Research On The Influence Of Green Finance On Green Total Factor Productivity

Since 2015,the concept of green development has long been deeply rooted in people’s hearts,from the proposal of the "Five Development Concepts",including green development,to the determination of the "dual carbon" goals,and to the inclusion of "promoting green development and harmonious coexistence between humans and nature" in the "14th Five Year Plan".At present,exploring how to achieve a win-win situation between economic development and green development has become an urgent problem that needs to be solved in China.As a financial instrument derived from the new era,green finance’s practice of providing credit support for "green development" has inevitably provided a strong impetus for China’s energy conservation and environmental protection cause,which also reflects its important position in China’s current development background.This paper uses entropy method and SBM model to measure the two core variables of this paper,green finance and green total factor productivity,so as to build a panel data model of 30 provinces,municipalities and autonomous regions in China from 2007 to 2020,to analyze the impact of green finance development on green total factor productivity and explore the impact path between the two;Then,by constructing a panel threshold model,we explore whether there is a nonlinear relationship between green finance and green total factor productivity;Finally,based on the regional differences in China,the panel data is grouped and regressed to explore the regional differences in the impact of green finance on green total factor productivity.The results of the study indicate that: firstly,there are regional imbalances in the development of green finance and green total factor productivity in China,mainly showing a trend of "high in the east" and "low in the west and east".Secondly,the development of green finance has an apparent boosting effect on GTFP.In addition,both R&D investment in science and technology and the development of traditional finance have a significant boosting effect on green total factor productivity,while government action has a remarkable inhibiting effect on it.Thirdly,green technological innovation,human capital and industrial structure all play a mediating role in the process of green finance affecting green total factor productivity,i.e.green financial development positively influences green technological innovation,human capital and industrial structure,so that its impact on green total factor productivity also shows a positive relationship.Fourth,green finance itself and the level of economic development have a threshold effect in the impact of green financial development on green total factor productivity,i.e.as the level of green financial development and the level of economic development cross the threshold,the more the promotional effect of green finance becomes apparent.Fifth,there is heterogeneity in the impact of green financial development on green total factor productivity.Firstly,in terms of regional distribution,the impact effect is strongest in the eastern region,followed by the western region,while the impact effect is not obvious in the central region.Secondly,in terms of the level of traditional financial development,only when the level of traditional financial development is relatively high can green finance manifest its role in promoting GTFP.At the end,based on the outcome of this study,relevant suggestions are put forward for the development of green finance and green economy in this paper.