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Does green finance policy promote green total factor productivity? Evidence from a quasi-natural experiment in the green finance pilot zone
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Does green finance policy promote green total factor productivity? Evidence from a quasi-natural experiment in the green finance pilot zone
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Journal Article
Does green finance policy promote green total factor productivity? Evidence from a quasi-natural experiment in the green finance pilot zone
2024
Overview
The establishment of Green Finance Reform and Innovation Pilot Zones represents a novel endeavor aimed at paving a “bottom-up” pathway for the advancement of green finance and, consequently, holds immense significance in fostering economic growth that is environmentally sustainable. Drawing on data spanning the years 2013–2019 from 278 prefecture-level cities across China, we delve into the influence of the Green Finance Reform and Innovation Pilot policy on urban Green Total Factor Productivity. We found that: Firstly, the Green Finance Reform and Innovation Pilot policy has demonstrated a discernible enhancement in Green Total Factor Productivity within the designated pilot regions. Secondly, there is heterogeneity in the promotion effect of this pilot policy on Green Total Factor Productivity. As the geographical advantage and economic development level decrease, this promotional effect gradually diminishes. Thirdly, it is evident that the Green Finance Reform and Innovation Pilot policy primarily elevates Green Total Factor Productivity in the pilot regions by improving resource allocation efficiency, fostering innovation in green technologies, and facilitating the upgrading of industrial structures. This research not only underscores the efficacy of green finance in the context of economic transition but also provides empirical substantiation for the strategic utilization of pilot zones to propel nationwide initiatives aimed at sustainable green development.
