Research On The Impact Of Green Finance On Green Total Factor Productivity

In recent years,the Chinese economy has been rapidly improved,and society began to pay more attention to the effective protection of the ecological environment.However,in the past,economic growth is mainly rough,energy consumption,which has caused very serious pollution to the environment,and triggered a series of ecological environmental issues,hindering environmental sustainable development processes.How to transform the crude fashionable development of the current pollution of my country,and the maximum increase in economic development is the key.The main direction of future economic development and industrial transformation has begun to enter the high efficiency and greening.The development of the green economy is to increase the productivity of Green full factor productivity（GTFP）,which requires the financial system to play its strong support.The development of green finance meets the value of the green economy,which can play an important driving force in energy-saving and environmental protection to maintain the status of the green economy in the process of national development.How to play a role between green finance and GTFP is the key to the continuous development of green industry.Therefore,this paper starts from the perspective of green financial development,empirically analyzes the relationship between green finance and GTFP,which is of great significance to the industry’s industrial structure and is also an unavoidable problem in the era of green economy.This paper uses green finance to study the entry point,based on China’s 30 provinces and cities in 2007-2018,using the benchmark regression to explore the role mechanism between the two.First,on the basis of combining a large number of documents,the article introduces relevant theoretical knowledge,and establishes its index system for measurement,and analyzes the results.Secondly,it constructs the basic panel model and empirically analyzes the influence mechanism between them;Thirdly,according to the eastern,central and western regions and the level of economic development,this paper analyzes the heterogeneity of how green finance affects GTFP.Finally,use the threshold model to further explore the nonlinear relationship theory between green finance and GTFP,and use the adjustment effect to explore the indirect path of green finance to GTFP.Through the research,the following conclusions are drawn: first,the overall development of green finance shows a positive trend,and the GML index of gtfp is also above 1.Divide the country into three regions,green finance and GTFP have the best development in eastern region,and the central region is flat,while the western region is the lowest level.Second,the green finance and GTFP are u-type relationships,the initial development of the development,and between the two,when the turning point value is reached,the two will be replaced with promotion relationships.In addition,foreign direct investment levels,industrial structure and government support are inhibiting GTFP development,and urbanization rate will promote development to a certain extent.In terms of decomposition,the Green Finance and Green Technology Change（GTC）and Green Efficiency Change（GEC）have a U-type relationship.Third,there is a significant regional heterogeneity between green finance and GTFP,compared to east,medium and western regions,east and western regions,green finance and green full-time productivity have significant "U" relationships And the impact of the central region is not significant;the provinces with high economic development levels and high economic development levels,their results consistent with previous regression results,and low-level provinces,green financial inhibition of GTFP development.Fourth,green finance has a significant threshold effect on GTFP.When green finance is a threshold variable,the single threshold effect exists;when the threshold variable is human capital,there is a double threshold effect.Green finance has a significant adjustment effect on GTFP,and green finance can promote GTFP through economic development and foreign direct investment.fifth,Summarize the research conclusions of this paper according to the empirical results,which provides specific and feasible paths for the development of green finance,GTFP development,and differentiation development in various regions.