The Impact Of Green Finance On Regional Sustainable Development

Since China entered the process of industrialization,it has achieved a rapid jump in its gross national product and a substantial increase in its comprehensive national strength,which has greatly improved the quality of people’s lives.However,the extensive growth relying on the input of a large number of production factors also leads to the massive consumption of resources and the worsening of the environment.In the context of the urgent need to change the development mode,we should pay more attention to the coupling coordination of economic growth,social development and ecological protection,and seek the path of sustainable development becomes an inevitable choice.As a further development form of the financial system,green finance aims to guide capital flow to green enterprises through diversified innovative tools to realize industrial layout and accelerate the realization of regional sustainable development.In this context,it is of great strategic significance to thoroughly explore how green finance affects regional sustainable development and put forward relevant policy suggestions for improving the green finance system and promoting the transformation of sustainable development.By combing the existing literature,this paper elaborates on the externality theory,Porter hypothesis and environmental Kuznets hypothesis,and puts green finance,financial resource mismatch and regional sustainable development into a unified analysis framework.On this basis,this paper selects the data of 30 provinces(municipalities and autonomous regions)in China from2008 to 2019,uses the entropy method and the ultra-efficient SBM model of undesired output to measure the comprehensive development level and sustainable development efficiency of green finance in each region,and empirically tests the impact of green finance on sustainable development.The research finds that:(1)The comprehensive development level of green finance in China has been increasing stably,but it is still at the low level.(2)The sustainable development efficiency in China shows a trend of fluctuation and rise,and there are problems of unbalanced development among regions.(3)Green finance plays a positive role in promoting regional sustainable development,the conclusion is still valid after the robustness tests.(4)The impact of green finance on regional sustainable development is heterogeneous.Compared with the eastern region and the high-efficiency region,green finance has a more significant promoting effect on the efficiency of sustainable development in the central and western regions and the low-efficiency regions.(5)Mismatching of financial resources has partial mediation effect in the relationship between green finance and regional sustainable development.Green finance can promote the efficiency of sustainable development by restraining the tendency of financial resources to invest in heavily polluted industries.Based on the above conclusions,this paper puts forward the following three policy suggestions: First,it is necessary to formulate unified and standardized green finance development policies and construct the green finance development system by improving top-level design and market transaction mechanism.Second,each region should adopt differentiated development strategies according to its own specific development situation,and actively exert positive spillover effect by establishing regional collaborative development mechanism,so as to promote the overall efficiency of sustainable development.Third,by building a green rating and green banking system to guide the capital flow,reduce the degree of financial resource misallocation,realize the green layout of regional industrial structure,and then accelerate the transformation of sustainable development.