Green Finance Innovation and Regional Green Development

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.