Abstract
The article aims to study the coupling coordination and spatial correlation effects of green finance (GF) and high-quality economic development (HQED) in 30 Chinese provinces. The index system of GF and HQED is constructed by selecting relevant index data from 2007 to 2017. The index of GF and HQED is measured by the entropy value method. Next, the coupling coordination degree (CCD) and spatial association strength are calculated based on the index using the coupling coordination degree model and the gravity model. Then the driving factors of the CCD between GF and HQED are analyzed by using geographic detectors. Finally, the spatial association network is constructed and its robustness is studied. The research results show that the coupling coordination degree between GF and HQED in each province is generally low, with strong regional heterogeneity, and the coupling coordination degree shows a trend of decay from the eastern region to the western region, but the western region has more room for development. Green credit, green, coordination, and sharing are the strong driving factors of the CCD between GF and HQED. The network of spatial association between GF and HQED in each province is gradually tightened, making the western peripheral provinces more closely connected with the eastern provinces through the intermediate node provinces. The network robustness of GF and HQED is more influenced by provinces with higher node degree values. Accordingly, the article proposes that China should continuously improve relevant GF policies, environmental disclosure systems, enhance green innovation technology and guide private capital to enter the GF market.
Highlights
Since the 1980s, China’s economic development has experienced a stage of rapid growth, but this rapid growth is following the old development path of “pollution first, treatment later”, with many environmental problems companies, such as frequent extreme weather, water pollution, air pollution, and soil pollution, etc
This study selects the relevant indexes of 30 provinces in China from 2007 to 2017, to analyze the coupling coordination and spatial correlation between green finance (GF) and high-quality economic development (HQED), and the coupling coordination degree model, gravity model, and robustness test were applied
Green insurance has a great impact on the GF composite index, and innovation driving factors play a huge role in the process of HQED, among which innovation financial input and technology market transaction volume are important factors affecting the HQED
Summary
Since the 1980s, China’s economic development has experienced a stage of rapid growth, but this rapid growth is following the old development path of “pollution first, treatment later”, with many environmental problems companies, such as frequent extreme weather, water pollution, air pollution, and soil pollution, etc. As a representative of emerging economies, China’s green bond issuance scale is significantly larger than that of other countries, which has a good space for development [13] It is to maintain this healthy growth space that the Chinese government has required all companies to assume environmental responsibilities [14]. Because of the existence of profit-driven capital, there will be a conflict between the economic interests of enterprises and environmental protection, so the Chinese government adopts the principle of combining voluntary and legislative restrictions [15] If companies fulfill their environmental responsibility while focusing on R&D, it will have a positive impact on their financial performance [16], showing that fulfilling corporate environmental responsibility has a dual role of improving business performance and protecting the ecology.
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