The Impact Of Green Credit Policy On Urban Green Total Factor Productivity

The growth of total factor productivity has always been an important source of my country’s long-term economic growth,and it has also helped my country’s economy achieve leapfrog development since the reform and opening up.However,in the process of rapid economic development,the traditional extensive and extended development model has caused huge resource consumption and environmental pollution,and it has also become a factor that cannot be ignored that restricts the sustainable development of my country’s economy.Since the Seventeenth National Congress of the Communist Party of my country,the Chinese government has begun to reflect on and adjust the traditional economic growth model,and actively explore the possibility of various policies and systems for strengthening environmental protection and achieving a win-win situation for economic performance and social benefits.In the process,scholars and policy makers have gradually realized that green total factor productivity,which takes into account energy consumption and environmental pollution,is a more comprehensive and excellent indicator for measuring and evaluating the quality of economic growth.The Green Credit Guidelines promulgated in 2012,as an environmental regulatory policy,attempted to guide funds to green industries through the implementation of differentiated credit policies,while restricting the inflow of funds to the "two high enterprises" in order to achieve economic structural adjustment and Long-term sustainable economic development.In order to test the effect of policy implementation,this paper first uses the SBM-ML model to measure the green total factor productivity of268 prefecture-level cities in China from 2006 to 2018,using tendency matching and dual The method of differential combination empirically analyzes the impact of green credit policy on urban green total factor productivity,and has done a series of heterogeneity tests.Furthermore,this paper uses the construction of an intermediary effect model to identify the indirect effects of technological innovation and industrial structure in this transmission path.The empirical results show that:(1)the green credit policy has significantly improved the green total factor productivity of our cities;(2)the green credit policy shows obvious heterogeneity,which is very important for cities,large cities,and high-level economic development in the central and western regions.Cities and cities with high initial GTFP have a more significant promotion effect;(3)Technological innovation and industrial structure upgrading have shown obvious mediation effects in the transmission path,but the effect of technological innovation is more important than the effect of industrial structure.The role of urban green total factor productivity is more obvious.Based on the above conclusions,this paper puts forward suggestions:(1)The financial structure of each bank should vigorously promote the implementation of green credit policies,build a sound green financial system,and continue to explore the path of using other financial means to achieve high-quality economic development;(2)Add Large-scale green credit in central regions,small-scale cities,and cities with low economic development levels will be more inclined to achieve common progress in sustainable economic development across the country;(3)Increase support for technological innovation of enterprises and stimulate the innovation vitality of enterprises.Expand the ecological layout of green industries,and promote the rationalization and advanced transformation of the industrial structure.Broaden the transmission channel of green credit and open up the role of green credit.