| Currently,China is at the end of industrialization,and the society and economy is moving forward.Rapid economic development cannot be ignored by a series of serious ecological and environmental problems.Chinese industrialization is slow and the starting point is low.In order to catch up with developed countries,China blindly seeks fast economic growth and maintains an extensive development model,leading to excess consumption and serious environmental damage.In addition,China is exposed to a large population of pressure and lacks a long-term idea of green development.In production and life,there are many irrational behaviors that harm the ecosystem,and it is difficult to return ecological and environmental problems.In the new era,Chinese main contradiction in the society shows new signs,and people are increasingly aware of the importance of ecological environments and encouraging the green development.Finance can promote the change of economic development mode by utilizing its functions as a core force to promote economic and social development.Green finance plays an important role in addressing ecological and environmental issues,accelerating green change in the economy,and promoting green development.Under the suggestion of the concept of green development,Chinese policy documents on green finance are continuously issued,which is a major boost to the construction of ecological civilizations.It is widely agreed that green finance affects the level of ecological civilization(i.e.ecological efficiency),but further investigation is needed for specific influences,regional differences and impact mechanisms.This paper firstly clarifies the meaning of green finance and eco efficiency through the literature research on green finance and eco efficiency,organize relevant theories,and construct an impact mechanism that green finance gives eco efficiency.Green finance can change the technical level and adjust the industrial structure through financial support,capital allocation,policy guidance and enterprise supervision,and then affect the ecological efficiency.Next,the paper selects 30 provinces data from 2010 to 2019,and establishes an index system from the five levels of green credit,green securities,green insurance,green investment,and carbon finance to calculate the green finance index using the entropy method.According to the superefficient SBM model,the environmental efficiency level is evaluated from the input and output point of view.Then through the fixed effect model,the paper investigates the impact and regional differences of green finance on the ecological efficiency,and uses the intermediary effect model to validate the proposed mechanism in theory.Finally,through the analysis of empirical results,combined with theoretical basis and practical background,this paper puts forward policy suggestions for green finance to support the improvement of ecological efficiency,and presents the research outlook.Research shows that Chinese green finance and ecological efficiency are slowly rising,but there is still room for improvement,and regional development is imbalanced.The impact of green finance on ecological efficiency is quite positive in the national level,but there are big differences in regions.The eastern region is the same as the whole country,the western area is opposite and fairly negative.And there are no obvious effects on the central and northeast regions.In addition,green finance can improve ecological efficiency by improving technological level and promoting optimization and upgrading of industrial structures.In order to promote green finance to better support the construction of ecological civilization,achieve high-quality economic development,and improve the level of ecological efficiency,it is necessary to continually enhance the green finance’s top level design,improve the diversified market of green finance,develop green finance according to local conditions,and smooth the influence mechanism. |
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