| With a series of environmental-economic conflicts such as climate deterioration and industrial structure imbalance becoming more and more prominent,it is urgent to promote the design of green finance and other policy tools to achieve green and low-carbon development in order to achieve the strategic goal of "carbon peaking and carbon neutrality" as scheduled.The region is the spatial carrier of economic development.On the one hand,innovation is the first driving force to lead development,and it has a pivotal role in the regional economic development in the new era.On the other hand,in the government-serviced market mechanism,environmental policy tools that bring out the market function and economic incentive effect are more effective for driving regional green economic development.Therefore,focusing on and studying the relationship and mechanism between green finance and regional green innovation capacity is of great theoretical reference and practical significance to achieve the national strategy of innovation-driven economic quality development.This paper first measures the level of green financial development and regional green innovation capacity of 30 provinces in China(excluding Tibet,Hong Kong,Macao and Taiwan)from 2013 to 2020.Firstly,the entropy value method is used to measure the level of green financial development in China’s provincial regions;secondly,the regional green innovation capacity is portrayed from the dual perspectives of technological innovation and input-output,and the Super-SBM model is also used to measure the green innovation efficiency of provincial regions in addition to measuring the level of regional green technological innovation by counting the green patent applications in provincial regions.Secondly,based on the measurement results,this paper not only analyses them in terms of time trends,but also further employs Arc GIS software and the Moran I index to conduct visual descriptions of spatial distribution characteristics and spatial autocorrelation analysis.Again,this study considers the first green finance innovation pilot zone established in 2017 as a quasi-natural experiment,and uses the difference in differences method to test the impact of green finance on regional green innovation capacity.Finally,this paper further analyses the heterogeneous differences in the impact of green finance on regional green innovation capacity based on regional characteristics.In addition,this paper also incorporates regional financial development factors and considers the moderating role of the level of regional financial development in the process of green finance influencing regional green innovation capacity.This paper finds the following four conclusions.First,there is a promotion effect of green finance on regional green innovation capacity.Second,in terms of temporal development trend,both the level of green finance development and regional green innovation capacity as a whole show a steady increase;in terms of spatial distribution characteristics,both the level of green finance development and regional green innovation capacity show the gradient characteristics of high in the eastern region,decreasing in the central and western regions and even in the northeastern region;however,in terms of global spatial correlation characteristics,in 2013 However,in terms of global spatial correlation,the positive spatial correlation between green finance and regional green innovation efficiency of each province tends to weaken between2013 and 2020,while the regional green technology innovation level maintains an obvious positive correlation;in terms of local spatial agglomeration characteristics,the spatial agglomeration pattern of green finance and regional green innovation capacity of most provinces and cities shows a "high-high agglomeration-low agglomeration" pattern.In terms of local spatial agglomeration characteristics,the spatial agglomeration pattern of green finance and regional green innovation capacity in most provinces and municipalities shows a "high-high agglomeration and low-low agglomeration" characteristic.Thirdly,from the perspective of regional characteristics,green finance has a more obvious effect on improving the level of green technology innovation in the eastern region,while it has a more obvious effect on improving the level of green innovation efficiency in the central and western regions.Fourth,there is a positive moderating effect of regional financial development level in the process of green finance influencing regional green innovation capacity.Finally,this paper argues that in the future,we can design and implement relevant policies from two levels,namely,national policy arrangement and regional provinces and cities’ solid promotion,in order to reach a "winwin" situation of economic and environmental benefits. |
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