| After the international financial crisis,the world economy is slowly and moderately recovering.Unstable,uncertain factors increase,the global economy is still in the depth of adjustment period.China's new government insists on continuing to promote economic restructuring and economic transformation and upgrading through a comprehensively deepen reform,in order to cope with the complex and changing macro environment at home and abroad,and continuously improve the ability of development and prevention of risk.In terms of internal,the national level strategies such as the "Popular entrepreneurship and innovation","Internet +" action plan,"Made in China 2025" and "Supply side reform",will release the huge potential of China's domestic demand for the world and China.In terms of international,the "New Silk Road Economic Belt" and "21st Century Maritime Silk Road" strategic concepts have become a national strategy(that is,"One Belt and One Road" strategy),which will carry out a wider,higher level,deeper regional cooperation in a broader,inclusive,more balanced regional cooperation framework.Finance is the integration of money and credit,and the financial industry and economic development are closely related.In the new period of the great change of China's new economy,the financial system has provided strong support for promoting the stable operation and structural adjustment of the economy.At present,financial services have penetrated into all aspects of the national economy.In the context of China's "One Belt and One Road" strategy for a comprehensive and open-ended national strategy and the shift of China's economy from input-oriented growth to efficient growth,fina nce will boost national strategies and the realization of economic transformation and upgrading.In the process of China's economic transformation from investment growth to efficiency growth,the improvement of Total Factor Productivity will promote the transformation and upgrading of China's economy.However,the traditional Total Factor Productivity does not include energy input and environmental pollution and other undesirable outputs into the comprehensive consideration,which leads to its limited role in the government's decision-making.Therefore,it is of great practical significance to calculate the Green Total Factor Productivity by considering the factors such as energy input and environmental pollution.In this study,the influence of financial de velopment on the improvement of Green Total Factor Productivity is studied and analyzed from the perspective of Green Total Factor Productivity under energy and environmental constraints.At the same time,this paper deeply studies the phenomenon that fina ncial development affects international R&D knowledge spillover with import and foreign direct investment as the main channel.The impact of international R&D knowledge spillovers and domestic R&D capital stocks on Green Total Factor Productivity is also comparative Studied.Based on the above research background and significance,this paper get some useful conclusions through a lot of modeling work and empirical research:Firstly,a three-sector two products Schumpeter growth discrete time model is proposed,which put the Total Factor Productivity and Green Total Factor Productivity in the same theoretical analysis framework for comparative study.Three important inferences of financial development to effect on Green Total Factor Productivity are abtained from theoretical analysis,which provide the theoretical basis for the follow-up empirical development.Secondly,from the results of the comprehensive evaluation index system of regional financial development,the comprehensive evaluation index of financial development in the whole country and each province has been steadily increasing in the trend of increasing year by year,but the value is still at a low level.The trend of agglomeration is still not obvious in the form of spatial agglomeration,showing a more obvious characteristics of the stage.Thirdly,empirical research on the impact of financial development on Green Total Factor Productivity and traditional Total Factor Productivity shows that financial development indicators have a significant effec t on them,and the provinces with higher financial development level have their Green Total Factor Productivity raising will be more pronounced than traditional Total Factor Productivity.At the same time,the same conclusion is found in the comparative study of the time period,and the impact of the financial crisis on the Green Total Factor Productivity is smaller than that of the traditional Total Factor Productivity,and the Green Total Factor Productivity after the financial crisis is higher than the traditional Total Factor Productivity more obvious conclusion.Fourthly,through the empirical research and analysis of the important corollaries deduced from the theoretical data of the panel data,the non-linear relationship between the financial development and the growth of the Green Total Factor Productivity is obtained.Financial growth to enhance the same rate,Green Total Factor Productivity increase will be higher than the Total Factor Productivity increase.Especially after the 2008 financial cris is,the increase in Green Total Factor Productivity is more pronounced in the Total Factor Productivity increase.Fifthly,in the study of international R&D knowledge spillovers,the non-linear effect of financial development through the international R&D knowledge spillover channel on the Green Total Factor Productivity is further explored and discussed.The threshold model of international R&D knowledge spill has found that the impact of the international R&D spillover channel on the Green Total Factor Productivity has a significant non-linear threshold effect of financial development,which has obtained the domestic R&D capital stock and the international R&D knowledge spill different channels of financial the threshold of development.Sixth,using the method of spatial measurement modeling,the traditional international R&D knowledge spillover linear model is expanded into the Space Durbin Model,which measures the stock of R&D in domestic knowledge development under different financial development levels,and the knowledge developed by import trade channel.Spillover effects of knowledge R&D in FDI sources on China 's international R&D knowledge.At the same time,after the financial crisis,the influence of domestic R&D stock on the Green Total Factor Productivity has become greater. |
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