Research On The Impact Of Green Finance Development On Industrial Green Total Factor Productivity

Realizing green and sustainable development is a top priority in the current and future economic fields,not only due to the constraints of resource factors and ecosystem capacity,but also because green development can form core competitiveness and create a livable living environment.As a way to promote the green transformation of the economy,green finance has become mature,and has realized the steady growth of diversification and scale of financial instruments.China is built on industry,and the core competitiveness and advantages of the industrial chain are also China’s core competitiveness and advantages in the world.The Industrial Green GTFP measures the efficiency level of industrial green production,reflects the achievements of industrial green transformation and upgrading,and largely represents China’s green productivity level.Exploring the impact of green finance on industrial green total factor productivity and analyzing its transmission mechanism can not only measure the strength and mode of China’s green finance development on industrial green transformation,clarify its impact mechanism on China’s industrial GTFP,but also provide policy advice for green finance to better promote industrial green transformation,which is of vital theoretical and practical significance.This paper takes 30 provinces and cities in China as research objects,and based on panel data from 2011 to 2020,calculates the development level of China’s green finance using entropy method.Considering energy consumption and pollution emissions,this paper uses SBM-GML index model to calculate China’s industrial GTFP,and gives a brief evaluation of the status of both;In order to explore the relationship between the two,based on the endogenous economic growth theory,Romer’s product growth model is used to theoretically explore the impact and mechanism of green finance on industrial GTFP;Based on the above analysis,this paper uses the benchmark regression model to empirically test the impact of green finance development on industrial GTFP and its decomposition factors GEC,GTC,and the mesomeric effect of industrial R&D investment in it.It classifies provinces according to the degree of economic development.On this basis,it conducts a heterogeneity analysis.Finally,it conducts an endogenous test and a robustness test to improve the reliability of the research conclusions.The research concluded that:(1)China’s green finance development level rose by 30.0%from 2011 to 2020.There are obvious regional differences in the development of green finance,and the internal development of green finance tools is uneven.Industrial GTFP increased by15.4%;The rapid improvement of industrial GTC has driven the improvement of industrial GTFP The development of green finance can significantly improve the industrial GTFP.(2)Green finance can improve industrial GTC and industrial GEC,but its effect on industrial GTC is greater.In terms of heterogeneity,green finance plays the largest role in promoting industrial GTFP in underdeveloped provinces and cities.R&D investment has an important mesomeric effect for green finance to improve industrial green total factor productivity,and the proportion of mesomeric effect is 23.3%.(3)Energy structure suppresses the improvement of industrial GTFP;Endowment structure positively promotes industrial GTFP;Environmental regulations hinder industrial GTC,indicating that China’s environmental regulations have not crossed the "Porter inflection point".According to the research conclusions,the following policy suggestions are put forward: China should strengthen the construction of the green finance market system;Differentiate and formulate green finance development policies;Improve the development mechanism of green finance;Increase investment in scientific research in the industrial industry;Optimize the investment structure of the industrial industry.