Research Of Green Investment Efficiency And Influence Factors In China

Green development is the important thing of "the 13th Five-Year Plan",green investment is the main engine of green development.Although green investment in China is increasing year by year,the financing arrangement for green governance is still inadequate relative to the increasingly severe environmental pollution,so how to increase the green investment efficiency is the most realistic solution.Research green investment efficiency,sort out the impact factors and internal mechanism have important theoretical significance and practical significance for promoting sustainable economic social development and realizing the great vision beautiful China.First,this paper overviews the green investment system,on this basis,this paper researches green investment theory from the point of philosophy and economics,green investment philosophy theory mainly includes the philosophy of the human and the nature harmonious coexistence and ecology marxism theory,green investment economics theory includes ecological economics,environmental economics,development economics and other related theories.On the basis of theory research,this paper measures green investment efficiency with the panel data of 30 provinces and cities in 2006-2015 and the method of DEA(data envelopment analysis)and malmquist index.Meanwhile,this paper selects five indicators of economic development,industrial structure,government regulation,the degree of opening to the outside world and urbanization level to discuss the influence factors of green investment efficiency with the method of Tobit model.At last,this paper put forward a series of suggestions to improve the green investment efficiency according to the empirical test result.The empirical results are as follows:China's green investment efficiency has obviously regional differences based on the static time consideration;China's green investment efficiency has been rising from 2006 to 2015 based on dynamic time consideration,but has not yet reached the frontier level,which is mainly caused by the size of the low efficiency.The Tobit model results show that,the level of economic development and government regulation have positive effect on green investment efficiency,industrial structure,the degree of opening to the outside world and urbanization level have negative effect on green investment efficiency from the national level,different parts of the green investment efficiency affected factors are not identical from the district level.Based on the theoretical and empirical analysis results,this paper put forward a series of suggestions to improve the green investment efficiency from the economic level,system level and regional level.