THE INFLUENCE OF GREEN FINANCE ON THE HIGH-QUALITY DEVELOPMENT OF CITIES: AN EMPIRICAL STUDY ON THE YELLOW RIVER BASIN

Abstract

The establishment of the Equator Principles provides strict industry standards for promoting green environmental protection. Ecological protection and high-quality development of the Yellow River Basin are major national strategies and frameworks in China. This study aims to provide a theoretical basis for promoting the efficient development of the Yellow River Basin and to explore the imbalance between the development level and the development quality of green finance in various regions of the Yellow River Basin. The study implements an evaluation index system to quantify the economic development level and green finance development level of the Yellow River Basin. Moreover, a panel model analyzes the impact mechanism of green finance on the high-quality development of the basin as well as the moderating role of government supervision. The results show that most cities in the Yellow River Basin of China are at a medium level of green financial development, and some cities have a low level. Green financial development can promote high-quality development, and green regulatory and fiscal policies play a moderating role in this process. This study makes relevant policy recommendations for improving top-level design and preserving the environment.