| In recent years,with the rapid development of China's economy and the continuous improvement of industrial informatization,people's material life has been greatly satisfied,while the requirements for ecology and environment are also increasing.However,China's rapid economic growth inevitably consumes a lot of resources and energy,and the ecological environment has been affected,facing great challenges.At present,the world economy has entered a period of adjustment,and countries are competing with each other.In the past,the way of sacrificing the ecological environment for economic development is no longer suitable for the times.The economic development mode needs to be changed to green economy.Finance plays a key role in the contemporary economic development,and its development must also comply with the requirements of the times and adapt to the concept of green development,that is,to develop green finance.The development of green finance will inevitably have a certain impact on the ecological environment and ecological efficiency,and its impact mechanism and degree of action need to be explored.In view of this,this paper first combed the relevant literature,based on the relevant theory,analyzed the mechanism of how green finance affects the regional ecological efficiency.Secondly,based on the provincial panel data in mainland China from 2007 to 2017,the development level of green finance is measured by entropy method,and the ecological efficiency level of each province is measured by super efficiency SBM model and window DEA model.Thirdly,based on the fixed effect model,the paper empirically tests how the development of green finance affects the ecological efficiency level in different regions of China.Based on the panel VAR model,this paper studies the impulse response of ecological efficiency to the dynamic impact of green finance in different regions of China.Finally,according to the research results,combined with the current situation of China's green development,the paper puts forward some recommendations for the better development of green finance.The main conclusions of this paper are as follows:Firstly,during the research period,the overall development scale of green finance in China is not large,but the growth rate is fast,and the regional differences are obvious.From the development level of green finance,the development level of the eastern region is the highest,and that of the western region is the lowest.Although the scale of green financial development in the western region is the smallest,its development speed is the fastest.During the investigation period,the annual growth rate has reached 91.72%.There is little difference in the growth rate of green finance between the eastern and central regions,and the annual growth rate is 53.86%and 55.84%respectively.It can be seen that the development scale of green finance in China is steadily increasing,and the development speed is relatively fast.Secondly,during the research period,the level of ecological efficiency in China has an overall trend of improvement,but the speed of improvement is relatively slow,and there are regional differences.From the overall level of ecological efficiency,the level of ecological efficiency in the eastern region is significantly higher than that in the central and western regions,and the gap between the two regions is not large.The ecological efficiency level of each region has been improved in the study period,and the ecological efficiency level of the central region is the fastest,followed by the eastern region,and the western region is the slowest,there are certain regional differences between the regions.Thirdly,the impact of green finance development on regional ecological efficiency in China presents a "U" curve relationship as a whole,that is,when the development of green finance is at a low level,the rise of the development level of green finance will inhibit the improvement of ecological efficiency,and when the development of green finance has a certain degree,it will promote the improvement of ecological efficiency.There are some regional differences in the impact of green finance development on ecological efficiency.The impact of green finance development in the central and western regions on regional ecological efficiency is consistent with the overall level of the country,showing a "U" relationship.The relationship between the development of green finance and ecological efficiency in the eastern region is weak.Fourthly,the dynamic response of ecological efficiency to the development level of green finance in different regions of China is quite different.Different green financial products have different dynamic effects on the ecological efficiency of different regions.Among the dynamic influence of green credit and green securities on the ecological efficiency of three regions in China,the eastern region is the strongest,the central region is the second,and the western region is the weakest;among the dynamic influence of green investment and Carbon Finance on the ecological efficiency of three regions in China,the Eastern region is the strongest,the western region is the second,and the central region is the weakest. |
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