The Impact Of Green Finance On The Level Of Green Development From The Perspective Of Technological Innovation

Since the reform and opening up,China’s economic development has made great achievements and achieved a historic leap forward.At the same time,problems such as ecological environment and resource consumption have become increasingly prominent,posing many challenges to the sustainable development of the economy and society.Since the 18 th Party Congress,China has insisted on implementing the new development concept,actively implementing supply-side structural reforms,vigorously promoting high-quality development and pushing forward the construction of a new development pattern,with the trend of accelerating the transformation of the economic development mode to green development.In this process,green finance,which aims to support environmental improvement,climate change and the economical and efficient use of resources,has emerged and gained rapid development.At the same time,elements such as technology,talent and innovation have also become important driving forces for green development.Can green finance actually contribute to the improvement of the level of green development? If the answer is yes,what role does technological innovation play in this? Theoretical and empirical explorations around these questions are of great theoretical and practical significance for promoting green development and achieving sustainable development goals.This paper uses STATA and other econometric and statistical software to select panel data of 30 provinces and municipalities from 2005 to 2020,and uses the entropy method to evaluate and measure the green finance and green development level of each province and municipality respectively,and uses a two-way fixed-effects model to explore the direct effect of green finance on the level of green development,and on this basis constructs a mediating-effects model to verify the The paper also uses a two-way fixed-effects model to explore the direct effect of green finance on the level of green development,and constructs a mediating-effects model to verify the indirect effect of green finance on the level of green development from the perspective of technological innovation.In addition,this paper also uses technological innovation as a threshold variable to analyse the threshold effect of green finance.The empirical results show that: firstly,the national green finance and green development level show an overall increasing trend,but the development pattern decreases from east to middle to west by region,and the national green finance is still at a low level;secondly,green finance can directly promote the green development level through green capital supply and green capital allocation,and there is obvious regional heterogeneity;thirdly,green finance can promote the green development through technological innovation.Third,green finance can promote green development through technological innovation,and the results are still significant after robustness testing by adjusting the sample period,adding control variables and lagging control variables;fourth,there is a double threshold effect when technological innovation is used as a threshold variable.Based on the above findings,this paper argues that measures such as promoting high-quality development of green finance,developing green finance according to local conditions and accelerating technological innovation are important policy paths to enhance green development.