A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
2021
Exploring the mechanism and constraints of Green Finance on high-quality economic development is of great significance to achieve the strategic goal of carbon peak and carbon neutral. Based on the panel data of 30 provinces in China from 2009 to 2019, this paper uses the epsilon-based measure model and entropy method to measure the total factor rate of green economy and the development level of green finance. It then brings green finance, technological innovation, industrial structure upgrading, environmental supervision and high-quality economic development into a unified research framework for the first time. By constructing a panel two-way fixed effect model, regulatory intermediary effect model and threshold effect model, this paper empirically tests the action mechanism and constraints between green finance and high-quality economic development. The results show that: (1) The spatial evolution of green finance in China presents a gradient decreasing pattern from east to middle to west, coastal to inland, and the spatial evolution presents an obvious southwest-northeast pattern. (2) Green finance does have a significant role in promoting high-quality economic development, in which technological innovation and industrial structure upgrading play a part of the intermediary role. This conclusion is still valid under the robustness test of lagged explanatory variables and after the possible endogenous problems are alleviated by the difference-in-difference model (DID). (3) Environmental regulation plays a non-linear regulatory role in the relationship between green finance and high-quality economic development, and there is a single threshold value. Too high intensity of environmental regulation will weaken green finance, resulting in the innovation compensation effect being more diminutive than the circular cost effect. At this time, the high-quality economic development presents a state of diminishing marginal benefits.
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