Research On The Impact Of Green Finance On Ecological Welfare Performance

Since the reform and opening up,China’s economic development has been rapid,but while the economy has grown rapidly,the problem of environmental pollution has become increasingly prominent.The severe environmental pollution problem not only affects the quality of human life,but also poses a huge challenge to the sustainable development of the economy and society,relying on the input of production factors and energy consumption to promote economic growth of the extensive economic development mode is no longer in line with the needs of the times,to achieve the harmonious coexistence of man and nature of the green development path is the current reasonable path of economic transformation and upgrading.Green finance emphasizes environmental benefits and seeks to protect and restore ecosystems in the process of economic activities,which is a new sustainable development model.Therefore,studying the impact and transmission mechanism of green finance on ecological welfare performance is of great significance to the construction of ecological civilization in China.This paper mainly explores the impact of green finance on ecological welfare performance.Firstly,by combing through relevant literature at home and abroad,we understand the current research status,expound relevant basic theories,and put forward research hypotheses on the basis of previous research.Secondly,the green finance evaluation index system and ecological welfare performance evaluation index system were constructed,the relevant data of 30 provinces in China(except Tibet,Hong Kong,Macao and Taiwan)from 2011 to 2020 were comprehensively selected,and the entropy method and the ultra-efficient SBM model were used to measure the green finance development index and ecological welfare performance index respectively,and the development level and ecological welfare level of green finance in China were analyzed.After that,the two-way fixed-effect model is used for empirical testing,and the grouping heterogeneity test is carried out from the three perspectives of geographical location,green finance development level and economic development degree,the endogenous regression test is carried out by instrumental variable method,the robustness test is carried out by replacing explanatory variables and changing the sample time interval,and the mechanism test is carried out by using the mediation effect model,and the mediating effect effect of industrial structure upgrading,technological progress and scale change is analyzed,and the theoretical hypothesis proposed above is verified.Finally,corresponding policy recommendations are made based on the research results.The conclusions of this study are as follows:On the whole,China’s green finance development level and ecological welfare level present a development pattern of "high in the east and low in the middle and west",and there are large regional differences.The average values of the national green finance development index and ecological welfare performance index are0.1790 and 0.6571,respectively,which are at a low level,There is still much room for improvement in the future;Green finance can significantly improve the performance of ecological welfare.Human capital,foreign direct investment,financial development level and social consumption level are also conducive to improving the level of ecological welfare,while urbanization level and government intervention have a significant negative impact on the level of ecological welfare;Green finance promotes ecological welfare performance in eastern,central and western regions,but the impact effect is different.green finance has a more obvious impact on ecological welfare performance in central and western regions,and the impact of green finance on ecological welfare performance in economically developed and economically underdeveloped regions is heterogeneous;In terms of transmission mechanism,the mesomeric effect model is used to verify that green finance can promote the improvement of ecological welfare performance by promoting technological progress,industrial structure upgrading,and scale change.Finally,four suggestions were put forward,including perfecting the green finance development system,strengthening green finance in Sunac,establishing a green finance information sharing system,and establishing a green credit assessment institution.