| Man's infinite demand for nature is bound to bring nature's more violent revenge on man.In the past several thousand years of human development,economic growth was only measured by the speed index,relying solely on cold Numbers to reflect the development of the economy.Instead,we were blinded by the growing Numbers and ignored the quality of economic growth behind the Numbers.Total factor productivity as an important index to measure the quality of economic growth,the upgrading of industrial structure,increase the kinetic energy conversion plays a positive role,while considering the sources of energy,green environmental constraints will total factor productivity growth,energy saving,environmental protection into the same research framework,accurately reflect the quality of the actual economic growth and promote economic growth driven by the inputs to drive innovation efficiency,guarantee the sustainability of economic growth.Science and technology is the first productivity,total factor productivity promotion power is directly green technology innovation,and technological innovation is a cycle is long,large investment,high risk activity,need to effectively play a role of financial development on the support of technology innovation,and with the help of a financial natural capital advantage,help enterprise innovation activities,upgrading of industrial structure,high quality and economic development.As the most populous province of Henan province,the agricultural big province,but also labor export big province,the economic environment,social development and financial structure is relatively serious,the situation facing problem is complicated,with 18 cities in Henan province as the research object,a detailed and comprehensive analysis of the financial development of green,the influence of total factor productivity,total factor productivity to improve green,achieve high quality and economic development has rich theoretical value and practical significance.This article in the Chinese economic belt "silk road" and "Marine silk road" strategic layout,in the battle of runoff out of poverty,with the development pattern of national comprehensive opening to the outside world,combined with the economic growth pattern driven by inputs to the innovation efficiency drive transformation era background,considering the current industrial structure upgrade in Henan province,the problems of economic transformation,in every city in Henan province as the research object,2004-2017 panel data to support,on the basis of data envelopment analysis(DEA)by using the Min DS model for all around the city's green to measure total factor productivity,and analyzes the change trend,at the same time,Combining with the malmquist-luenberger index,the green TFP was further decomposed into two indexes: green technological progress and green technological efficiency.On this basis,the influence of financial development on green TFP in Henan province was analyzed from the theoretical and empirical perspectives by means of systematic GMM estimation method.Research results are as follows:(1)every city in Henan province from 2004 to 2017 the total factor productivity measurement results show that the sample period,from the point of the overall index,with resources and environment restriction of green total factor productivity is higher than the traditional total factor productivity,and traditional green total factor productivity and total factor productivity,has significant and the same wave,reflecting the hot economic events impact on economic development;From the perspective of decomposition index,the total factor productivity in Henan province is mainly subject to the level of technical efficiency.Meanwhile,the difference of total factor productivity in different cities is mainly due to the difference of technical efficiency.(2)the level of financial development has a significant positive impact on green TFP,and it has passed the significance level test of 1%.In the sample period,the financial development in Henan province effectively supports the innovation activities of enterprises,strongly promotes the improvement of the technological level of enterprises,and significantly promotes the improvement of green TFP.(3)in the financial development affect green total factor productivity,through the analysis of mechanism selection and path dependence of the financial development level of a significant role in promoting green technology progress and inhibitory effect on the improvement of the efficiency of green technology,comprehensive shows that financial development is mainly in green technology for medium and ACTS on the green total factor productivity.(4)among the control variables,foreign direct investment,the level of economic openness and the intensity of R&D expenditure have a significant promoting effect on the growth of green total factor productivity in Henan province;Although the upgrading of industrial structure hinders the improvement of green total factor productivity,it is not significant.Human capital stock and the intensity of environmental regulation have obvious inhibitory effects on the growth of green total factor productivity.At the end of the paper,a series of policy suggestions are put forward in view of the prominent problems in the current economic development of Henan province :(1)improve the financial system andoptimize the credit structure;(2)encourage the development of private enterprises and accelerate economic transformation;(3)rely on the university platform to dig deep into human capital;(4)accelerate independent innovation and build national brand;(5)learn the "two mountains" theory to lead green development. |
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