with the existing environmental regulations.