| Climate change and environmental problems caused by high-carbon human activities are becoming the biggest crisis threatening the sustainable survival of mankind in this century.In 2020,China made a solemn commitment to the world to achieve the "30-60 double carbon(carbon peaking and carbon neutrality goals)" target,and the 14 th Five-Year Plan also included green development and "double carbon vision" into the new development concept of the new era for the first time.Against this background,how to make good use of the positive externality effect of green finance is of great significance to improve the social investment structure,deepen the financial supply-side reform,promote regional green cooperation and steadily advance the work of double carbon.Based on the research of domestic and foreign scholars on green finance,this paper firstly starts from the theory of green finance and spatial spillover effect,and believes that the positive externality effect possessed by green finance is the premise of its spillover effect.Subsequently,the evolutionary path of green finance,financial instruments and the status of pilot regions in China were summarized and organized by reviewing a large amount of information and using financial data consulting software such as Wind and Choice.Secondly,the evaluation system of inter-provincial green finance in China is constructed based on five major financial tools: green credit,green bonds,green insurance,green investment and carbon finance,and the subjective and objective evaluation method combining the entropy weight method and expert method is used to measure and analyze the green development level index of each province.And we explored the spatial and temporal characteristics of green finance in China using a combination of geographic exploratory techniques,the Moran index and the Thayer index.Thirdly,by constructing a spatial econometric model,designing a spatial weight matrix,and selecting six explanatory variables,namely,the intensity of environmental regulation,the degree of financial development,the level of education,the industrial upgrading index,the energy consumption optimization index,and the level of residents’ income,we empirically analyze the spatial spillover effects of green finance and its influencing factors at the national level as a whole as well as at the eastern,western,central,and northeastern regional levels based on panel data of 30 provinces from 2007 to 2018.Finally,based on the results of the study,policy recommendations are provided for the national as well as regional utilization of the green finance spillover effect for coordinated regional development.Through the study,the following conclusions can be drawn: chronologically,the overall development of green finance level in China is rising steadily,with the fastest practice exploration period from 2011 to 2015 and the fastest growth rate in the eastern region;spatially,the green finance in China shows an acceleration-fluctuation-acceleration agglomeration state,and the inter-regional variability is gradually expanding.At the national level,there is a significant positive spillover effect of green finance in China,and the intensity of environmental regulation is the primary factor affecting the level of green finance development.At the regional level,there are positive spillover effects in the east,west and northeast regions,and the central region shows negative spillover effects.The improvement of environmental regulation intensity and financialization degree can significantly promote the development of green finance in the eastern region;the improvement of education level and the focus on industrial greening and upgrading are the key factors to accelerate the development of green finance in the western region;the central region should take the improvement of environmental regulation intensity and the enhancement of industrial upgrading quality as the working direction;and the northeastern region should focus on the benign interaction of environmental regulation,industrial structure and energy structure for green finance.The northeast region should enhance the quality and quantity of green finance around the benign interaction of environmental regulation,industrial structure and energy structure. |
PDF Full Text Request