Research On The Mechanism Of Credit To The Development Of Ecological Economy

In recent years,the drawbacks of traditional production and consumption mode have become increasingly prominent;people's demand for a beautiful ecological environment has been growing.It has become an important trend to vigorously promote ecological industry,improve the ecological environment and maintain the sustainable development of green ecology,which has aroused extensive concern from all sectors of society and scholars.For China,which is in the period of eco-economic transformation and development,credit is undoubtedly the key to the accessibility of financial services and socio-economic resources to various entities in society.The promulgation and implementation of government's environmental protection policies,the access standards for key environmental enterprises,the energy consumption and pollution emissions in the production process,individual environmental behavior,and joint rewards and punishments for environmental dishonesty are inseparable from the credit status of each subject.Therefore,good social subject credit is the premise and foundation of building ecological civilization and realizing economic green,environmentally friendly,and efficient development,which has a vital impact on the development of regional eco-economy.This paper explores the spatial differences of eco-economic development in various regions,and attempts to explain the differences from the perspective of social credit and financial development,so as to study the impact of social credit on eco-economic development and the mediation effect of financial development.Based on the theory of eco-economy and credit,this paper firstly analyses the ways and mechanisms of the three social subject credit affecting eco-economic development,and the two dimensions of financial development: the expansion of financial scale and the improvement of financial efficiency in the intermediary between social credit and eco-economy.Secondly,two key variables,the green GDP index and social credit are measured.Thirdly,taking 30 regions in China as the research object,this paper adopts green GDP index to describe the dependence of spatial distribution of the level of eco-economic development in each region through spatial correlation analysis.Finally,on the basis of the mediation effect test procedure,the spatial model is introduced,and the direct impact of social credit on eco-economy and the intermediary effect of financial scale and financial efficiency are analyzed by constructing the spatial lag model and spatial error model.The eco-efficiency index was selected to replace the green GDP index for robustness test.The theoretical research has found that social credit can directly promote the development of eco-economy,and the two dimensions of financial development,financial scale and financial efficiency have mediation effects.Social credit contributes to the financial expansion in the ecological field,and can also guide the effective allocation of resources through credit constraints.The empirical research results show that:(1)the level of regional eco-economic development is not spatial independence,and its spatial distribution is not completely random,but presents a certain spatial correlation.(2)There is a significant positive correlation between social credit and eco-economy,which indicates that the improvement of social credit level can significantly promote the development of eco-economy.(3)The mediation effect of financial scale and financial efficiency is significant,and it is a partial mediating effect,which is positively correlated with the eco-economy,indicating that social credit can promote the operation of ecological enterprises and projects through the financial support mechanism of financial scale expansion and the capital allocation mechanism of financial efficiency improvement,so as to further promote the development of eco-economy.(4)Robustness test replaces the proxy variable of eco-economy with the ecological efficiency measured by DEA model.The results are basically consistent with the above analysis.Social credit has a positive effect on the development of eco-economy,and the two dimensions of financial development,financial scale and financial efficiency,play an intermediary role between social credit and eco-economy.The innovations in this paper are as follows:(1)Innovation of research content.In the past,scholars mostly focused on the perspective of credit ethics.There were few studies on the relationship between credit and economy,and even fewer studies on the relationship between social credit and eco-economy.In this paper,from the perspective of regional eco-economic development,the internal and external relations between social credit and eco-economic level are discussed and the impact of credit on ecological economy through financial development and resource allocation effect is analyzed from the three social main subject credit and the intermediary effect of financial development.This paper comprehensively examines the direct role of social credit in the development of eco-economy as well as the intermediary role of financial development,and makes some innovations in the research content.(2)Innovation of research method.In this paper,when studying the intermediary effect of financial development,considering that the spatial distribution of regional eco-economic level is not completely random and there exists spatial correlation,we choose to introduce a spatial model to test the mediation effect of financial scale and financial efficiency in the framework of the spatial model,so as to make the test results more reliable.This paper combines the test model of intermediary effect with the spatial model,and makes some innovations in research methods.