Research On The Spatial Spillover Effect Of China's Green Finance

Since the reform and opening up,China's economy has experienced rapid growth at the cost of high pollution,high energy consumption and high costs.This extensive economic growth model will not be sustainable,and it is imperative to find new economic growth points.Undoubtedly,the development of green finance is an important way for China to transform its economic growth,a strategic choice for promoting sustainable development,and an important orientation for the construction of ecological civilization.Green finance has a strong positive external effect.It can give full play to the guidance,constraints and leverage of green finance on pollution control and industrial development,guide funds to energy conservation and environmental protection industries and green industries,and incite more social capital to support green investment and promote Enterprises and individuals turn to resource conservation and environmental friendliness,and promote a high degree of integration of economic and social development and environmental protection.Therefore,studying the spatial spillover effect of green finance has important theoretical and practical significance for China's sustainable development,enhancing development momentum,solving development problems,strengthening development advantages,and achieving development goals.Based on the research of green finance related research,this paper will study the spatial spillover effect of green finance from the following aspects.First of all,the concept and connotation of green finance and spatial spillover are defined and the related theories of green finance and spatial spillover are expounded.Secondly,the paper analyzes the status quo and existing problems of green finance development,and analyzes the development status and regional differences of green finance from the two levels of China's time series and provincial panel data.Thirdly,constructing the green financial development index system of each province and city,using the entropy weighting method and multi-objective linear weighted summation method to measure the development level of green finance in each province of China based on the 30 provincial inter-provincial panel data from 2004 to 2016.The measurement results are evaluated and analyzed,and then the spatial spillover effect of green finance is empirically studied under the control of economic development level and human capital level,and the robustness of the spatial weight matrix is tested.Finally,through the empirical results,draw conclusions and propose policy recommendations.The conclusions of this paper are as follows: First,green finance has a strong spatial spillover effect,and there is a certain spatial agglomeration feature.The existence of this spillover effect is an important manifestation and characterization of externality.Second,the level of economic development has a significant role in promoting green finance.There is a clear heterogeneity in the level of economic development and the development of green finance.Green finance accounts for a relatively small proportion of the total economic output,explaining that provinces with higher levels of economic development often the level of green finance development is low.Further research shows that the path of economic development affecting the development of green finance presents an inverted U-shaped curve,which is consistent with the EKC curve theory.Third,population density will hinder the development of green finance.The increase in population density has increased pollution and constrained the development of green finance.Fourth,the level of human capital will promote the development of green finance.The improvement of human capital level will accumulate talents who develop green finance,and thus promote the development of green finance.The conclusions drawn from the conclusions of this paper are as follows: First,the top design of green finance development.First,establish and improve the green financial legal system and strengthen the enforcement of laws.Secondly,improve the information coordination mechanism and strengthen cooperation between government departments.Finally,strengthen the support of green financial policies.The second is to improve the quality of regional economic growth and promote the coordinated development of green finance.The third is to consolidate basic education and improve the level of human capital in the green financial sector.The fourth is to strengthen regional cooperation in green finance and achieve win-win and shared development.The fifth is to build a long-term mechanism for green finance in China.While improving the government's fiscal and tax support system,strengthen the regulatory assessment system.