| After the reform and opening up,China's economy has experienced more than 40 years of development,and the overall economic strength has been significantly enhanced.However,the traditional extensive development model has caused serious deterioration of the ecological environment.According to the ‘Global Environmental Performance Index Report 2018',China ranks 120 out of 180 countries participating in the global assessment,which reflects to some extent that the realization of China's ecological environment protection still faces severe challenges.In addition,China is in a period of economic transformation and upgrading,and the economic growth rate has moved from high-speed development to medium-high-speed development,which indicates that China is facing the dilemma of environmental pollution and economic downturn,and the disharmony between economy and ecological environment has become an important factor restricting the sustainable development of China's economy.In order to improve the carrying capacity of the ecological environment and promote economic development in China,the report of the 19 th National Congress once again reaffirmed the important strategic position of ecological civilization construction.In order to implement the strategy of ecological civilization construction,the concept of green development has gradually penetrated into various fields,among which,green finance has gradually entered people's vision.Green finance has realized the organic combination of green economics and finance.It requires banks and other financial institutions to take the environment as an important indicator to assess the operating risk and financial risk of loan enterprises,and to incorporate potential environmental risks into the investment and financing decision-making mechanism,so as to reduce environmental pollution and enhance environmental protection.The efficiency of ecological emphasizes the coordination and unity of economic development,environmental protection and resource conservation.How to use green finance development to improve ecological efficiency is of great significance to solving the dilemma of China's economic development,improving the carryingcapacity of the ecological environment,and achieving sustainable economic development.First of all,the paper sorts out the relevant economic theoretical foundations of green finance development and ecological efficiency,mainly involving the theory of sustainable development,the theory of public goods and the theory of externality.Then,the article explores the mechanism of the impact of green finance development on the efficiency of ecological from a theoretical perspective.It puts forward that green finance development mainly influences the efficiency of ecological through four mechanisms: capital formation mechanism,capital allocation mechanism,enterprise supervision mechanism and innovation incentive mechanism.Based on the function of savings function,financial institutions raise funds in the financial markets,and then follow the ‘Equator Principles' and other relevant ecological environment risk audit guidelines to provide financial support for projects or enterprises that meet the application financing,to achieve financial capital gradually from high pollution,high consumption of enterprise to environmental protection enterprise,promote energy conservation and environmental protection enterprises to research and develop production of new environmental technologies and green products.The four influencing mechanisms are interrelated and complementary,which shows the effect of green finance development on the efficiency of ecological.Secondly,the article uses an super-efficient SBM model with undesired outputs to measure the ecological efficiency of 30 inter-provincial regions across the country.At the same time,the regional difference analysis was carried out by using the Gini coefficient,the logarithmic dispersion mean and the Theil index.The study found that China's overall eco-efficiency is low,and the ecological efficiency gaps in the eastern,central and western regions are relatively large.The ecological efficiency in the eastern region is significantly higher than that in the central and western regions.The Gini coefficient,the logarithmic dispersion mean and the Theil index of the eco-efficiency in the eastern region are also significantly higher than those in the central and western regions,indicating that the ecological efficiency of differentprovinces and cities in the eastern region is quite different.The Gini coefficient,the logarithmic mean value and the Theil index of the eco-efficiency in the central and western regions are both low,indicating that there is little difference in efficiency between provinces and cities in the two regions.On this basis,the article uses the Moran' I to test the statistical value to test the ecological efficiency.The results show that there is a spatial effect of ecological efficiency.Therefore,the paper uses the spatial econometric model to demonstrate the impact of green finance development on ecological efficiency,and at the same time to join the industrial structure upgrade,the level of science and technology,fiscal decentralization,degree of openness,corporate supervision,and population density as controlling variables.The empirical results show that based on the binary adjacency matrix,inverse distance weight matrix and interaction matrix spatial econometric model,the green finance development agent variables have passed the significance test,and the impact coefficients are positive,indicating the effect of green finance development on ecological efficiency significant,and its presence is positively promoting.Finally,according to the empirical results of the article on the impact of green finance development on ecological efficiency,combined with China's national conditions,in order to play a role in promoting green finance in improving ecological efficiency and promoting economic development and environmental protection,Policy advice was proposed from the perspective of enriching green financial products and strengthening green finance information sharing and resource flow,and increasing investment in environmental protection funds. |
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