An Empirical Analysis On Effect Of Financial Development On Green Total Factor Productivity

At present,China’s economic development mode has changed from high-speed development to high-quality development,coordination between economy and environment has become an important condition of the new growth mode.Green coordinated development is not only the inevitable requirement of sustainable economic growth,but also the direct guarantee of improving the living standards of residents.In order to promote the construction of ecological civilization,promote the transformation of old and new kinetic energy and the comprehensive,coordinated and sustainable development of economy,the development of green economy is becoming more and more important.Green total factor productivity is an index to measure the progress of green production.The improvement of green total factor productivity is an important manifestation of the dual growth of environmental governance effect and economic development.With the increasing attention to environmental issues,relevant departments have issued corresponding laws to regulate the environment and adopt a variety of regulatory means to promote environmental protection production.In addition to imposing administrative penalties on high-polluting enterprises and encouraging and subsidizing environmental protection enterprises,the state also vigorously advocates promoting the construction of a green financial system to provide economic impetus for enterprises to save energy and reduce emissions and promote environmental protection production.The emergence of green financial products,such as green credit,green bonds and green insurance,has provided a new development direction for promoting China’s economic transformation and industrial restructuring.Financial development plays an important role in the economic system and social production construction.The adoption of economic means is a powerful driving force for rational utilization of resources and promotion of environmental protection.Finance,as an important means of adjusting enterprises’ production transformation,scientific and technological progress and achieving green development,also affects the change and development of green total factor productivity.Analyzing the impact of financial development level on green total factor productivity is of great significance to improve the level of green production and promote the quality of regional economic development.In this paper,the panel data of 30 provinces,cities and autonomous regions except Tibet Autonomous Region,Taiwan Province,Hong Kong and Macao Special Administrative Region in China from 2001 to 2016 are analyzed.Firstly,the ML index is calculated by the directional distance function based on DEA method,and then the green total factor productivity(GTFP)considering the unexpected output is obtained,and its development trend and characteristics are summarized.Then,we use spatial econometric model to test the relationship between financial development level and green total factor productivity,and study the impact of different financial development indicators on green total factor productivity.Finally,based on the empirical analysis,the conclusions are summarized and suggestions are put forward.Through empirical analysis,the following conclusions are drawn:1.China’s total green factor productivity shows an overall growth trend,but the growth rate shows a phased change in different periods.The growth of green total factor productivity is mainly the contribution of technological progress.The change of green total factor productivity shows the spatial distribution of "high in East and low in west",and the productivity of coastal areas is higher than that of border and inland areas.2.The green total factor productivity among provinces has the characteristics of increasing spatial agglomeration.3.Financial development promotes the growth of green total factor productivity.The spatial spillover effect of financial scale on green total factor productivity is greater than that of direct effect.There are significant positive correlations between financial efficiency,direct effect of financial supervision and spillover effect on green total factor productivity.4.The growth of green total factor productivity is influenced by economic scale,investment in scientific research and opening to the outside world.Economic growth and investment in scientific research have brought about an increase in green total factor productivity,and have a spatial spillover effect.Opening to the outside world has promoted the growth of local green total factor productivity.