Research On The Impact Of Financial Development On Green Growth From The Perspective Of Technological Innovation

Since the reform and opening up,China’s economy and financial industry have achieved vigorous development.Finance and technology are playing an increasingly critical role in the healthy functioning of the economy.The report to the 19th national congress of the communist party of China(CPC)has repeatedly pointed out the need to implement the new development concept and accelerate the transformation of the economic development pattern.Green growth means that in the process of economic growth,we not only pay attention to the protection of the ecological environment,but also pay attention to improving the efficiency of the use of resources and reducing the pollution to the environment.The realization of green growth cannot be achieved without the support of financial development and technological innovation,financial development can disperse risks and provide a good development environment for the realization of technological innovation;technological innovation can promote green growth by improving labor productivity and optimizing industrial structure.The Yangtze River Delta is one of the regions with the most active economic development,the highest degree of financial agglomeration and the strongest technological innovation capacity in China.With the development of the Yangtze river delta regional integration into the national strategy and the establishment of the Yangtze river delta ecological green integration development demonstration zone,research how to achieve green growth is of great significance to strengthen the Yangtze River Delta Region’s competition ability.It is also important to improve the economic agglomeration degree,efficiency of regional connectivity and policy coordination,to lead the national high quality development and the construction of modern economic system.On the basis of summarizing relevant theories,this paper expounded the mechanism of financial development promoting green growth through technological innovation.Taking the data of 9 provinces and cities in the Yangtze river delta and its inter-provincial adjacent regions as samples,this paper studied the impact of financial development on green growth through technological innovation,and made an empirical comparison between the two regions,in order to intuitively show the differences in the impact of financial development and technological innovation on green growth in the two regions.This paper used principal component analysis method to calculate the level of financial development as an explanatory variable;According to the green development index system,the green growth index was calculated and the product of green growth index and GDP was taken as the explained variable;Technological innovation as an intermediary variable;Labor input,capital input,foreign trade,government expenditure and other indicators as control variables.The results show that financial development plays a positive role in promoting green growth through technological innovation,and there is a certain gap in the mediating effect of technological innovation in the Yangtze River Delta and its adjacent regions,the mediating effect of technological innovation in the Yangtze River Delta is more obvious.Accordingly,this paper puts forward some policy Suggestions,such as deepening financial system reform,promoting technological innovation and unblocking mechanism.