| Sudden external shocks will affect the stable operation of a local financial market and test whether a local economic system can timely respond.For example,the slowdown of the world economy,the deterioration of the financial market and the decline of people’s living standards caused by the subprime mortgage crisis in 2008;The sudden outbreak of COVID-19 in 2020 once again caused a temporary halt in economic growth and disrupted normal social contact and business activities.However,China’s response to the impact of the epidemic was swift and targeted enough to effectively control the spillover of the impact and the spread of harm.It is obvious to see that our current economic system’s ability to withstand some risks,coordinate resources across sectors and use technology to quantify and predict trends all rely on high levels of economic resilience.Therefore,since 2008,economic resilience has become the focus of Chinese scholars.Focus on the current situation,the goal of economic development in China is changing from high-speed development to high-quality,sustainable development.The means of sacrificing the environment in exchange for short-term economic benefits must be abandoned.Therefore,the goal must be coordinated with the economic environment and green finance as the main path of high quality development in our country.Green finance can release the dividends of promoting industrial structure transformation,expanding local green capital supply and promoting industrial energy saving and pollutant emission technologies to promote economic development,thus improving economic resilience accordingly.Firstly,this paper reviews the literature related to economic resilience and green finance,defining their respective connotations in this paper,and measures the development level of green finance from five aspects: green credit,green securities,green insurance,green investment and carbon finance based on the data of 28 provinces from 2009 to 2019 and the entropy Topsis method.The level of regional economic resilience can be measured from the capacity of resistance and recovery,adaptation and coordination and development of science and education.The results showed that the maximum difference of green finance development among 28 provinces and cities showed a shrinking trend,but the maximum difference of economic resilience development increased.The eastern provinces and cities had higher levels of green finance and economic resilience than the central and western provinces and cities and the provinces and cities with higher levels of green finance had higher levels of economic resilience in the same year.Then,the panel fixed effect model is used to conduct benchmark regression and robustness test on the impact of green finance on economic resilience.The results show that green finance can significantly promote the improvement of regional economic resilience and has the most obvious effect on the development ability of science,the results are also robust.According to the heterogeneity analysis of provinces and cities divided by economic geographic location and economic resilience level,it is found that green finance in the eastern provinces and cities are more obvious in promoting regional economic resilience,while the provinces and cities with higher economic resilience level are more capable in promoting economic resilience.Finally,through the comprehensive measurement of benchmark regression and influence mechanism,the panel threshold effect model is adopted and the innovation level is introduced as the threshold variable to verify the nonlinear effect of green finance on regional economic resilience.The empirical results show that: When the innovation level is lower than the critical threshold,the improvement of green finance by 1 unit can promote the growth of economic resilience by 0.063 units,while when it is higher than the critical threshold,the promotion effect increases to 0.115 units.That is to say,the promotion of green finance on economic resilience becomes more significant with the growth of the innovation level,which is shown as follows: the higher innovation ability,the better construction and improvement of local technology,industry,human resources,knowledge and information.Furthermore,relevant mechanisms can be found to enhance economic resilience through measures such as enrich green finance financing ways and green technology innovation to achieve resource accumulation and thus promote industrial transformation.Finally,based on the analysis of measurement results and empirical results,this paper proposes to improve the level of green finance by improving the green finance system and setting up incentive mechanism.Strengthen the financial foundation and coordination level to enhance economic resilience and strengthen the effect of green finance to promote economic resilience;Need to develop according to local conditions,improve the level of self-innovation.In addition,the current situation of eastern and western provinces and cities are combed and explored in detail and relevant suggestions are implemented and refined. |
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