| Green finance and environmental regulation,as two important approaches to environmental protection,are in line with the concept of sustainable development and has an important role in enhancing the eco-efficiency of enterprises in China.The article empirically analyzes the impact of synergistic green finance and environmental regulation on the eco-efficiency of heavy polluting enterprises in China based on panel data of heavy polluting enterprises from 2017-2021.The study is conducted as follows:Firstly,the weights of the combined green finance and environmental regulation indices of each province and city were calculated using the entropy weight method,and the eco-efficiency of heavy polluting enterprises was measured using the SUPER-SBM model,and a comprehensive evaluation analysis was given.Secondly,environmental regulation and green finance were used as threshold variables to test whether there was a threshold effect in the process of green finance and environmental regulation synergistically affecting the eco-efficiency of heavily polluting firms.Then,a mediating effect model was established with green technology innovation as the mediating variable to analyze the influence path of green finance and environmental regulation on the eco-efficiency of heavy polluting enterprises,and the results of the mediating effect were tested for robustness.Finally,targeted suggestions on how to improve the eco-efficiency of heavy polluting enterprises in China are given based on the research results.The research results show that:(1)The coupling coordination between green finance and environmental regulation is high in each province in China,and the higher the coupling coordination between the two,the stronger the positive promotion effect of the synergy between the two on the eco-efficiency level of heavy polluting enterprises.(2)The development level of eco-efficiency of heavy polluting enterprises in China is uneven,and there are geographical differences in the effect of synergy between green finance and environmental regulation on eco-efficiency.(3)There is a single threshold effect with environmental regulation as the threshold variable in the influence of the synergy between green finance and environmental regulation on the eco-efficiency of heavy polluting enterprises.When the comprehensive index of environmental regulation crosses the threshold of 0.757,the coupling and coordination degree of both plays a positive role in promoting the eco-efficiency of heavy polluting enterprises.(4)There is a partial mediating effect with corporate green technological innovation as the mediating variable in the effect of green finance and environmental regulation synergy on eco-efficiency of heavily polluting enterprises. |
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