Research On The Impact Of Green Credit On Green Total Factor Productivity

In the environment of green finance development,the scale of green credit in China is gradually expanding.This paper uses the mixed model to calculate the green total factor productivity of 30 provinces and cities in China from 2009 to 2019,and uses the intermediary effect model to analyze the spatial effects of green technology and industrial structure in green credit and green total factor productivity.The results show that under the guidance of green policy,China’s green credit and green total factor productivity have increased year by year,with the characteristics of overall spatial auto correlation.The overall green credit promotes the improvement of all green elements and there is a positive spatial effect.Green technology shows an incomplete intermediary effect in provinces and cities,and the industrial structure has a reverse incomplete intermediary effect in provinces and cities.Among them,the intermediary effect of green technology is more obvious than that of industrial structure,accounting for a higher proportion in the total effect.In the eastern region,green credit promotes the improvement of green total factor productivity without spatial effect.Green technology innovation and industrial structure upgrading are incomplete intermediary effects in provinces.Among them,the intermediary effect of industrial structure upgrading is stronger than green innovation,and the ratio in the total effect is higher.Green credit in Northeast has a positive impact on green technology innovation and a negative impact on the upgrading of industrial structure.Green credit in Central China promotes technology innovation and hinders the optimization of industrial structure.Industrial institutions will further adversely affect green total factor productivity.In the western region,green credit drives green innovation,technological innovation drives green total factor productivity,green credit inhibits the upgrading of industrial structure,and the industrial structure negatively affects green total factor productivity.Based on this,China should continue to promote green credit,improve relevant legal systems,build a green credit index system,use green credit in combination with regional characteristics,strengthen cross regional exchanges and cooperation,especially give full play to the leading role of the eastern region,encourage green innovation,upgrade industrial structure,and strengthen financial support for green entity enterprises.