| With the rapid development of the economy,the problems of climate warming and resource scarcity are becoming more and more serious.How to promote carbon emission reduction has become the focus of attention of all countries.China attaches great importance to this,and put forward the “double-carbon” target in 2020.As an important financial tool to promote green development,green finance can provide sufficient financial support for green environmental protection industry,promote green technology innovation and industrial structure transformation and upgrading,thus improving the efficiency of all-factor carbon emission reduction and reducing carbon emissions.Therefore,it is of great significance to explore the development status and impact mechanism of the two.Based on the understanding of green finance and all-factor carbon emission reduction efficiency,this paper combs relevant domestic and foreign literature.On this basis,taking 30 provinces,cities and autonomous regions in China from 2010 to 2020 as the research object,the evaluation index system is constructed,and the development level of green finance in China is measured and analyzed by combining expert scoring method and entropy weight method.Then introduce the relevant input-output variables,use the SBM model to calculate China’s total factor carbon reduction efficiency.Then build a panel data model to analyze the impact of green finance on the all-factor carbon emission reduction efficiency,and use the GML index to decompose the all-factor carbon emission reduction efficiency into technical progress and efficiency changes to study the impact mechanism of green finance development on the all-factor carbon emission reduction efficiency.Finally,we study the spatial spillover effect of China’s green finance development on the efficiency of all-factor carbon emission reduction by establishing a spatial Dubin model.The research results are as follows:(1)At present,the development of green finance and the efficiency of all-factor carbon emission reduction in China are imbalanced and inadequate in regional development.The overall development level of the two is relatively low,and the distribution pattern of "high in the east,flat in the middle and low in the west" is presented.(2)The impact of the development of green finance on the efficiency of all-factor carbon emission reduction is not a simple linear relationship,but presents a "U" relationship,that is,when the development level of green finance is low,it will inhibit the growth of the efficiency of all-factor carbon emission reduction,and when it reaches a certain level,it will have a positive effect.In addition,scientific research investment has a positive impact on all-factor carbon emission reduction efficiency,while comprehensive energy consumption,human capital,infrastructure construction and government regulation have a negative impact on all-factor carbon emission reduction efficiency.(3)In terms of the impact mechanism,the development of green finance has a "U" shaped impact on both efficiency change and technology progress,which makes the development of green finance form a "U" shaped relationship with the overall total factor carbon emission reduction efficiency.(4)The development level of green finance and the efficiency of all-factor carbon emission reduction have shown obvious positive spatial correlation,and show the characteristics of spatial agglomeration.The development of green finance has a "U-shaped" spatial spillover effect on the efficiency of all-factor carbon emission reduction,that is,the development of green finance in neighboring regions plays a role of first inhibiting and then promoting the improvement of the efficiency of all-factor carbon emission reduction in the region.Finally,the countermeasures and suggestions put forward in this paper mainly include:(1)improve the green financial system and promoting the diversified and innovative development of green financial products;(2)Improve the green financial information sharing system and promote the coordinated development of green financial regions;(3)Accelerate the pace of technological innovation and improve the efficiency of all-factor carbon emission reduction. |
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