Mechanism And Empirical Study On The Impact Of Green Credit On Ecological Welfare Performanc

Since the reform and opening up,China’s economy have developed rapidly.But the past to high energy consumption,high pollution,high emissions as the characteristics of the crude economic growth mode triggered by environmental pollution,resource scarcity and other issues gradually highlighted,restricting the green and high-quality development of China’s economy at this stage.The 20 th Party Congress report clearly put forward the social development requirement of "realizing the harmonious coexistence between human beings and nature",so it is crucial to coordinate the relationship between economic development,resource conservation and environmental protection.Ecological welfare performance,as a green development indicator that measures the coordination and balance between resource consumption,environmental pollution and welfare output,can provides a new way forward for the transformation of sustainable economic development.In the context of the "dual carbon" strategy,governments need to consider how to achieve sustainable economic and environmental development,handle the relationship between "economy,environment and social welfare",and improve the level of ecological welfare performance.Green credit policy is one of the important products of China’s development of green finance,which requires banks and other financial institutions to direct funds to green areas such as energy conservation and environmental protection on the basis of a full assessment of the environmental information of enterprises,so as to reasonably optimize the allocation of credit resources and achieve green economic development.Therefore,it is important to explore the specific effects of green credit policies on ecological welfare performance in China.First,this paper analyzes the mechanism of green credit on ecological welfare performance from a theoretical perspective and proposes corresponding hypotheses based on the research results of domestic and foreign literature and related basic theories.Secondly,the Super-SBM DEA model is used to measure the level of ecological welfare performance using panel data for 30 provinces,cities and autonomous regions in China from 2008 to 2020 as research sample,and to analyze the overall distribution pattern and spatial and temporal evolution characteristics of ecological welfare performance among regions from multiple perspectives.Again,the spatial Durbin model and threshold model are used to test the spatial spillover effects and nonlinear effects of green credit on ecological welfare performance.And the mediating effect model is used to quantify the paths of green credit affecting ecological welfare performance and to explore whether the intermediary effect of green technological innovation,industrial structure upgrading and energy consumption structure optimization exists.The conclusions of this study are as follows:(1)From 2008 to 2020,the overall ecological welfare performance of China is ineffective and declining in general,showing a "continuous decline-fluctuating rise" process;spatially,it shows a graded distribution pattern of "east > southwest > central > northeast > northwest".In terms of the distribution pattern of cold hotspots,there are significant spatial differences in the number and structural layout of cold hotspots for ecological welfare performance in China,with obvious uneven characteristics.(2)China’s ecological welfare performance exhibits positive spatial correlations at the spatial scale of the whole region,and locally exhibits high-high clustering and low-low clustering characteristics.(3)The results of the spatial Durbin model indicate that green credit can significantly promote local ecological welfare performance,but there is a negative spatial spillover effect and a suppressive effect on the ecological welfare performance of neighboring places.(4)In terms of transmission paths,the results of the mediating effect model point out that green credit can promote ecological welfare performance through promoting green technology innovation,industrial structure upgrading,and energy consumption structure optimization.(5)The results of the threshold model indicate that there is a nonlinear effect of green credit on ecological welfare performance,and the more perfect the green credit policy,the more developed the market development,the stronger the role of green credit in promoting ecological welfare performance.Finally,based on the empirical results,this paper puts forward policy recommendations.