The Research Of The Impact Of Green Credit On Total Factor Productivity

With the aggravation of environmental problems such as climate warming and haze weather,China has begun to pay attention to the protection of ecological environment while pursuing economic growth,and then put forward the concept of green development.Under the concept of green development,improving total factor productivity is gradually becoming an important path to achieve green economic development in China.Financial activity is one of the important factors affecting total factor productivity.As one of the important part of green finance,the green credit is an environment finance policy which puts the environmental factors into credit system.Its goal is to regulate environment protection through financial lever and allocate more resources to green environmental and low carbon production fields in supporting the development of green economy.Therefore,it is of great value to study the impact of green credit on total factor productivity.Based on the literature review,this paper is organized according to the logic of“theoretical analysis,current situation analysis and empirical analysis”.First of all,starting from the theoretical basis of green credit,this paper expounds that the implementation of green credit will be helpful in improving the environment and turning high pollution and high emission enterprises to green development enterprises.It analyzes the effect of green credit on total factor productivity theoretically.The effects are analyzed into three aspects: direct impact,indirect impact and spatial impact.Secondly,the paper analyzes the current situation and data calculation analysis,expounds the development process and scale status of green credit policy.It selects the related data of 30 provinces in China from 2007 to 2019 as samples,and calculates the total factor productivity with SBM model and ML index.This paper constructs the index of green technology innovation capability and takes it as intermediary variable,and calculates the index by principal component analysis.Then,an econometric model is constructed.The two-way fixed effect model is constructed to test the direct impact of green credit on total factor productivity.The mediating effect model is used to test whether the green technology innovation ability plays a role as an intermediary variable.Then,the spatial Durbin model is constructed to test the spatial effect of green credit on total factor productivity.Finally,on the basis of a systematic summary of the main research conclusions,this paper puts forward corresponding policy recommendations.The main conclusions of this paper are as follows:(1)The results of multiple linear regression show that the regression coefficient of green credit is significantly positive in both mixed model and two-way fixed model,which indicates that with the expansion of green credit,the level of total factor productivity will increase,and green credit plays a positive leverage role.To a certain extent,it verifies the policy effect of green credit;(2)The regression results of the mediating effect model confirm that green credit has an indirect effect on total factor productivity,which indicates that green credit policy can promote the total factor productivity by improving green technology innovation ability,and green technology innovation ability plays an intermediary role;(3)According to the regression results of spatial Durbin model,the spatial lag coefficients of green credit and total factor productivity are significantly positive.The results show that green credit has a positive effect on total factor productivity in space,and the green credit systems in surrounding provinces have a positive spatial spillover effect on total factor productivity in this region.