Abstract
Based on urban economic data in the Yangtze River Delta region of China from 2011 to 2017, this study empirically explores the characteristics of green finance development and its influencing factors through the establishment of a time fixed effects Durbin model. The empirical results are as follows: (1) The development of green finance in the Yangtze River Delta has a clear spatial cluster effect, and there are large regional differences. (2) The regional GDP, regional innovation level, and air quality are the most important influencing factors, and the degree of financial development and the optimization of the industrial structure are not significant. (3) Regional GDP is positively correlated with the development of green finance, and regional innovation level and air quality are negatively correlated with the development of green finance. (4) Regional GDP, regional innovation level, and air quality are associated with the development level of green finance mainly through direct effects. The degree of financial development and the optimization of industrial structure are associated with the development level of green finance mainly through spillover effects. The degree of financial development has a positive spillover effect; in contrast, the optimization of the industrial structure has a negative spillover effect. Finally, according to the conclusions, countermeasures and suggestions for improving the level of green finance development in the Yangtze River Delta are proposed.
Highlights
The Yangtze River Delta urban agglomeration, as China’s most economically developed and most urbanized area, is regarded as an important engine of China’s economic development
From 2013 to 2015, the Moran’s I index is significant at the 5% significance level. These results show that there is a positive spatial autocorrelation in the green finance development level of the Yangtze River Delta urban agglomeration from 2011 to 2017, which means that cities with high green finance development levels are clustered together and cities with low green finance development levels are clustered together
By comparing the absolute value of the direct effect coefficient and the indirect effect coefficient, it is found that the GDP, Innovation Level (INNO), and AQ are associated with the development level of green finance mainly through the direct effect
Summary
The Yangtze River Delta urban agglomeration, as China’s most economically developed and most urbanized area, is regarded as an important engine of China’s economic development. In 2017, China designated Zhejiang Province in the Yangtze River Delta region as a pilot zone for green finance reform and innovation. The Outline of the Yangtze River Delta Regional Integration Development Plan was promulgated by the State Council in 2019. It included Shanghai, Jiangsu, Zhejiang, and Anhui provinces in the Yangtze River Delta, which is a “40 + 1” city group (forty prefecture-level cities and one municipality directly under the Central Government), stated that the Yangtze River Delta should be built into a beautiful demonstration zone in China. Green finance plays an increasingly important role in achieving sustainable development of the environment, economy, and society. Green finance includes mainly green credit, green securities, green insurance, green investment, and carbon finance
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