Financial Develo Pment,Technological Innovation And Environmental Pollution

Since opening up,China's economic growth has been very rapid.China's economic development has brought serious environmental pollution problems,which greatly hindered the sustainable development of society,but also become China into a modern socialist power of an obstacle.Pollution control has become one of the focus of the current social problems.At the same time,China's financial industry has also had a vigorous development.In recent years,the impact of financial development on Chinese society cannot be ignored.In this context,it is of great significance to discuss the relationship between China's financial development and environmental pollution.There are abundant studies on financial development and environmental pollution,and the research conclusions are quite different.Some scholars believe that financial development will curb environmental pollution,while others believe that financial development will worsen the environmental situation.Some studies show that financial development has no significant effect on environmental pollution.In addition,some scholars also discussed the relationship between financial development and technological innovation,and between technological innovation and environmental pollution.However,the existing studies do not discuss financial development,technological innovation and environmental pollution in the same framework,which has some limitations.And most of the research is focused on the empirical aspect,without theoretical model support.In view of this,this paper will analyze the impact of financial development on environmental pollution from both theoretical and empirical perspectives,and dig into the impact mechanism of financial development on environmental pollution.First of all,this paper summarizes the characteristics of endogenous economic growth theory and its generation and development process,and proves the applicability of endogenous economic growth theory tools to this research problem.At the same time,it summarizes the relevant research literature review,and puts forward the innovation of this paper.Secondly,in the theoretical model,this paper builds a contains financial development,technology innovation,and environmental pollution of dynamic endogenous economic growth model,and build the Hamilton functional,derived financial development on the logical framework for environmental pollution,the results derived from the theoretical model shows that financial development,technology innovation can curb environmental pollution,and speculated that financial development may be indirect effects through technical innovation environment pollution.Finally,in the empirical research part,the paper divides the environmental pollution into air pollution and water pollution,and divides the research on air pollution into the perspective of sulfur dioxide and carbon dioxide.This paper USES the provincial panel data of China from 1998 to 2016 to empirically test the impact of financial development on air pollution and water pollution,and takes technological innovation as an intermediary variable to verify the mechanism of financial development's impact on air pollution and water pollution.The results show that credit scale of financial institutions and financing scale of financial market are negatively correlated with environmental pollution,which conforms to the conclusion of theoretical model.The impact of financial development level indicators measured in different dimensions on environmental pollution is different.At the same time,technological innovation is the intermediary variable that financial development affects environmental pollutior.Financial development improves the current situation of environmental pollution by improving the level of technological innovation of enterprises.In addition,financial development levels in different regions have different impacts on different environmental pollution indicators.