Study On The Influence Of Green Finance On The High Quality Development Of Regional Economy

Since the reform and opening up in 1978,China’s economic development has achieved a qualitative leap,but we have caused environmental pollution and resource waste while developing the economy,and made the environment pay a huge price while developing the economy.Nowadays,it is difficult to continue the economic development model at the cost of the environment,and high-quality economic development is imperative.Green finance can guide funds to flow to green development industries,while industries with high pollution and energy consumption cannot receive financial support.In this way,the concept of green development is propagated,ecological environment protection is achieved,and economic growth is promoted from high-speed to high-quality growth.This paper first introduces the research background and significance of this paper,collates the relevant research and literature on green finance and high-quality economic development at home and abroad,and explains the main content,innovation and research methods of this paper.Secondly,the concept of green finance and high-quality economic development is defined,and the relevant theoretical basis of green finance,high-quality economic development and green finance to promote high-quality economic development of relevant theoretical basis.Thirdly,it clarifies the effect mechanism of green finance on high-quality economic development from two aspects:direct effect and spatial spillover effect.Finally,taking 30 provinces and cities(except Xizang)as the research object,based on the green finance index and the comprehensive index of high-quality economic development calculated by entropy method,the direct effect and spatial spillover effect of green finance on high-quality regional economic development were empirically-tested by constructing a spatial panel econometric model.The research shows that(1)in the comprehensive dimension,first,green finance can significantly promote the high-quality economic development of the province and city;Second,green finance has a spatial spillover effect on high-quality economic development.The higher the degree of green finance development in a province or city,the higher the degree of green finance development in the province or city,on the contrary,it will inhibit the high-quality economic development of the surrounding provinces and cities.(2)In the sub-dimension,green finance promotes the stable economic development and economic structure optimization of the province or city,and inhibits the innovative development of the economy.Green finance promoted the stable and innovative development of the surrounding provinces and cities,but inhibited the optimization of the surrounding provinces and cities’ economic structure.(3)The results of spatial heterogeneity test showed that regional differences were prominent,and the spatial spillover effect was significantly established in the eastern and central regions,but did not pass the significance test in the western regions.According to the empirical research results,this paper puts forward the following countermeasures and suggestions: first,innovate the system construction of green finance;Second,we should strengthen government policy guidance;Third,promote the green financial market mechanism;Fourth,use space effect to develop green finance;Fifth,actively develop green finance and support green industry;Sixth,share regional green financial information.