Research On The Impact Of Green Finance On The Quality Of Economic Growth

After the reform and opening up,China’s economic development has made remarkable achievements,but due to the extensive economic growth model,a lot of energy consumption,environmental pollution intensified,ecological structure imbalance and other problems have also occurred,ecological and environmental problems have gradually become a difficult problem to be solved,so it is extremely urgent to pay attention to the quality of economic growth.China’s economy is now in the stage of high-quality development.The party’s 20 th point clearly points out that to accelerate the prevention and control of environmental pollution and promote green development,green development is particularly important in the period of high-quality economic development.Green finance is an economic activity aimed at green development,which is crucial to promoting the high-quality growth of green economy in China.Therefore,this paper studies the impact of green finance on the quality of economic growth,and plays an important role in promoting the high-quality economic development.This paper uses the entropy method to construct the index system of green finance and economic growth quality,obtains the comprehensive index of green finance and the comprehensive index of economic growth quality,and explores the influence of green finance on the quality of economic growth combined with theory and empirical analysis.Firstly,the core variables and control variables are included in the fixed effect model to discuss the direct influence of green finance on the economic growth quality.Secondly,the country is divided into eastern,central and western regions,and the green finance is grouped in the middle value,the green finance as the tool variable,combining the twostage least squares method and systematic GMM.Furthermore,robustness was tested by using replacement variables,replacement measurement study methods,tail reduction treatment,and successively removing control variables.Finally,the upgrading of industrial structure and technological progress are taken as intermediary variables to explore the role mechanism of green finance on the quality of economic growth.The research results show that: first,green finance has a significant effect on improving the quality of economic growth.In addition,green finance can have a positive effect on promoting the upgrading of industrial structure and technological progress.Second,the regional heterogeneity analysis shows that the development level of green finance in eastern,central and western China can improve the quality of economic growth,while the effect of the eastern region is significant;Through the median grouping analysis of green finance,it is found that the development level of green finance of different degrees can significantly promote the quality of economic growth.Third,from the result of the intermediary effect,green finance can through advanced industrial structure and technological progress to improve the quality of economic growth,but under the mechanism of industrial structure rationalization,due to the construction of industrial structure rationalization belongs to reverse index,through empirical analysis found that green financial influence of industrial structure rationalization.It can be seen that under the mechanism of industrial structure upgrading,green finance improves the quality of economic growth mainly through the role of advanced industrial structure.Finally,in order to better promote the development of China’s economic growth quality,this paper provides corresponding policy suggestions based on the development status of green finance and economic growth quality,as well as the empirical analysis results of the economic growth quality of green finance.