Financial Development Is The Total Element Of Urban Green In China Research On The Impact Of Productivity

In recent years,the concept of green development has become a new requirement of China’s economic development.As an important axis of modern economy,the sustainable development of economy also needs the support of financial industry.Therefore,the concept of financial development began to highlight.How to define financial development and green total factor productivity has always been an important research topic.As far as the current development status is concerned,how to promote the development of the real economy b y financial development and how to interact with the development of the real economy have theoretical and practical significance for the healthy development of China’s economy,which is very important for the normal economic development.At present,most of the relevant research in China is on the provincial data,but less on the urban panel data.Therefore,there are two innovations in this paper: first,because different cities have different development expectations,and most of the articles are from the provincial level to study the impact of financial development on green TFP.This paper uses panel data of 280 cities in 2003-2017 to model and analyze them.second,Most of the articles only do regression analysis on financial development and green total factor productivity,but this paper starts from endogenous test and heterogeneity analysis,and analyzes the intermediary effect of financial development on green total factor productivity.Based on the theoretical analysis of the impact of financial develo pment on green total factor productivity,this paper analyzes the mechanism of financial development on green total factor productivity from two aspects of financial support and resource allocation.Combined with the current situation of China’s financial development and green total factor productivity,empirical analysis is carried out.Based on the panel data of 2003-2017,the financial development impact is constructed Based on the empirical model of green total factor productivity,this paper uses Stata software to make a regression analysis of the impact of financial development on green total factor productivity,and conducts an endogenous test.The results show that:（1）financial development significantly inhibited the increase of green TFP.（2）Fina ncial development has restrained the increase of green total factor productivity,which has been verified,and has a significant impact in the north,East and West,but not in the South and central regions.Finally,this paper puts forward the following su ggestions:（1）Strengthen the innovation of financial development.（2）Increase financial institutions’ support for the development of green economy.（3）Strengthen the resource allocation of financial institutions.（4）Establish the concept of green consumption.（5）Improve the financial system.