Research On Green Finance’s Measurement And Its Green Development Effects

The report of the 20 th National Congress of the CPC pointed out that green development should always be an important strategy and be placed in a key position.The connotation of green development is to continuously increase the proportion of the green economy,emphasizing the organic combination of low resource consumption,low pollution emissions,and moderate economic and social development.As a bridge between financial and environmental industries,green finance takes environmental protection as an important starting point for its investment and financing decisions.In addition,green finance guides the allocation of social resources with full consideration of potential environmental risks,withdraw funds from polluting industries,and provides more financial support for green industries,projects,or enterprises.As an important guarantee for sustainable development,green finance is also the basis for achieving green development,which makes scholars more and more aware of the important role of the development of green finance in transferring environmental risks,improving environmental quality,and promoting green development.Green development is a comprehensive development system including the environment,energy,and economy.Its connotation is to improve the environment naturally,while economic development is achieved by changing the energy structure and utilization mode.Therefore,green finance will play a role in many subsystems of green development,such as environment,energy,and economy,so as to further promote green development in China.Based on the measurement of green finance data,this thesis is based on the development of green finance in China.Focusing on the three key green development systems of environment,energy,and economy,this thesis concentrates on the three key green development issues of reducing pollution emissions,promoting renewable energy,and improving green production efficiency.This thesis systematically discusses and evaluates the green development effect of green finance in China.This thesis mainly focuses on the following aspects.First of all,on the basis of available data,a multi-dimensional green finance evaluation index system is constructed,and the Global Principal Component Analysis is used to actually calculate the green finance development index of each province in China.In addition,this thesis will explore the time evolution process and spatial distribution differences of China’s green finance development.Secondly,this thesis studies the environmental effects of green development of green finance,and empirically analyzes the relationship between green finance and pollutant emissions from the perspective of the space-time combination process.Considering the characteristics of both time and space dimensions in the interaction between green finance and pollutant emissions,this thesis constructs a spatial-temporal combination of the spatial panel threshold Dubin model,which combines the nonlinear constraint characteristics of the panel threshold model with the spatial spillover effect characteristics of the spatial Dubin model.Based on the advantages of the spatial panel threshold Dubin model,on the basis of determining the nonlinear constraints and spatial spillover characteristics,this thesis discusses the space-time consistency effect between green finance and pollutant emissions,and identifies the spatial spillover boundary and its characteristics in the transformation process.Thirdly,this thesis studies the green development energy effect of green finance,empirically discusses the space-time consistency effect process of green finance on renewable energy development,and analyzes the mechanism process of green finance affecting renewable energy development.This thesis constructs a new structural change modified spatial Dubin model to combine the temporal and spatial characteristics.Using the modified spatial Dubin model of structural change,this thesis discusses the direct impact of green finance on the local renewable energy development in time and space and the indirect impact on the development of renewable energy in neighboring areas in time and space,and discusses the mechanism process of green finance promoting the development of renewable energy,that is,the mitigation effect of green finance on the financing constraints of the renewable energy industry.Finally,this thesis studies the economic effect of green development of green finance.On the basis of calculating the green total factor productivity of pollutant heterogeneity in China’s provinces,this thesis explores the role of green finance in promoting the green total factor productivity of pollutant heterogeneity,and analyzes the regional heterogeneity.This thesis also explores the spatial spillover effect of green finance on the green total factor productivity of pollutant heterogeneity,including research on the national and regional levels.In addition,this thesis analyzes and calculates the geographical attenuation process of the spatial spillover effect of green finance on the green total factor productivity of pollutant heterogeneity.In general,the research conclusions of this thesis confirm the important role of green finance in China’s development to achieve the goal of green development.Green finance plays a role in the environment,energy,and economic subsystems of green development,thus promoting China’s green development.Among them,the environmental effect is the natural premise for green finance to promote green development,the energy effect is the key way and important technical support for green finance to promote green development,and the economic effect is the ultimate and fundamental goal of green finance to promote green development.The research of this thesis is helpful to judge the scientific rationality of China’s existing green finance system,realize the original intention of green finance to promote green development,and deepening the research of system design and management science.