Research On The Impact Of Financial Ecological Environment On Green Technological Innovation

As the main position of technological competition and industrial revolution in the world,green technological innovation plays an important role in the development of green economy and the fundamental guarantee for the realization of sustainable development.With China's economic development entering the new normal,how to effectively optimize the allocation of innovation resources in the area,improve the efficiency of green technology innovation in enterprises,is one of the most important issues about the implication of innovation-driven strategy and the construction of innovative country.An excellent financial ecological environment can not only promote the implementation of the national innovation development strategy,but also have a significant impact on improving the level of regional green technology innovation.The study about green technology innovation which is based on financial ecological environment not only enrich the research field in green technology innovation,but also guide the new research direction of contemporary green finance.Based on panel data of 30 provinces during 2006-2018,this paper analyzes the impacts of financial ecological environment and its components(government governance level,economic basic environment,financial development degree,legal credit culture)on green technology innovation.The main research contents are as follows:(1)Construct the financial ecological environment evaluation index system,use the catastrophe progression method to measure the financial ecological environment of each province,and analyze its development trend.(2)The environmental effect is included in the index system of green technology innovation,the efficiency of green technology innovation in each province is calculated by data envelopment model,and the spatial correlation is tested.(3)Use empirical model to check the impacts of financial ecological environment on green technology innovation,such as Granger causality test,spatial panel error model,robustness test and other methods.Combined with theoretical research and empirical test,the paper draws the following conclusions:(1)In 2006-2018,the financial ecological environment of all provinces and municipalities in China is constantly improving,at the meantime,the level of green technology innovation of each province is also showing varying degrees of growth and obvious local cluster differentiation.(2)Financial ecological environment is the Granger cause of green technology innovation.There is a significant positive correlation between financial ecological environment and green technology innovation,that is,the improvement of financial ecological environment is conducive to the development of green technology innovation ability.(3)The four sub environment variables of economy,finance,politics and social credit have significant positive effects on the efficiency of regional green technology innovation.The sensitivity of green technology innovation to the four sub environment variables is ranked in order of size as: government governance level,financial development degree,legal credit culture,economic basic environment.(4)The control variables GDP per capita,FDI and environmental regulation can effectively promote the efficiency of green technology innovation.According to the actual situation of the regional development,the following suggestions are put forward:(1)Strengthening mechanism of government constraints on enterprises,fulfilling its oversight responsibilities of the Government on the enterprises innovation activities.(2)Giving full play to the financing and risk management functions of finance,ensuring the investment of green technology innovation funds.(3)Fostering the social integrity sense,improving the property rights protection system related to green technology.(4)Optimizing the structure of investment and financing,implementing supply side reform,and raising the level of regional economic development.In brief,only through the joint efforts of the government,finance,economy,credit culture system and other aspects,can we improve the regional financial ecological environment effectively,give full play to the role of the financial ecological environment in promoting green technology innovation,and realize the large-scale and systematic independent innovation.