Abstract
Through the use of 30 provincial panel datasets covering the years from 2013 to 2017, on the basis of constructing the regional green development indicator system, this paper used the fixed-base range entropy weight method to measure the regional green development level. The difference-in-differences model was used to test the policy effect, the mechanism of the establishment of the green financial reform, and the innovation pilot zone on green development. The results showed that: (1) the establishment of the pilot zone promotes regional green development and shows regional differences; (2) under the guidance of policies, the provinces that set up the pilot zone affect the level of regional green development mainly through the upgrading of industrial structure and technological innovation; further research has found (3) a high level of financial investment in environmental protection and marketization, which will help the pilot zone to further play a positive role in promoting the green development of the region. The results of this article indicated that China should continue to expand the scope of green finance reform and innovation pilot zones and make reasonable arrangements among regions according to local conditions to explore new ways of promoting green development. At the same time, the government should actively play the role of green finance in the pilot zone to promote industrial structure upgrading and technological innovation and guide market players to establish green development concepts to gradually build an environmentally friendly, circular model economy to enhance the overall green development capacity of the region.
Highlights
The report of the 19th National Congress of the Communist Party of China pointed out that “to accelerate the reform of the ecological civilization system and build a beautiful China, one strategy is to promote green development”
After the establishment of the green finance reform and innovation pilot zone, the total effect of the changes in the provincial green development level is composed of two parts: The first is the “time effect”—that is, the part of the green development level change parts: The first is the “time effect”—that is, the part of the green development level caused by its original “inertia,” such as its own development characteristics or environchange caused by its original “inertia,” such as its own development characteristics or mental situation; the second is the “policy treatment effect”—that is, the part of the green environmental situation; the second is the “policy treatment effect”—that is, the part development level change caused by the establishment of the pilot zone
Starting from an empirical point of view, this paper examines the impact of green finance reform and innovation policies on regional green development by measuring the level of regional green development
Summary
The report of the 19th National Congress of the Communist Party of China pointed out that “to accelerate the reform of the ecological civilization system and build a beautiful China, one strategy is to promote green development”. Banks and other financial institutions rely on their powerful resource allocation capabilities to become an indispensable part of the modern economic system, especially in the realization of public policies and economic performance, as well as all forms of business and industry [2,3]. Environmental issues did not arouse the attention of the banking and financial industries [4]. With the increasing awareness of environmental protection and the strict implementation of environmental standards, the relationship between the financial industry and environmental protection has been recognized [5]. As a bridge between the financial industry and the environmental industry, green finance regards environmental protection as an important starting point
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