Research On The Impact Of Green Finance Development And Technology Research And Development On Regional Economic Growth

Since the reform and opening up,my country has made great achievements in economic development.my country’s gross national product continues to rise,surpassing Germany and Japan successively to become the world’s second largest economy.However,the long-term high-consumption and extensive economic development model has made ecological and environmental problems increasingly prominent.The discharge of industrial waste water and solid waste has led to the pollution and destruction of water and arable land;excessive discharge of exhaust gas has led to serious acid rain and haze;the increase in the number of droughts and floods,land desertification and climate warming indicate that my country’s environmental pollution is very serious.Green finance is based on the principle of environmental protection,combines economic development with the ecological environment,gathers social capital,guides capital to flow to green industries,increases corporate technology R&D investment,promotes technological progress,and realizes sustainable economic development in my country.In the context of my country’s economic transformation from rapid development to high-quality development,it is urgent to reverse the severe situation between economic growth and the ecological environment,actively implement the concept of green development,and use green finance as a booster to develop a green economy.Therefore,it is of great significance to incorporate technological research and development elements into the research system of the impact of green finance development on regional economic growth,and to explore the mechanism of green finance development affecting regional economic growth.Based on the explanation of the basic concepts,development history and development status of green finance,this article combs the relevant theories of green finance development,technology research and development and regional economic growth.At the same time,it analyzed the mechanism of green finance development and regional economic growth,and found that green finance policies guide capital to flow into specific areas,increase green investment,green production,green consumption,adjust industrial structure,and promote technological progress to promote economic growth.Subsequently,technology research and development as a core explanatory variable was added to the empirical model of green finance development and regional economic growth for research.Select the panel data of 31provinces(municipalities and autonomous regions)in my country from 2008 to 2017 to construct a comprehensive index of green finance development and a comprehensive index of environmental pollution,and establish a fixed effect model to test the relationship between the three.The research results show that for the full-sample study,whether it is to achieve technological improvement or to implement the concept of green finance development,it can promote my country’s economy to achieve better development.In addition,financial institutions put it into green industries through the financing function,strengthens corporate R&D investment,and enhances the level of corporate technological innovation,thereby boosting economic growth.Through subregional research,it is found that green finance in the eastern region has the greatest stimulating effect on economic growth,the western region shows an indirect promotion effect,and the economic growth effect of green finance in the central region has not yet appeared;technology research and development only significantly promotes economic growth in the eastern and western regions.Based on the results of mechanism analysis and empirical analysis,this article is based on the perspective of policy makers,financial intermediaries,micro-enterprises,and academia in promoting green finance development.Taking technology research and development as the intermediate path,it proposes to strengthen government leadership and continue to improve the top-level design of the green financial system.Proposals for creating diversified green financial products,increasing corporate R&D investment,advancing research on green finance theory,and implementing green finance policies for regional differences.