Environmental Regulations Affect The Efficiency Of Green Finance Allocation

The research report to the 19 th national congress of the communist party of China(CPC)raised ecological progress to the level of national strategic development,pointing out that China "should promote green development,build a market-oriented system of green technology innovation,develop green finance,and expand the energy conservation and environmental protection industry,clean production industry,and clean energy industry." Against this background,the state has also proposed in the 13 th five-year plan for ecological and environmental protection to improve the quality of the regional ecological environment by implementing the strictest environmental protection system.In the Yangtze river delta regional integration into national strategy,and establish a long triangle under the background of ecological green integration development demonstration area,Yangtze river delta to seek green transformation path,to further establish and improve environmental regulation system and green financial system has become a consensus,so from the perspective of environmental regulation and green financial allocation decision-making Suggestions,in order to promote the development of Yangtze river delta economy green high quality.Based on the theory of environmental regulation and green finance allocative efficiency,this paper makes a theoretical analysis of how environmental regulation affects the allocative efficiency of green finance.And according to the actual situation of the Yangtze river delta,the paper analyzes the present situation and problems of environmental regulation and green finance configuration in the Yangtze river delta.Empirical analysis using the Yangtze river in the three provinces and one city government policy support and PITI index,a comprehensive measure of overall regional environmental regulation intensity at the micro(enterprise)level to discharge unit operating income as proxy variable of enterprise environment pollution,using exogenous financing demand satisfaction measured the sensitivity of the pollution level of the enterprise green financial allocation efficiency of high and low,and respectively introduced environmental regulation in the benchmark model and enterprise environment pollution by item type to examine the overall environmental regulation and fiscal environment regulation of cross layer effect on green,the influence of the financial allocation efficiency.The empirical results show that the allocation efficiency of green finance in the Yangtze river delta at the micro level still needs to be improved,and there is no significant financing pressure on polluting enterprises.The improvement of the overall environmental regulation will affect the environmental protection investment of enterprises and significantly improve the allocation efficiency of green finance.From the perspective of policy deconstruction,fiscal environmental regulation plays a limited role in improving the allocation efficiency of green finance,so the government of the Yangtze river delta still needs to improve the pertinence and efficiency of green fiscal expenditure.In addition,the previous environmental regulation can significantly improve the sensitivity of the change of external funds to the pollution level of enterprises in the current period,and improve the allocation efficiency of green finance in the current period.Finally,according to the empirical results and the specific situation of the Yangtze river delta region,the paper puts forward some Suggestions: first,further improve the integration system of environmental protection in the Yangtze river delta region,which mainly includes: further promote the integration of environmental regulation in the Yangtze river delta;Strengthening the allocation efficiency of fiscal environmental regulation.Second,further play the role of green finance,mainly including: strengthening the construction of green finance infrastructure;Establishing a more complete green credit system;Establishing regional carbon finance markets;Promoting green insurance;Expand direct green financial markets.Third,the integration of environmental regulation and green finance contributes to the ecological integration of the Yangtze river delta.