Study On The Impact Of Green Finance On Ecological Efficiency

At present,socialism with Chinese characteristics has entered a new era.With the rapid development of social economy,the level of industrialization and informatization is getting higher and higher.People are no longer only satisfied with material life in their daily life,and the requirements of ecological environment are getting higher and higher.But it is undeniable that China’s rapid economic growth has caused a lot of waste of resources and energy,and the ecological environment has been damaged.Therefore,the way of sacrificing the ecological environment for economic development in the past can not meet the needs of the development of the times,and the mode of economic development is in urgent need of transformation.How to protect the ecological environment,improve ecological efficiency,and realize green development has become the core factor of today’s sustainable development.The report of the 18 th CPC National Congress proposed to vigorously promote the construction of ecological civilization,and the report of the 19 th CPC National Congress further proposed to promote green development,enhance the ability of financial services to the real economy,improve ecological efficiency,and meet the requirements of sustainable social and economic development.In recent years,relevant green finance documents have been published one after another,and the impact of Green Finance on ecological efficiency has become a consensus.However,how to improve the positive impact of Green Finance on ecological efficiency has become the focus of ecological civilization construction.Therefore,the specific impact mechanism and path of Green Finance on ecological efficiency need to be explored and studied continuously.In view of this,this paper collects the relevant literature on green finance and ecological efficiency,and combs the relevant economic theories,mainly involving the Environmental Kuznets curve theory,enterprise externality theory,corporate social responsibility theory,government intervention and market transaction theory,and green finance development theory.First,on the theoretical basis,this paper analyzes the mechanism of how green finance affects ecological efficiency Secondly,based on the provincial panel data of China from 2009 to 2018,this paper uses entropy method and super efficiency SBM model to measure the development level and ecological efficiency level of green finance in each province.Then,it makes an empirical analysis through fixed effect model,and makes a heterogeneity analysis on how green finance affects the ecological efficiency level in different regions of China.Finally,it analyzes the impact of Green Finance on the ecological efficiency level in different regions of China According to the theoretical analysis of the three path mechanisms,this paper makes an empirical analysis through intermediary effect and regulatory effect respectively;finally,combined with the current development status of China’s green finance,according to the research results,it forms the research conclusion of the impact of Green Finance on ecological efficiency,and gives policy suggestions.The main conclusions of this paper are as follows:(1)theoretical research shows that green finance and ecological efficiency have certain similarity and correlation.Green finance is the means and ecological efficiency is the goal.Green finance may affect ecological efficiency through three paths: capital scale effect,technological progress and industrial structure,but there may be regional differences in the impact intensity.(2)The empirical study finds that green finance is positively correlated with ecological efficiency on the whole,and the coefficient of green finance is 0.3634,which is significantly positive at the level of 1%,that is,green finance improves 1 unit and ecological efficiency improves 0.3634 units,that is,green finance promotes ecological efficiency and is conducive to the improvement of ecological environment quality.(3)Through the regulatory effect,we find that the scale of green capital,green environmental technology and green industrial structure have no substantial impact on "the impact of Green Finance on ecological efficiency",that is,the impact of Green Finance on ecological efficiency will not change significantly with the expansion of capital scale,environmental technology and industrial structure.(4)Through the intermediary effect,we find that green finance improves the ecological efficiency through the scale effect of green capital,the technology effect of green environment and the green effect of industrial structure,with the coefficients of 0.18779,2.2670 and0.0789,respectively.Therefore,the comprehensive effect of Green Finance on ecological efficiency is positive.Based on the above research conclusions,the main policy recommendations of this study are as follows:(1)to improve the development level of green finance based on the goal of "carbon neutral".(2)To dredge the mechanism of green finance to promote ecological efficiency.(3)We should strengthen the collaborative support of green finance,environmental protection technology,finance and other policies.