The Impact Of Financial Agglomeration On Green Total Factor Productivity Research

In the new era,we have paid close attention to and discussed how to implement the new development philosophy,transform the development model and achieve green,comprehensive and sustainable development.The development of economy cannot be separated from the support of finance,which is the engine of economic development and inexhaustible power.With the research,development and application of the Internet,big data and artificial intelligence,financial services have broken the constraints of space and time,and the strengthening of opening to the outside world has accelerated the construction of international financial centers.The concept of financial agglomeration emerges at the historic moment.In this paper,30 provinces,cities and regions(except Tibet,Hong Kong,Macao and Taiwan)from2008 to 2019 were selected as the research objects.Factor analysis and DDF-ML index model were used to measure the financial agglomeration level and green total factor productivity(GTFP)of each province.Finally,the panel smooth threshold regression model(PSTR)is constructed,and the market level is taken as the threshold variable to explore the nonlinear effect of financial agglomeration on green total factor productivity.The results show that:(1)The marketization level does not exceed the threshold value,and the PSTR model is in a low institutional state.Financial agglomeration has a restraining effect on green total factor productivity.With the improvement of marketization level,and the threshold value is crossed,the model is in a high institutional state,and financial agglomeration has a positive promoting effect on green total factor productivity.(2)across the country,eastern,central and western regions of marketization level varies,thus lead to the sample in different areas of the province(city,area),financial agglomeration effect of green total factor productivity in different system,the eastern provinces and part of central provinces marketization level is far higher than the threshold,Highlighting the positive promoting effect of financial agglomeration on green total factor productivity,the marketization level of provinces in western China and some provinces in central China is far lower than the threshold value,and financial agglomeration has a restraining effect on green total factor productivity.In eastern and central part region,the elements of a highly developed market,product market and relatively perfect environmental constraints,rules and regulations,and made the financial agglomeration level of ascension to strengthen the capital allocation efficiency,reduce the transaction cost,promote the technology innovation,enable enterprise green transformation and upgrading,optimizing the industrial layout to improve the green total factor productivity.Accordingly,the research implications of this paper are as follows :(1)accelerate the market-oriented construction and create a good environment for resource allocation.(2)Simultaneously improve financial scale and financial efficiency,and accelerate the formation of a financial agglomeration pattern with "extensive quantity" and "excellent quality".