The Impact Of Financial Agglomeration On Green Total Factor Productivity From The Perspective Of Resource Dependence

China has paid high cost of resource consumption and environmental pollution while realizing rapid economic growth.In 2020,China for the first time put forward the goal of "2060 carbon neutrality",which will form the "30·60 goal" together with the peaking of carbon emissions by 2030.In order to realize the coordinated development of economic growth and environmental protection,it is necessary to reform the existing economic development mode,promote the economic transformation from the original extensive development mode driven by factors to the intensive development mode with higher technology content,eliminate backward production capacity industries,and realize the greening of enterprise production and operation.The focus is to improve the green total factor productivity.As an important feature of the development of modern financial industry,financial agglomeration will become an inevitable choice for cities to rationally utilize natural resources,strengthen ecological and environmental governance and promote the development of green industries by releasing financial power,solving capital contradictions and optimizing resource allocation efficiency.However,for resource-based cities,the number of financial industry employees is small,financing channels are not smooth,the degree of financial resources agglomeration is low,air,water and surface pollution is more serious,and the improvement of green total factor productivity is faced with many difficulties.How to guide resource-based cities to improve green total factor productivity through financial resource agglomeration has become a topic that needs to be discussed.The academic research on this topic originally originated from the impact of financial development on total factor productivity.Later,with the development of the financial industry,the characteristics of spatial agglomeration gradually emerged,and the environmental quality gradually deteriorated.Scholars gradually switched their research perspective to the impact of financial agglomeration on total factor productivity and the impact of financial development on green total factor productivity.Obviously,few studies have explored the impact of financial agglomeration on green total factor productivity.Moreover,the resource-dependent effect of economic development in resource-based areas on natural resources will have obvious "crowding out effect" on technological innovation,high-quality labor force and other industries,which makes the impact of financial agglomeration on green total factor productivity more complicated.Therefore,this paper further explores the particularity of this effect from the perspective of resource dependence.In addition,the spatial agglomeration of financial resources will strengthen the economic ties between neighboring regions and realize the collaborative governance of environmental pollution.In other words,the financial agglomeration will not only have an impact on the "local" green total factor productivity,but also have a spatial spillover impact on the "neighborhood" green total factor productivity.Few studies have explored the spatial spillover effect of financial agglomeration on green total factor productivity,and discussed the particularity of such spatial spillover effect from the perspective of resource dependence.In view of this,resource dependence,financial agglomeration and green total factor productivity are incorporated into the unified analytical framework in this paper,and the impact of financial agglomeration on green total factor productivity is investigated from the perspective of resource dependence.The answer to the above questions has important academic value and practical significance to promoting green development,realizing double carbon goal.Based on the review of relevant literature on the impact of financial agglomeration on green total factor productivity from the perspective of resource dependence,this paper reviews relevant theories on the impact of financial agglomeration on green total factor productivity from the perspective of resource dependence in the theoretical analysis section.On this basis,the general mechanism,threshold effect,intermediary channel and spatial spillover effect of financial agglomeration on green total factor productivity from the perspective of resource dependence are further expounded.In the part of fact description,the index measurement methods of resource dependence,financial agglomeration and green total factor productivity are clarified,and the facts of resource dependence,financial agglomeration and green total factor productivity are further described,and resource-based cities and non-resource-based cities are compared and analyzed.In the empirical test,the macro panel data of 153 non-resource-based cities and 105 resource-based cities from 2007 to 2019 are used to construct the static panel model,panel threshold model,intermediary effect model and spatial Dubin model respectively for empirical test.To verify the general mechanism,threshold effect,intermediary channel and spatial spillover effect of financial agglomeration on green total factor productivity from the perspective of resource dependence.After demonstration,this paper draws the following conclusions: First,generally speaking,financial agglomeration can exert the effect of resource optimal allocation,network economy,external economies of scale and self-reinforcing effect,so as to promote the improvement of green total factor productivity.When distinguishing resource-based cities from non-resource-based cities,in resource-based cities,the scale of financial agglomeration is relatively low due to the "crowding out effect" of resource-based industries on other industries and the profit-driven capital,and financial resources tend to flow to resource-based industries,so that financial agglomeration will inhibit the improvement of green total factor productivity.Second,generally speaking,the initial stage of financial agglomeration mainly plays a "polarization effect",while the mature stage of financial agglomeration plays a "trickle-down effect" and "congestion effect".When distinguishing resource-based cities from non-resource-based cities,in resource-based cities,low financial agglomeration cannot meet the capital demand of green investment projects,and moderate financial agglomeration can promote the development of green projects and innovative technologies in resource-based cities.Excessive financial agglomeration will lead to vicious competition.This will weaken the willingness of financial institutions to allocate funds to green and innovative projects with higher risks,and induce financial institutions to prioritize allocation of large amounts of funds to resource-based industries.Therefore,the influence of financial agglomeration on green total factor productivity is not stable,but presents the characteristics of dynamic game.Thirdly,generally speaking,financial agglomeration can promote the improvement of green total factor productivity by promoting the upgrading of urban innovation,labor market and industrial structure.When distinguishing resource-based cities from non-resource-based cities,in resource-based cities,over-dependence on resources will have a crowding out effect on innovative technologies,which is not conducive to the improvement of regional innovation ability;over-dependence on resources will have a crowding out effect on high-quality human capital,which is not conducive to the realization of the upgrading of labor market structure.Excessive dependence on resources will lead to the formation of a single rigid industrial structure in the region,which is not conducive to the optimization and upgrading of industrial structure,and thus makes financial agglomeration unable to achieve the improvement of green total factor productivity by promoting the improvement of urban innovation,the upgrading of labor market and the upgrading of industrial structure.Fourth,generally speaking,on the one hand,"local" financial agglomeration can promote the flow of capital,talent and technology to the "neighborhood",thus promoting the improvement of green total factor productivity in the surrounding areas.On the other hand,the "local" financial agglomeration will have a "siphon effect" on the capital,talent and technology of the "neighborhood",thus inhibiting the improvement of green total factor productivity in the surrounding areas.The influence of "local" financial agglomeration on "neighborhood" green total factor productivity depends on the size of positive and negative spillover effects.When resource-based cities are distinguished from non-resource-based cities,non-resource-based areas have more perfect institutional environment than resource-based areas,and are more likely to have an impact on the green total factor productivity of neighboring areas.In other words,the spatial spillover effect of financial agglomeration in resource-based cities on green total factor productivity in neighboring areas is smaller than that of non-resource-based cities.The innovation points of this paper are mainly reflected in: First,this paper constructs the general mechanism and transmission mechanism of the influence of financial agglomeration on green total factor productivity from the perspective of resource dependence,reveals the positive promoting effect of financial agglomeration on green total factor productivity,and financial agglomeration can promote the improvement of urban innovation ability,the upgrading of labor market and industrial structure.Thus,the green total factor productivity can be improved.However,in resource-based cities,financial agglomeration will inhibit the improvement of green total factor productivity,and financial agglomeration cannot achieve the improvement of green total factor productivity by promoting the improvement of urban innovation ability,labor market upgrading and industrial structure upgrading.This is to integrate resource dependence,financial agglomeration and green total factor productivity into a unified research framework,which enriches the research perspective of the effect of financial agglomeration on green economy.Second,this paper constructs the spatial spillover effect of financial agglomeration on green total factor productivity from the perspective of resource dependence,and reveals that "local" financial agglomeration will also produce negative spatial spillover effect on the green total factor productivity of "neighboring" cities,no matter in resource-based cities or non-resource-based cities.Moreover,the spatial spillover effect of "local" financial agglomeration on the green total factor productivity of "neighboring areas" in resource-based cities is smaller than that in non-resource-based cities.From the perspective of new economic geography,it further enriches relevant studies on resource dependence,financial agglomeration and green total factor productivity.Thirdly,in the empirical test,the Plan for Sustainable Development of Resource-based Cities(2013-2020)is taken as an important reference standard,and the macro-panel data of 105 resource-based cities and 153 non-resource-based cities are constructed.The general mechanism,transmission mechanism and spatial spillover effect of financial agglomeration on green total factor productivity from the perspective of resource dependence were revealed by comparative analysis.Compared with the method of full sample regression,the empirical conclusions obtained are more reliable.