Impact of green finance on new productivity:Effects,mechanisms and regional heterogeneity
JIANG Xuehai
SU Ruoci
TANG Huanmin
ZHENG Wanqiong
Abstract：Studying the impact of green finance on new productivity is of great significance for understanding the role mechanism of green finance in innovation-driven development,promoting high-quality economic development,and realizing Chinese-style modernization.Based on the panel data of 30 provincial administrative regions in China(excluding Tibet,Hong Kong,Macao and Taiwan)from 2012 to 2022,this paper empirically tests the effects,mechanisms and regional heterogeneity of green finance on new productivity by constructing a two-way fixed effect model and an intermediary effect model.The research shows that:① Green finance has a significant effect on promoting new quality productivity,and this conclusion is still valid after robustness tests such as instrumental variable method,dynamic panel analysis and explanatory variable substitution;②Mechanism analysis shows that green finance indirectly promotes the development of new productivity through green technology innovation channels,and green technology innovation plays a partial intermediary role in this process;③ Heterogeneity analysis found that there are significant regional differences in the promotion effect of green finance on new productivity,and the promotion effect in the eastern region is significantly stronger than that in the central and western regions.Finally,suggestions are made from the aspects of strengthening the direct effect of green finance and the intermediary effect of green technology innovation,and implementing differentiated policies.
Keywords：green financenew quality productivitygreen technology innovationregional heterogeneitygreen economyhigh-quality development
Publication Date：2025-11-28
Online Publishing Date：2025-12-18(First online date of this platform, not the publication date of the document)
Pages：8( 133-140 )