A Study On The Effect Of Green Finance And FDI To Green Total Factor Productivity

At present,China's economic development is in a new era of green transformation.Under the constraint of carrying capacity of resources and environment,the low level of production efficiency and pollution treatment technology become the main factors restricting sustainable development.Therefore,implementing the environmental protection and improving the social and economic efficiency has become the two themes of the green development of the social economy.As a key index to measure the green technological progress of the economy,GTFP is the key to promote the sustainable development of the high quality economy.On the other hand,environmental protection as a public product is inseparable from the support of the government finance.In order to comply with the requirements of sustainable development.the government is actively promoting the green transformation of Finance and building green finance.The development of green finance is also important for the introduction of qualified foreign direct investment,high-quality foreign investment can play a role on knowledge spillover and the demonstration effect,directly affect GTFP,and green finance may indirectly affect the green economy efficiency by affecting the quality of foreign investment.Therefore,this paper integrates green finance and FDI into the same framework to study the impact of green finance,foreign direct investment and their interaction on GTFP.Firstly,this paper discusses the role of green finance and foreign direct investment on the green total factor productivity through the analysis of the basic theory and mechanism,and then through the construction of index system to measure the level of green finance from 2004 to 2014,using the method of window super efficiency DEA model to measure the green total factor productivity.Finally,based on analyzing the present situation and the mechanism.we established spatial autoregressive model to empirically analyze the impact of green finance,foreign direct investment and their interaction on green total factor productivity.The results show that green total factor productivity has spatial spillover effect,green finance,foreign direct investment and the interaction can effectively promote the green total factor productivity.In addition,the regression coefficients of these critical explanatory variables decreased in succession from east areas to west areas.The control variables,human capital,R&D intensity,industrial structure and economic development level had different effects on GTFP.