Research On The Relationship Between Green Finance Development And Sustainable Economic Growth In China

Regarding the relationship between financial development and economic growth,some scholars believe that financial development promotes economic growth,while another scholar believes that financial development brings economic growth,energy shortages and environmental pollution.Economic growth is unsustainable.Aiming at the academic debate and the current rapid development of green finance at home and abroad,this paper is based on the theory of financial development and economic growth and the theory of endogenous economic growth.From the theoretical and empirical aspects,it discusses the development of green finance and economic availability.Correlation of continuous growth.Under the theoretical framework of financial development and economic growth and endogenous economic growth,this paper combines the current status of green finance development,constructs a model of endogenous green financial capital,and proposes to meet energy constraints,environmental constraints,and energy and environmental constraints.The new theoretical model below theoretically explores the role of green financial development in promoting sustainable economic growth.In terms of measuring sustainable economic growth,from carbon emission efficiency to green total factor productivity,both efficiencies are calculated based on the unintended output super-efficiency model in data envelopment analysis.The empirical research part mainly studies the mechanism,transmission mechanism and effect mechanism of green financial development on economic sustainable development.The main point of this article is that the main reason for not being able to reach a consistent conclusion within the theoretical framework of financial development and economic growth is that energy and environmental factors have not been incorporated into the theory of financial development.Green financial development considers energy and the environment.Financial development,the development of new energy invested in green financial capital and the control of environmental pollution,making it an endogenous factor of economic growth.Similarly,sustainable economic growth is economic growth that takes into account energy and environmental constraints.It shows that green financial development can promote sustainable economic growth.Therefore,vigorous development of green finance has become an important driving force for sustainable economic growth.The structure of this article is as follows:The first part is the introduction.It mainly introduces the background of writing,the significance of research,the content and methods of research,and points out innovations and deficiencies.The second part is the literature review.Summarize and comment on relevant research literature from four aspects:(1)Research on the relationship between financial development and economic growth;(2)Research on the development of green finance;(3)Research on the theory of sustainable economic growth;(4)Green finance Research on development and sustainable economic growth.It is pointed out that the current literature on green finance development theory has not formed a complete theoretical framework,especially in the lack of in-depth research in the relationship between green finance development and sustainable economic growth.The third part is the theoretical model of green financial capital endogenization based on endogenous economic growth theory.Taking green financial capital as a separate input factor of production,it is incorporated into the production function,considering the energy constraints,environmental pollution constraints,and double constraints,and examining the balanced solution of balanced economic growth.Three theoretical models are constructed to illustrate the need What conditions are required to achieve sustainable economic growth.The fourth part is the analysis of the development process and current situation of green finance at home and abroad.Introduce the development status of green finance in advanced and developing economies.From this,we can see that different policies of different income countries in green finance development will show different results.Through comparison,we can see China's position in the world's green finance development field.By introducing the history and development status of China's green finance development,summing up the experience and characteristics of development,it also points out the shortcomings,mainly in various aspects of the system,and how to adjust and improve these system defects is an important prerequisite for the further development of China's green finance.The fifth part is the empirical study of the impact of green financial development on sustainable economic growth.For two measures of sustainable economic growth-carbon emission efficiency and green total factor productivity,carbon emission efficiency is based on cross-country panel data from 1990 to 2016,and green total factor productivity is based on China's interprovincial panel data from 2005 to 2017 Both are calculated using the DEA-SBM super-efficiency model,and use the fixed-effect model to test the relationship between China's green financial development and sustainable economic growth.The sixth part conducts a theoretical and empirical analysis of the transmission mechanism of green finance development to sustainable economic growth.It theoretically points out that green finance has an impact on sustainable economic growth through R&D investment,technological innovation and the transmission path of industrial structure.Based on the interprovincial panel data from 2005 to 2017,empirical tests were conducted using the intermediary effect model and the intermediary adjustment model.It reveals the partial mediation effect of R&D investment,the complete mediation effect of technological innovation and the adjustment effect of industrial structure.The seventh part uses the double differential DID model to evaluate the implementation effect of the carbon emissions trading system implemented in 2011.We will list the pilot provinces and cities as the treatment group,and the non-pilot provinces and cities as the control group.Panel data,empirical testing of the difference in economic growth between regions with green financial systems at different stages and non-pilot regions,further verifies the impact of green financial development on sustainable economic growth.The eighth part is conclusions and policy recommendations.According to the conclusions of the study,combined with the problems encountered in the development of green finance in China,the corresponding countermeasures and suggestions are proposed,which are mainly to further improve the green finance legal system,market system,regulatory system,institutional system,and information system.The academic contribution of this paper is mainly manifested in:firstly,it enriches the theory of financial development and economic growth and endogenous economic growth theory,and further develops the green finance theory;secondly,it optimizes the measurement method of sustainable economic growth,with carbon emission efficiency and green Total productivity is required to measure sustainable economic growth;finally,a further comparative analysis of China's status and the development laws of different stages of economic development reveals the impact mechanism,transmission mechanism and effect evaluation of green financial development on sustainable economic growth.Under the constraints of energy and environment,develop green finance and maintain sustainable economic growth to provide theoretical support and practical guidance.