How Does Green Finance Promote Green Total Factor Productivity:A Chain Mediation Perspective of Green Innovation and Green Governance
The emergence of green total factor productivity is a prevalent and pressing issue within the context of the green economy.Green finance,as an important financial tool leading the low-carbon era,can boost high-quality development in the green economy.Based on the balanced panel data of 283 cities in China from 2003 to 2022,this study empirically investigates the direct impact and spatial spillover effects of green finance on green total factor productivity using the spatial Durbin model.We also analyze the chain impact mechanisms.The results show that green finance has a significant promoting effect on green total factor productivity.Specifically,the development of green finance not only drives the improvement of local green total factor productivity,but also effectively promotes the improvement of green total factor productivity in surrounding cities,showing both positive local effects and spatial spillover effects.Moreover,the impact of green finance on green total factor productivity is heterogeneous.In first-tier cities,large and medium-sized cities,non-resource-based cities,and the Pearl River Delta urban agglomeration,the promotion effect of green finance on green total factor productivity is more prominent.The mechanism analysis results indicate that green finance can promote advancement in green technology,and further enhance green governance capability,thereby achieving the result of increased green total factor productivity,presenting a chain impact mechanism of"green finance-green innovation-green governance-green total factor productivity".To fully leverage the positive role of green finance in enhancing green total factor productivity,the government should increase policy support for green financial institutions,encouraging them to actively engage in green financial services through various incentive policies,and jointly promote the development of green finance.Additionally,it should strengthen supervision of the green financial market to ensure compliance and legality of green financial services,safeguard the quality and stability of such services,and prevent financial risks.Furthermore,it should strengthen supervision over environmental governance and green production,establish and improve a comprehensive system of environmental protection laws and regulations,and continuously promote the enhancement of green governance capabilities.
Green FinanceGreen Total Factor ProductivityGreen InnovationGreen GovernanceChain Mediation
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