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Open AccessArticle

Characteristics and Influencing Factors of Green Finance Development in the Yangtze River Delta of China: Analysis Based on the Spatial Durbin Model

1
Institute of Ecological Civilization, Jiangxi University of Finance and Economics, Nanchang 330013, China
2
Department of International Trade, Inha University, 100 Inha-ro, Nam-gu, Incheon 22212, Korea
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(22), 9753; https://doi.org/10.3390/su12229753
Received: 12 October 2020 / Revised: 17 November 2020 / Accepted: 19 November 2020 / Published: 23 November 2020
(This article belongs to the Special Issue Energy Efficiency and Urban Climate Adaption)
Based on urban economic data in the Yangtze River Delta region of China from 2011 to 2017, this study empirically explores the characteristics of green finance development and its influencing factors through the establishment of a time fixed effects Durbin model. The empirical results are as follows: (1) The development of green finance in the Yangtze River Delta has a clear spatial cluster effect, and there are large regional differences. (2) The regional GDP, regional innovation level, and air quality are the most important influencing factors, and the degree of financial development and the optimization of the industrial structure are not significant. (3) Regional GDP is positively correlated with the development of green finance, and regional innovation level and air quality are negatively correlated with the development of green finance. (4) Regional GDP, regional innovation level, and air quality are associated with the development level of green finance mainly through direct effects. The degree of financial development and the optimization of industrial structure are associated with the development level of green finance mainly through spillover effects. The degree of financial development has a positive spillover effect; in contrast, the optimization of the industrial structure has a negative spillover effect. Finally, according to the conclusions, countermeasures and suggestions for improving the level of green finance development in the Yangtze River Delta are proposed. View Full-Text
Keywords: green finance; spatial Durbin model; spillover effect; urban agglomerations; Yangtze River Delta green finance; spatial Durbin model; spillover effect; urban agglomerations; Yangtze River Delta
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MDPI and ACS Style

Xie, H.; Ouyang, Z.; Choi, Y. Characteristics and Influencing Factors of Green Finance Development in the Yangtze River Delta of China: Analysis Based on the Spatial Durbin Model. Sustainability 2020, 12, 9753. https://doi.org/10.3390/su12229753

AMA Style

Xie H, Ouyang Z, Choi Y. Characteristics and Influencing Factors of Green Finance Development in the Yangtze River Delta of China: Analysis Based on the Spatial Durbin Model. Sustainability. 2020; 12(22):9753. https://doi.org/10.3390/su12229753

Chicago/Turabian Style

Xie, Hualin; Ouyang, Zhenyi; Choi, Yongrok. 2020. "Characteristics and Influencing Factors of Green Finance Development in the Yangtze River Delta of China: Analysis Based on the Spatial Durbin Model" Sustainability 12, no. 22: 9753. https://doi.org/10.3390/su12229753

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