Research on the impact of green finance on China's regional ecological development based on system GMM model

This article takes each region of China as the research object, selects 30 inter-provincial panel data in China from 2008 to 2020, and conducts an empirical analysis of how green finance affects the ecological development of regional economy. The conclusions are as follows: (1)From a national perspective, the coefficient of the influence of green finance on ecological development is negative, and the coefficient of the influence of the quadratic term on ecological development is positive. The influence of green finance on ecological development is in a U-shaped relationship. The development level of the tertiary industry, economic development and foreign direct investment (FDI) also have a significant positive effect on ecological development, but the level of urbanization has a negative correlation with the development of regional ecological development. (2)From a regional perspective, the impact of green finance on ecological development in the central and western regions presents a "U"-shaped relationship, and it has a stronger effect on the central region. The coefficient of green finance in the eastern region on the impact of ecological development is greater than zero, but there is no significant impact. The level of economic development has a positive effect on the ecological development in three regions; urbanization also has a negative impact in three regions. The tertiary industry has positive impact on three regions, and foreign direct investment and ecological development change in the same direction the east and central of China, and no impact in west of China.