| With the continuous development of economy and society,China is facing increasingly severe problems such as resource shortage,environmental pollution and ecological environment,which has become an important bottleneck restricting the sustainable development of economy.Therefore,we urgently need to change the mode of economic development,strengthen environmental protection and ecological governance,and guide the transformation of economic growth to high-quality and green.Green development is an inevitable requirement for China to realize high-quality modern economy,which requires not only reducing or getting rid of excessive dependence on traditional energy sources such as coal and fossil,but also promoting economic growth by creating new green products,green technologies and green investments.As the core of modern economy,finance can guide a large amount of social funds to gradually withdraw from polluting industries and invest more in green and environmental protection related industries,thus promoting the promotion of green development level.Therefore,it is of great significance to explore the influence of financial development on the level of green development,and to promote the development quality of regional green economy.This paper selects the panel data of 30 provinces,cities(except Tibet)and autonomous regions in China from 2006 to 2017 to study the impact of financial development on the level of regional green development in China.Firstly,by constructing a comprehensive index system of green development in China’s provinces,the level of green development in China’s provinces is measured,and the current situation of green development in each region is evaluated and summarized.Then,from the "demand" point of view of green development,the quantile Return method is used to study the influence of financial scale,financial efficiency and green finance on regional green development level.Then,it discusses in detail thedifferences in the influence of various financial factors on the level of green development in three regions:East,Central and West.Finally,according to the research conclusion,the corresponding policy suggestions are put forward.After research and analysis,the conclusions are as follows:(1)China’s green development is generally increasing.The level of green development in most areas is on the rise,while the level of green development in some provinces is on the decline.From the change of provincial green development level,there are obvious spatial differences among different regions.The eastern region has the highest financial development level,followed by the western region,and the central region is the weakest.(2)Financial development has significantly promoted the level of regional green development in China.Among them,financial efficiency and green finance play a significant positive role in promoting the level of green development,and with the increase of quantiles,their positive effects are increasing.Financial scale is a significant positive promotion,but it shows a law of diminishing marginal effect with the increase of quantile.Company supervision,energy structure and industrial structure all have a negative impact on the green development level,while the increase of investment in Environmental governance significantly promotes the regional green development level.(3)From the perspective of sub-regions,there are obvious regional differences between financial development and green development.In the eastern region,the scale of finance and green finance have significantly promoted the level of green development,and this conclusion is supported by every quantile of green development.Financial efficiency can significantly promote the improvement of green development level under the high score of green development;The financial collapse in the central region is obvious,and neither financial scale nor green credit can significantly support the improvement of green development level,but the improvement of financial efficiency still significantly promotes the improvement of green development level;All three variables offinancial development in western China are positively supporting regional green development.It shows that the construction of financial system in western China has a strong impetus to the improvement of green development level.Therefore,we should speed up the reform of the financial system,vigorously develop the financial market and give full play to the supporting role of finance in green development. |
PDF Full Text Request