Research On The Influence Of Financial Development On Green Total Factor Productivity

Since the reform and opening up,China's economic aggregate has continued to increase,and China has gradually grown into the world's second largest economy after the United States.However,with the deepening of the reform of the economic system and the changes of the international economic situation,the ecological damage and environmental pollution caused by China's extensive economic development model in the past have become more and more prominent,and the resource constraint has become the biggest constraint of green development.There is no doubt that the basic direction of the country's future development is still green development,and the realization of green development or even high-quality development is an important manifestation of total factor productivity,especially the steady improvement of green total factor productivity.As an important indicator of green development,green total factor productivity(TFP)is an important dimension of the quality of economic growth.The steady improvement of green total factor productivity is the key point of green development.In the process of green development,the financial system plays an important role.The financial system,through resource allocation and other forms,provides financing support for scientific and technological progress,spreads risks for enterprise transformation and upgrading,and adds vitality to the development of the real economy.In combination with the current national conditions in China,there are always some problems such as unbalanced economic growth and green development.Financial development may promote the progress of green total factor productivity,and otherwise it may restrict the growth of green total factor productivity.The possible relationship between financial development and green total factor productivity is of great significance to the realization of green and even high-quality economic development in China.In view of this,based on the relevant theoretical research on financial development and green total factor productivity,this paper firstly selects 11 sub-indexes from three aspects of financial scale,financial structure and financial efficiency to construct a comprehensiveevaluation system to measure China's financial development status.Secondly,the global principal component analysis method and the provincial data of 30 provinces and cities in China from 2005 to 2017 are used to measure the financial development level of 30 provinces and cities and three major regions in China.Thirdly,based on the GML index of sbm-ddf model,the green total factor productivity of 30 provinces and cities and three regions in China from 2005 to 2017 was measured,and the green total factor productivity was decomposed from the two dimensions of green technology efficiency and green technology progress.Finally,the influence of financial development on green total factor productivity and its regional differences are comprehensively investigated by using fixed effect model,and the robustness test is carried out by using systematic GMM method.According to theoretical and empirical research,this paper finds that: first,overall,China's financial development level shows an upward trend;From the perspective of dimensions,financial scale,financial structure and financial efficiency have also been improved to different degrees.In terms of regions,the financial development level shows an obvious regional distribution feature of "east high,west low".In other words,the financial development level of the central and western regions lags behind that of the eastern regions.Second,China's green total factor productivity generally presents an upward trend,and the growth of green total factor productivity has periodic changes,and technological progress is the main reason for the improvement of green total factor productivity.In particular,since2013,green total factor productivity has increased rapidly and ecological protection has played an obvious role,presenting a good trend of production progress and green economic growth.Thirdly,financial scale and financial structure play a strong role in promoting green TFP,while financial efficiency has no significant influence on green TFP.Fourth,the economic scale,industrial structure,government behavior and urbanization rate all have an impact on the improvement of green total factor productivity.The improvement of industrial structure will promote the growth of green total factor productivity,while the blind expansion of economic scale,excessive fiscal input and the improvement of urbanization rate may restrain the growth of green total factor productivity.In view of this,the future should: first,increase financial support,expand the scale of green industry;Second,we should coordinateregional financial development and make financial policies tailored to local conditions.Third,increase investment in scientific research to lead the development of scientific and technological innovation and promote the transformation of innovative achievements;Fourth,adjust the industrial structure and stick to the road of green development.