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...

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Autores principales:	Yanhong Liu, Jia Lei, Yihua Zhang
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	green finance environment regulation green total factor productivity moderating mediating effect threshold effect DID method Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/641fbe91f49f47f4b91d9b64b6b436cf
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id	oai:doaj.org-article:641fbe91f49f47f4b91d9b64b6b436cf
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spelling	oai:doaj.org-article:641fbe91f49f47f4b91d9b64b6b436cf2021-11-11T19:36:43ZA Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China10.3390/su1321119262071-1050https://doaj.org/article/641fbe91f49f47f4b91d9b64b6b436cf2021-10-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/21/11926https://doaj.org/toc/2071-1050Exploring 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.Yanhong LiuJia LeiYihua ZhangMDPI AGarticlegreen financeenvironment regulationgreen total factor productivitymoderating mediating effectthreshold effectDID methodEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 11926, p 11926 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	green finance environment regulation green total factor productivity moderating mediating effect threshold effect DID method Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	green finance environment regulation green total factor productivity moderating mediating effect threshold effect DID method Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Yanhong Liu Jia Lei Yihua Zhang A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
description	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.
format	article
author	Yanhong Liu Jia Lei Yihua Zhang
author_facet	Yanhong Liu Jia Lei Yihua Zhang
author_sort	Yanhong Liu
title	A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
title_short	A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
title_full	A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
title_fullStr	A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
title_full_unstemmed	A Study on the Sustainable Relationship among the Green Finance, Environment Regulation and Green-Total-Factor Productivity in China
title_sort	study on the sustainable relationship among the green finance, environment regulation and green-total-factor productivity in china
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/641fbe91f49f47f4b91d9b64b6b436cf
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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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