Study On The Impact Of Financial Agglomeration On Industrial Green Total Factor Productivity

Over the past 40 years of reform and opening up,China’s economy has achieved rapid development,among which the industrial sector has always been the leading sector to promote national economic growth.However,the industrial growth model of high input,high energy consumption and high emissions for a long time has caused serious energy depletion and environmental pollution,and energy and ecological carrying capacity are close to the limit.Therefore,it is necessary for China to find a sustainable way to achieve economic development while protecting the environment.The promotion of total factor productivity in green society,which takes both economic benefits and ecological benefits into account,is also a huge force to promote highquality economic development.The increasing of green total factor productivity,which both give consideration to economic benefits and ecological benefits,is a momentous driving force for high-quality development.It mainly grows through "technological progress" and "technical efficiency".However,technological research and development is characterized by high investment,long cycle and high risk,which inevitably requires financial support.The financial system in the agglomeration zone is relatively perfect,which can reduce information asymmetry,promote resource reorganization,stimulate investment and construction,and thus better serve technological research and development.This paper analyzes the impact of financial agglomeration on industrial green total factor productivity,which is of great significance to promote the green ecology and economic development of China’s economy and society.By summarizing the existing literature on financial agglomeration,green total factor productivity and their relationship,it is found that domestic scholars have carried out in-depth and comprehensive research on the influence relationship and mode of action between financial agglomeration and economic growth,and achieved rich results.However,the research on the impact of financial agglomeration on green total factor productivity is still in the preliminary exploration stage,and the existing literature on the impact relationship and mode of action between the two is insufficient,as well as the research methods adopted need to be improved,so it is obviously necessary to carry out further research and analysis.Therefore,the Global Malmquist-Luenberger(GML)index based on directivity Distance Function(DDF)is used to measure green total factor productivity based on industrial enterprise data of 30 provinces(municipalities and autonomous regions)from2003 to 2019,and further decomposed into green technological progress and green technological efficiency.Detailed analysis is carried out at the national and regional levels.Meanwhile,combined with the theoretical influencing mechanism of financial agglomeration on green total factor productivity,this paper conducts an empirical test on the influence of financial agglomeration and green total factor productivity by constructing SYS-GMM dynamic panel model,and analyzes the internal path of its impact.The results show that :(1)during the sample period,China’s green total factor productivity shows a rising trend as a whole,and decomposition technological progress is an important driving force for its growth.The overall green total factor productivity shows a rising trend,and decomposition technology progress is an important driving force for its growth.In the same period,the improvement of industrial green total factor productivity of provinces and cities in eastern,central,and central and western China also showed great heterogeneity.The level of green total factor productivity in eastern China is the highest,and the improvement of it is more prominent,while the improvement of green total factor productivity in central and western China needed to be further improved.(2)From the national level,financial agglomeration significantly promotes the improvement of green total factor productivity,mainly through promoting green technological progress,but financial agglomeration is not conducive to the improvement of green technical efficiency;(3)From the regional level,although there are obvious regional differences in the impact of financial agglomeration on green total factor productivity,the eastern region and the western region have a significant positive promotion effect between them,while the eastern region has a greater promotion effect,but there is no significant effect relationship in the central region.In terms of internal path,the eastern region promotes green technological progress and improves technical efficiency simultaneously,while in the western region,financial agglomeration promotes technological progress and hindrances the improvement of technical efficiency.These conclusions provide reference for optimizing urban ecological environment and promoting green development in China.