| In recent years,China's economy has experienced rapid economic growth accompanied by huge environmental pollution discharges and resource consumption.China's environmental pollution has become very serious,and the control of environmental pollution is imminent.China has no capital to deal with after pollution,because China's national conditions With the differences between the times and the fragility of the ecological environment,in the face of increasingly tight resource constraints,the pressure on environmental pollution is increasing.At the same time,the ecological environment is also facing arduous challenges.The Party Central Committee and the State Council pay special attention to ecological civilization.Construction has successively promulgated a series of development policies that are coordinated with economic development and environmental protection,and accelerated the promotion of ecological civilization construction and ecological environmental protection system.In May 2015,the CPC Central Committee and the State Council promoted the construction of ecological civilization in an in-depth and lasting manner,focused on improving the ecological civilization system and raising the awareness of ecological civilization in the whole society.In October 2015,the Fifth Plenary Session of the 18 th Central Committee was held to strengthen the construction of ecological civilization.For the first time,it was written into the national five-year plan,demonstrating the strong will and firm determination of the party and the state to promote ecological civilization through the establishment of a long-lasting effective ecological protection mechanism;on March 11,2018,the 13 th National People's Congress,The construction of ecological civilization has been written into the Constitution,which shows that China will use the system to guarantee the construction of ecological civilization.This series of decisions shows that China will “transform economic growth mode”,that is,to abandon the past and rely on increasing capital and material resources to promote economic development.The way is to transform into a way to promote economic development by relying on scientific and technological progress and improving the quality of workers.At the same time,the neoclassical economic growth theory believes that the source of productivity improvement is the sustainable development of the economy.Therefore,the academic community regards productivity as one of the important tools for studying economic growth.However,under the situation of resource exhaustion and environmental pollution,only the traditional total factor productivity such as labor and capital isconsidered,and economic sustainability is neglected.The development of closely related resource and environmental factors,traditional total factor productivity will make the form of economic growth unsustainable.In the long run,modern financial theory based on effective market hypothesis and capital pricing shows that financial development has an increase in total factor productivity.Great significance.The improvement of total factor productivity is an important source of increasing economic growth and an important guarantee for sustainable economic growth.As the financial sector's influence on economic growth is expanding,more and more scholars are beginning to study the impact of financial development on environmental total factor productivity.However,there are very few scholars who study the impact of green finance on environmental total factor productivity.And the literature on the total factor productivity of the environment,combing the development process of green finance,found that the original literature on the concept of green finance mostly focuses on qualitative analysis,and few literature quantify the concept of green finance.The literature proposes a comprehensive index method to quantify green finance,and comprehensively measure green finance through four aspects: green credit,green securities,green insurance and green investment.On this basis,this paper links green finance with environmental total factor productivity,and takes 30 provinces in China as an example to construct a theoretical model of green finance's development of environmental total factor productivity,re-examine green economy and production efficiency,and clarify green finance and The relationship between environmental total factor productivity,and then based on the theoretical model and the development factors of environmental total factor productivity,select reasonable and effective relevant indicators,and use the panel data of the provinces in2007-2017 to build the total factor productivity including green finance and environment.The Xiong Peter endogenous growth model compares traditional total factor productivity and environmental total factor productivity in the same theoretical framework,and obtains that green financial development can promote the growth of traditional total factor productivity and environmental total factor productivity.Second,it will be green.The quadratic item of financial development index is included in the regression model to study the nonlinear characteristics of green financial development on China's environmental total factor productivity.The research results show that green financial development has nonlinear characteristics for China's environmental total factor productivity,that is,green financialdevelopment I The promotion of environmental total factor productivity will decrease with the development of green finance,showing a non-linear relationship.Finally,the study also found that green finance can increase by the same extent,and the increase of total factor productivity will be higher than that of environmental total factor productivity.The extent of the increase.This paper constructs a new evaluation index system of green financial development level,which provides a new analytical perspective for the study of environmental total factor productivity in China,thus providing more reliable information and data support for decision makers.The research focus of this paper is the impact of green financial development on China's environmental total factor productivity,which provides an analytical framework for quantitative evaluation of China's economic growth,enriching the research theory and method system of environmental total factor productivity.A more objective evaluation of the quality of China's green economy development is also conducive to promoting the coordinated and sustainable development of the regional economy,the win-win balance of China's environmental protection and economic development,and the construction of "beautiful China."... |
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