Research On The Impact Of Green Financial Development On Regional Green Innovation And Its Spatial Spillover Effect

Technological innovation is an endogenous determinant of stable economic growth and the key to determining economic quality.Green technology innovation,which closely combines environmental protection and technological innovation,is Between environmental protection and economic development Link.However,green innovation often has the characteristics of long R&D cycle,high risk of failure,and low return,resulting in a low level of green innovation in China and insufficient incentives for green R&D.Green innovation is inseparable from financial support,and the profit motive of capital makes it difficult to effectively integrate green innovation and traditional finance.Green finance is not only an important carrier for financial institutions to serve green project financing,but also a necessary market tool for enterprises to participate in green innovation financing.Therefore,green finance has become a source of power for green innovation.In view of this,based on the panel data of 30 provinces(excluding Tibet)in China from 2008 to 2020,this paper firstly constructs a comprehensive index of green finance development level by entropy weight method,and empirically analyzes the long-term and short-term direct effects and spatial spillover effects of green finance development on provincial green technology innovation by using the dynamic spatial Dubin model.Secondly,the pilot of China’s green finance reform and innovation pilot zone is used as a policy impact event to construct virtual variables,and dynamic space is used to Dubin-The differential model tests the robustness of the impact of green finance development on provincial green technology innovation.Furthermore,this paper uses the causal stepwise regression test to test the mediating role of R&D investment and industrial structure.Finally,this paper also explores the heterogeneity of the impact of green finance on regional green innovation in the eastern,central and western regions of China,and uses the panel threshold model to study the threshold effect of environmental regulation and industrial structure on regional green innovation affecting green finance.This article draws the following main conclusions:(1)There is significant temporal and spatial positive autocorrelation in provincial green technology innovation.(2)The development of green finance has a promoting effect on green technology innovation in this province and other provinces,and this promotion effect mainly comes from short-term effects,with R&D investment and industrial structure as their intermediate variables.(3)There is significant heterogeneity in the impact of green finance development on regional green innovation in the eastern,central and western regions.Among them,the linear coefficient and spatial lag term coefficient of green finance in the eastern and central regions were significantly positive.The development of green finance in the central region has the greatest impact on regional green innovation,followed by the eastern region.However,for the western region,the linear coefficient of green finance is no longer significant and the coefficient of spatial lag term is significantly negative,and this paper considers the relative lack of resources and the inefficiency of green technology innovation in the western region as the main reasons.(4)Reasonable environmental regulation intensity and industrial structure are conducive to green finance and regional green innovation.Through theoretical and empirical research and analysis,this paper puts forward suggestions such as improving the efficiency of green finance resource allocation,improving green finance laws and regulations,rationally exerting green finance functions,and strengthening the exchange of green innovative technologies.