A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China

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. Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Yanhong Liu [verfasserIn] Jia Lei [verfasserIn] Yihua Zhang [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2021

Schlagwörter:	green finance environment regulation green total factor productivity moderating mediating effect threshold effect DID method

Übergeordnetes Werk:	In: Sustainability - MDPI AG, 2009, 13(2021), 21, p 11926
Übergeordnetes Werk:	volume:13 ; year:2021 ; number:21, p 11926

Links:	Link aufrufen Link aufrufen Link aufrufen Journal toc

DOI / URN:	10.3390/su132111926

Katalog-ID:	DOAJ086988166

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callnumber-first	T - Technology
author	Yanhong Liu
spellingShingle	Yanhong Liu misc TD194-195 misc TJ807-830 misc GE1-350 misc green finance misc environment regulation misc green total factor productivity misc moderating mediating effect misc threshold effect misc DID method misc Environmental effects of industries and plants misc Renewable energy sources misc Environmental sciences A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
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topic_title	TD194-195 TJ807-830 GE1-350 A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China green finance environment regulation green total factor productivity moderating mediating effect threshold effect DID method
topic	misc TD194-195 misc TJ807-830 misc GE1-350 misc green finance misc environment regulation misc green total factor productivity misc moderating mediating effect misc threshold effect misc DID method misc Environmental effects of industries and plants misc Renewable energy sources misc Environmental sciences
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title	A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
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title_auth	A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
abstract	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.
abstractGer	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.
abstract_unstemmed	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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title_short	A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
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A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China

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