The Impact Of China's Financial Development On Green Total Factor Productivity

For a long time,China's economy has been pursuing the scale expansion of GDP,relying on high input of production factors such as capital,labor and energy to maintain high-speed growth,which is a typical extensive economic growth model.This economic model has brought a series of problems,such as energy shortage,environmental pollution,diminishing marginal returns of factors and so on.Changing the mode of economic growth is the main line of development during the 13 th Five Year Plan period.We will shift from relying on a large number of input and expansion of factors to relying mainly on technological innovation and improving the ability of employees,adhere to the concept of green development,and achieve win-win development of economy and environment.Green total factor productivity not only considers traditional input factors such as capital,energy and labor,but also integrates environmental factors and economic development results into the measurement framework,which can effectively measure the quality of green development in China.The improvement of green total factor productivity is inseparable from "technological progress" and "technological efficiency".It has the characteristics of high investment,long cycle and high risk,and is bound to be inseparable from financial support.Therefore,it is of great significance to study the impact of financial development on green total factor productivity.First of all,combing the domestic and foreign methods of measuring total factor productivity,this paper determines that SBM directional distance function is used to measure China's green total factor productivity.On this basis,the paper reviews the literature on the relationship between financial development and green total factor productivity,and finds that there is no unified conclusion on the impact intensity and mode of financial development on green total factor productivity,which needs further study.Secondly,the paper redefines the concept of green total factor productivity,and based on the perspective of financial function,discusses the mechanism of financial development on the "technological progress" and "technological efficiency" channels of green total factor productivity growth.On this basis,the paper analyzes the impact of financial development on China's green total factor productivity through foreign direct investment,environmental governance investment,R & D investment and other paths.Then,this paper conducts empirical research through SBM directional distance function,threshold effect model and spatial Doberman model.The results of using SBM directional distance function to measure the green total factor productivity in China show that the environmental pressure and economic benefits in the East and central regions are relatively harmonious,while there is a prominent contradiction between the environmental and economic benefits in the west region,but the overall green total factor productivity in China is on the rise,and pure technological progress is the main factor of the change of green total factor productivity.The results show that the financial development has the nonlinear characteristics of double threshold effect and diminishing marginal efficiency;The impact of FDI on green total factor productivity is significantly based on the threshold characteristics of financial development.The higher the level of financial development,the more green total factor productivity can be promoted;R&D investment has a significant positive and increasing marginal efficiency threshold to green total factor productivity.The deepening of financial development will help to enhance the base effect of technological innovation and promote the increase of green total factor productivity;With the improvement of financial development level,the impact of environmental governance on green total factor productivity shows a trend of decreasing first and then increasing.The results show that there are positive spatial spillover effects and significant spatial dependence on green total factor productivity in China,and the degree of spatial agglomeration is increasing;At present,China's financial scale and financial structure have not played an effective role in promoting the green total factor productivity of local and neighboring provinces and cities;Reasonable expansion of financial scale,optimization of financial structure and significant improvement of capital allocation efficiency are conducive to improving the green total factor productivity of local and neighboring cities.The green financial effect has not brought about the improvement of green total factor productivity,but also needs to further expand the scale of green finance to achieve long-term economic benefits and win-win development of environmental protection.Finally,based on the theoretical analysis and empirical test results,combined with the current situation of green total factor productivity in China,the paper puts forward reasonable and effective countermeasures and suggestions.There are 14 pictures,29 tables and 88 references in this paper.