Research on the Impact Effects of Green Finance on Green Technological Innovation

Jiawen  Xu; Chenlin  Ma; Meiqi  Liu

doi:10.54691/9btmsx93

Authors

Jiawen Xu
Chenlin Ma
Meiqi Liu

DOI:

https://doi.org/10.54691/9btmsx93

Keywords:

Green Finance, Green Technological Innovation, Global Moran's I, Spatial Durbin Model.

Abstract

Based on panel data from 30 provinces, municipalities, and autonomous regions in China spanning 2007–2023, this study employs the Spatial Durbin Model (SDM) to empirically examine both the direct effects and spatial spillover effects of green finance on green technology innovation. The findings reveal that: (1) green finance exerts a significant positive promotional effect on local green technology innovation, effectively alleviating financing constraints faced by green technology R&D, dispersing innovation risks, and guiding social capital flows toward the green technology sector; (2) both green finance and green technology innovation demonstrate significant positive spatial autocorrelation, exhibiting pronounced spatial agglomeration characteristics; and (3) green finance generates significant positive spatial spillover effects on green technology innovation in neighboring regions, wherein pilot reform experiences of green finance in adjacent areas transmit to surrounding regions through intergovernmental learning exchanges and regional coordination cooperation mechanisms. Drawing upon these research conclusions, policy recommendations are proposed, including constructing cross-regional green finance coordination mechanisms, strengthening spatial diffusion channels for green technology innovation, and deepening digital integration.

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