Research On The Impact Of Scientific And Technological Innovation On The Development Of Green Finance ——Take The Green Finance Reform And Innovation Pilot Zone As An Example

With the continuous advancement of the reform and opening up,China’s economy has passed the stage of rapid growth and entered a new normal of economic development.In this context,China’s economic transformation is facing plenty of huge challenges,and the transformation of the original extensive development mode that relies on resource input is imminent.The development of green finance has therefore also become an important support for the quality development of the China economy.To encourage China’s financial institutions to carry out green financial business and better innovate green financial products.In June 2017,China approved the establishment of Green Finance Reform and Innovation Pilot Zones in six provinces and regions-Zhejiang,Jiangxi,Guangdong,Guizhou and Xinjiang;In December 2019,the establishment of a pilot zone in Gansu was also approved.These six zones,as a pioneer in the development of green finance in China,will provide more replicable experiences for other regions of the country in unifying green financial standards,formulating green financial policies,and enhancing the sustainability of regional development.At the same time,innovation-driven development,as a basic strategy in China,provides a new way of thinking for China to build an environment-friendly society faster and better,and naturally plays a pivotal role in the development of green finance.This paper selects the green financial reform and innovation pilot zone as the research object to study the impact of science and technology innovation on the development of green finance,to provide an empirical basis for the subsequent formulation of green financial policies,and also to make suggestions for the pilot extension of the green financial reform and innovation pilot zone,with a unique research object and novel perspective.After reviewing a large amount of domestic and foreign literature and summarizing the existing research results on green finance and science-technology innovation,defining concepts related to green finance and science and technology innovation on this basis.It is then proposed that STI can act on green finance in three ways: developing green industries,improving energy efficiency,and reducing information asymmetry.We evaluate and analyze the level of green finance and STI of the pilot zone by collecting the existing relevant data.Next,we use the green finance indexes of the six provinces and regions as explanatory variables.Five explanatory variables were selected from three dimensions: STI environment,STI inputs,and STI outputs.The level of economic development,the level of urbanization and the Industry Structure of the six provinces and regions are also used as control variables.A multivariate linear regression model is then constructed to empirically analyze how the level of science-technology innovation in the six provinces and regions affects the development of green finance.The empirical results show that,among the five indicators of science and technology innovation,except for the income-generating rate of scientific and technological achievements,which has no significant impact on the green financial development of the pilot area of green financial reform and innovation development,the other four indicators significantly promote the green financial development of each region.The urbanization process has significant inhibitory and driving effects on green financial development,while the two control variables of industry structure and economic development level have significant driving effects on green financial development.Finally,this paper puts forward the following four suggestions for green finance and science and technology innovation policies in response to the results of the empirical analysis: enhancing the capacity of science and technology innovation and implementing the innovation-driven strategy;promoting the development of green financial markets and strengthening the guiding role of pilot zones;adjusting industrial policies and rationalize the industrial structure and strengthening integrated planning and guiding the urbanization process of residents.