Evaluation On The Construction Effect Of Green Financial Reform And Innovation Pilot Zone In China

In June 2017,China established green finance reform and innovation pilot zones in five provinces to explore regional green finance development models and green finance implementation mechanisms with regional characteristics.On the basis of a comprehensive analysis of the development and mechanism of the Green Finance Reform and Innovation Pilot Zone,this paper collected macroeconomic data and financial data of 30 provincial administrative units(excluding Hong Kong,Macao,Taiwan and Tibet)from 2013 to 2019,summarized and established an evaluation system consisting of three subsystems: low-carbon economy,environmental regulation and financial innovation,and used the entropy method to calculate the Comprehensive evaluation scores of each year.In the empirical research stage,this paper first constructs a double difference model with the overall comprehensive evaluation scores of each province and city as the dependent variable.The research finds that the first batch of green financial reform and innovation pilot areas have shown significant improvement compared with non pilot areas after the implementation of the policy,which confirms the construction effect of green financial reform areas and reserves effective practical experience;Then,when the positive policy effect of the Green Gold Reform Zone is known,this paper divides the overall evaluation score into three parts: low carbon economy,environmental regulation and financial innovation according to the weight of the entropy method,and studies the construction effect of the Green Gold Reform Zone on each subsystem separately to further explore the specific source of the effect.The research shows that the construction effect has achieved significant positive effects in environmental regulation and financial innovation,From the numerical point of view,the construction effect of the green financial reform zone on financial innovation is better than that on environmental regulation,but its effect in the low-carbon economic system is not reflected,which also reflects the problem that it is difficult to ensure the synchronous improvement of economic benefits while developing green finance in the pilot areas;Finally,considering the huge differences in resource endowments among different regions in China,this paper distinguishes the research samples according to different characteristics such as the development level of the financial industry,industrial structure,and geographical location,and conducts double differential regression,which has shown significant construction effects in the provinces and cities in the eastern region with high development level of the financial industry,high proportion of the tertiary industry,and geographical location,This also confirms the impact of heterogeneity on the construction effect of green gold reform zone.Based on the above research contents and results,this paper puts forward policy recommendations from two perspectives of promoting coordinated development of the three systems and path optimization under heterogeneous conditions.On the one hand,the effect in the low carbon economy system is not significant,which reflects the disconnection between green finance and green economy development in the construction of the green gold reform zone.It can be improved by strengthening the combination of industry and finance and establishing an effective,open and controllable direct financing platform;On the other hand,the provinces and cities in the more developed regions and the less developed regions need to adapt to the situation and local conditions,and adopt different policy lines according to their own actual conditions.The more developed regions need to consolidate their advantages,make overall plans,and create a cluster effect.The less developed regions can establish the foundation for green financial development by strengthening top-level design,introducing excellent financial talents,and relying on advantageous industries to enrich financing channels,To explore the development path of green finance with regional characteristics.