Research On The Impact Of Green Finance On Regional Green Technology Innovation

In September 2020,President Xi Jinping emphasized in his speech at the 75 th United Nations General Assembly that China will increase its nationally determined contribution and strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.This means that my country needs to achieve the coordinated development of economy and environment,and it also means that the traditional economic development model needs to be transformed in an all-round way.Green technology innovation is an important way to promote green and low-carbon development to achieve sustainable development.However,the improvement of the level of green technology innovation is limited by the bottleneck of funds.The functions of capital formation,capital orientation,and factor integration of green finance will guide the flow of capital into green environmental protection industries,thereby promoting the improvement of regional green technology innovation.This paper makes an in-depth study on the impact of green finance on regional green technology innovation.The specific contents include: This paper first defines the connotations of green economy,green finance and regional green technology innovation,and reviews theories such as sustainable development,externalities,Pigouvian tax,Porter hypothesis and technological innovation.This paper analyzes the mechanism of green finance on regional green technology innovation from the aspects of risk control,and examines the impact of green finance on regional green technology innovation from the perspective of human capital and spatial spillover.Secondly,this paper analyzes the development status of green finance from the perspective of financial instruments such as green credit,green stocks,and green insurance,and measures the comprehensive development level of regional green finance.At the same time,the current situation of regional green technology innovation is analyzed from the perspective of green innovation input and green innovation output.Thirdly,by constructing the threshold effect model and the spatial Durbin model,we empirically test the impact of green finance on regional green technology innovation.The empirical results of the threshold effect model show that with the human capital level as the threshold,the impact of green finance on regional green technology innovation has a threshold effect.When the regional human capital level is less than 8.4430,the impact of green finance on regional green technology innovation is not significant.When the regional human capital level is greater than8.4430 and less than 10.3999,green finance has a significant positive impact on regional green technology innovation.When the regional human capital level exceeds10.3999,green finance has a stronger positive impact on regional green technology innovation.Among the three regions,high,middle and low,divided by the threshold value,the provinces with high human capital and medium human capital are mainly the eastern and central regions of my country,and the provinces with low human capital are mainly the western region.The empirical results of the spatial Durbin model show that green finance can not only promote green technology innovation in the region,but also improve the level of green technology innovation in geographically adjacent regions,and this spatial spillover effect exhibits significant regional heterogeneity: the eastern region is more than the central region,while the western region has no significant spillover effect.Finally,on the basis of summarizing the research conclusions,it is proposed: improve the regional green financial system and expand the support for green technology innovation;pay attention to the balanced development of various regions and establish a good innovation soft environment;strengthen cooperation between regions and establish a regional coordinated development mechanism;improve the level of regional human capital,stimulate the effect of green technology innovation.