Research On The Impact Of Financial Development On Green Total Factor Productivity

In the past 40 years,China's economy has grown rapidly and has been promoted to the second largest economy in the world.However,the ensuing problems of resource consumption and environmental pollution have become more and more serious.Economic development and environmental protection are hindered by extensive development methods,the green development model which is a kind of model that replace the innovation-driven with factor-driven becomes the way to promote high-quality economic and social development.The Green Total Factor Productivity,which includes energy input and pollution emissions,is an important measure of whether the "high input,high pollution,and low efficiency" growth pattern has improved,and also an important guarantee for achieving sustainable and green economic development.The improvement of Green Total Factor Productivity requires the financial system to play the role of long-term support and risk sharing.It is of great practical significance to analyze and study the impact of financial development on Green Total Factor Productivity.The paper first defines the concept of Financial Development and Green Total Factor Productivity,draws on domestic and foreign theories and literature,and analyzes the mechanism of the impact of financial development on Green Total Factor Productivity from the perspective of financial scale,financial deepening,and financial efficiency.Secondly,using the panel data of 30 provinces(cities)from 2009 to 2017,using the EBM-GML method to measure the level of Green Total Factor Productivity,and through the dynamic GMM model to conduct an empirical study on the impact of financial development on Green Total Factor Productivity.(1)From2009 to 2017,China's Green Total Factor Productivity level showed a rising trend,but the overall increase was weak,and the main growth contribution came from green technological progress.(2)The level of Green Total Factor Productivity in most provinces in China in the sample interval has improved and increased,but at the same time,it faces the problem of more serious inter-provincial polarization.(3)The three indicators of financial development — financial scale,financial deepening,andfinancial efficiency all have a significant positive impact on GTFP,but the degree of impact is decreasing.Financial scale has the greatest impact on GTFP,and financial efficiency Is the smallest.(4)The growth of Green Total Factor Productivity is also affected by the level of economic development,industrial structure,marketization and opening to the outside world.Among them,the level of economic development and industrial structure have a significant positive impact on GTFP,while the increase in marketization and openness is not conducive to the growth of GTFP.Finally,according to the research conclusions,the corresponding policy recommendations are proposed from four aspects: adhere to comprehensively promote the green development strategy;promote the construction of a green financial system;promote the coordinated development of technological progress and efficiency;and optimize the level of opening to the outside world.