| Based on the global "carbon neutral" economic development background,Report to the20 th CPC National Congress pointed out that promoting economic and social green development and low-carbon development is the key link of high-quality development,and the green financial development system is one of the important contents of implementing the "Tenth Five-Year Plan" and an inevitable requirement for promoting high-quality economic and social development in China.This paper focused on the indirect impact of green finance on low-carbon economic transformation.According to the characteristics of different stages of China’s green finance development,this paper studied the influence path of the initial stage of green finance development under the guidance of the government and the rapid expansion period under the market mechanism on the low-carbon economic transformation.Firstly,this paper analyzed the individual decisions of local governments,financial institutions and enterprises under the call of the central policy from a micro perspective,constructed a tripartite evolution model to determine the development direction of the influence path of green finance on low-carbon transformation under the government guidance mechanism,and used MATLAB to simulate the data of the tripartite evolution game to determine whether the equilibrium point of comprehensive low-carbon economic and social transformation can be achieved under different influence mechanisms,so as to determine the effectiveness of the government’s reward and punishment policies and provide effective suggestions for local governments to actively regulate and implement green development policies for a long time.Then,the provincial panel data from 2011 to 2020 were used to determine the relevant parameters and indicators,and the mediating effects of scientific and technological innovation level,digital information level and low-carbon energy level in the market mechanism were verified.Finally,the chain-like mediating effect model was used to determine the influence path map of green finance on low-carbon economic transformation.Through the research,it was found that: under the guidance of the government,the incentive green financial policy had a good incentive effect,but it was unstable.Appropriate government supervision of green funds and strict implementation of information disclosure policies of financial institutions were more conducive to green finance to exert its environmental effects and promote the long-term stable development of low-carbon economy.Under the market mechanism,the level of scientific and technological innovation,digital information and low-carbon energy all played a mediating role in the influence path of green finance on low-carbon transformation.Scientific and technological innovation and low-carbon energy were the inclined direction of green capital,and digital information was an effective tool to assist green finance to help low-carbon transformation. |
