Research on the Impact of Green Finance Pilot Policies on Green Technology Innovation——Based on the Perspectives of Direct Drive and Spatial Spillover
State-level green financial reform and innovation pilot zones are the largest piece of"testing ground"for the design of green financial policy tools,and it is of great significance to effectively play its role in enhancing green technological innovation and regional radiation.This paper regards the successive establishment of national-level green financial reform and innovation pilot zones from 2017 to 2022 as a quasi-natural experiment,and adopts multi-tempo-ral DID and spatial DID models to explore the effect of the establishment of the pilot zones on the level of green techno-logical innovation in the host city and neighboring cities.The study found that the establishment of the pilot zone has an upgrading effect on the green technology innovation level of the host city and a positive spatial spillover effect on the green technology innovation level of neighboring cities.In addition,the enhancement effect of this policy on regional green technology innovation depends on the level of financial development of the region itself,and the larger the scale of financial development and the stronger the financial service capacity,the more conducive to the realization of the en-hancement effect.Based on the above conclusions,this paper provides corresponding policy suggestions for the syner-gistic development of green innovation between pilot and non-pilot zones.
national green financial reform and innovation pilot zonemultiple time-point DIDspatial DIDspatial spillover effectsgreen technology innovation
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