Study On The Impact Of Financial Resource Misallocation On Ecological Efficiency In China

Since the reform and opening up,China’s economy has achieved miraculous growth,and the process of industrialization has been accelerating and the scale of the economy has been continuously improved,which has enabled China to achieve a historic transformation from a backward agricultural country to an industrial country.However,in the process of industrialization,resource constraints are tightening,enterprise production pollution is aggravated,and environmental pollution is aggravated.Especially in the stage of high-quality development of China’s economy,resource and environmental problems are becoming increasingly prominent,which will not only endanger the health of the people,but also become an important obstacle to the sustainable growth of China’s economy.How to achieve the coordinated development of ecological environmental protection and economy under environmental constraints and promote the improvement of Ecological Efficiency in China has become a major problem that China urgently needs to solve under the new normal of the economy.The improvement of ecological efficiency not only requires a major transformation of China’s real economy,but also requires the financial industry to inject impetus into it.However,due to the imperfection of China’s financial system,government intervention and ownership discrimination,the allocation of financial resources has been uneven,and there is a certain degree of misallocation of financial resources.Relevant studies have shown that the mismatch of financial resources has inhibited the improvement of total factor productivity of enterprises,slowed down economic growth,and more financial resources have flowed into "two highs and one leftover" enterprises,aggravating environmental pollution.In view of the current situation,studying the impact of financial resource mismatch on ecological efficiency has practical guiding significance for the development of China’s economy.In addition,on the research on the impact of financial resource misallocation on ecological efficiency,the relevant literature of the academic community is small and has not formed a consistent theoretical system,and the internal relationship between the two not only enriches the relevant theories of "finance and ecological environment",but also provides a valuable reference for the structural reform of China’s financial supply side and high-quality economic development.In this paper,after systematically summarizing the existing literature,the financial resource mismatch and ecological efficiency index are constructed,the typical facts of financial resource mismatch and ecological efficiency in China are statistically described,and the impact of financial resource mismatch on ecological efficiency is demonstrated by combining mathematical derivation and empirical testing.The possible innovation of this paper lies in the fact that based on the C-D cost function and production function,the financial resources are used as the original input,and the mathematical model framework of financial resource misallocation affecting ecological efficiency is constructed,and the theoretical system of financial resource allocation and ecological efficiency is expanded.In the construction of the financial resource misallocation index system,based on previous research,the financial market indicators are introduced,which comprehensively portrays the misallocation of regional financial resources.In addition,based on the perspective of industrial structure upgrading and regional innovation efficiency,this paper studies the role channels of financial resource misallocation affecting ecological efficiency,and explores its spatial spillover effect.In this paper,panel data from 2006-2019 in 30 provinces and cities across the country are selected,the misallocation value of financial resources is calculated by entropy method,the ecological efficiency value is calculated by using the super-efficient DEA model of undesirable output,and the impact of financial resource mismatch on ecological efficiency is tested by using the fixed-effect panel model.The spatial panel model is used to test the spatial effect between the two.The study found that:（1）there is a significant inhibition effect on ecological efficiency caused by financial resource mismatch,and this inhibition effect has strong robustness;（2）there is a significant regional heterogeneity in the inhibition effect of financial resource mismatch on ecological efficiency,among which the eastern region > the central and western regions,and the low degree of marketization >（3）The mechanism test of financial resource misallocation to inhibit ecological efficiency shows that financial resource misallocation inhibits the improvement of ecological efficiency by hindering the upgrading of industrial structure and reducing regional innovation efficiency.（4）The impact of financial resource misallocation on ecological efficiency has a significant spillover effect,which not only inhibits the ecological efficiency of the province,but also significantly inhibits the improvement of ecological efficiency in neighboring provinces.Based on this,we should deepen the structural reform of the financial supply side,build a multi-level financial market,enrich the diversification of financing means,improve the allocation efficiency of financial resources between industries,broaden diversified green financing channels,guide financial resources to clean,energy-efficient use of industries,and promote the green and low-carbon transformation of the industry;focus on cultivating financial and environment-friendly composite talents,integrating superior financial resources,promoting the optimization and upgrading of industrial structure,and improving regional innovation efficiency.And according to local conditions to formulate financial support for green and high-quality development policies,strengthen the provinces in the financial industry exchanges and cooperation,expand the free flow of financial resources between regions,to avoid the spillover effect of financial resources misallocation in various regions,and to promote the improvement of regional ecological efficiency.