| As my country’s economy is developing rapidly,the contradiction between the ecological environment and economic development has become acute,thus the realization of sustainable economic development has become an important subject.In this context,the development of green finance is an urgent need to solve the ecological environment,and also an essential strategy for my country’s economic development.With the convening of the Fifth Plenary Session of the 19 th Central Committee of the Communist Party of China,a new-type of people-centric urbanization is not only one of the most important driving forces to promote my country’s economic and social development,but also an active strategic choice of local governments at all levels.Therefore,it can be seen that the development of a series of efficient environmental economic activities of green finance has a certain influence on the promotion of the new urbanization process in various regions of China.At the same time,it also adjusts its policies according to the specific measures taken by governments at all levels to promote urbanization.To study the interaction mechanism between green finance and the new-type urbanization,this article adopts the index quantification method and makes a qualitative and quantitative analysis of the correlation between green finance and the development of the new-type urbanization by establishing a statistical model.This article selects the national provincial macroeconomic data from 2007 to2017,and firstly quantifies the two core research objects of green finance and the new-type urbanization.Construct the evaluation index system based on the preliminary theoretical analysis,then select three factors from environment,finance and society to describe green finance,select five factors from population urbanization,economic urbanization,ecological urbanization,social urbanization and land urbanization to describe the development level of new urbanization,and use entropy method to give weight to the underlying indexes.Finally,the comprehensive evaluation index of "3+5" core elements can be obtained.By dividing the correlations among the above core elements through Granger causality test,we can get "economic model","ecological model" and "environmental model".After that,establish a panel vector autoregressive（PVAR）model to study the relationship between green finance and new-type urbanization.According to the theoretical analysis,it is necessary to consider the current interaction among the core elements.For this purpose,a panel structure vector autoregression（PSVAR）model is established for different structural condition assumptions,and the hypothesis robustness test is made.Through the above research,we have an understanding of the interaction mechanism between green finance and the development level of new-type urbanization.Here,the conclusions are summarized as follows: 1.From the perspective of economic models,economic urbanization and green finance have a negative effect on each other during the current period,and there exists the phenomenon of squeezing out fiscal investment.Urban population expansion may hinder environment-friendly financial activities in the short term,but it will bring capital accumulation to cities in the future and thus promoting the development of green financial factors.2.The concept of eco-urbanization can promote the benign development of environmental factors and stimulate the construction of more green financial instruments.3.There is a negative correlation between the social factors of green finance and social urbanization during the current period,which is due to the crowding phenomenon between the government and all sectors of society’s investment in green finance and the financial investment in urban construction.However,there is a lag negative correlation between land urbanization and social urbanization,which means that urban infrastructure construction is difficult to match the speed of urban land expansion in the short term. |
PDF Full Text Request