Green finance and environmental regulation can reduce CO2 emissions and promote the sustainability of economic development. Based on panel data of 126 resource-based prefecture-level cities in China from 2005 to 2017, the current study used a dynamic panel data model to empirically determine the CO2 emission reduction effects of different green finance instruments under different environmental regulatory intensities. The results showed that green finance tools had significant negative effects on the intensity of CO2 emissions, and green finance can adapt to environmental regulations of different intensities, which cooperated to promote carbon emission reduction. Moreover, in comparison, the debt-based green finance instrument had a stronger effect than the equity-based green finance instrument, and they did not show a coupling relationship. An administrative adjustment in green finance and environmental regulation is required to reduce environmental emissions and to improve sustainable development.
Shandong’s TFP growth is higher than Chinese average, but the growth rate has slowed in recent years, appearing the phenomenon that the growth momentum of Shandong’s TFP is insufficient. Using DEA-Malmquist Index to measure Shandong’s TFP growth rate, empirical research from the perspective of financial development finds that financial scale, efficiency of financial institutions, fiscal intervention, and scale of foreign capital utilization have significant nonlinear effects on the growth of TFP. Furtherly, through threshold analysis, the efficiency of financial institutions has a significant threshold effect on TFP growth. Financial scale and fiscal intervention are the main core variables that affect the growth of TFP under the threshold effect, and they have the same effect direction on TFP before and after the threshold value. However, the effect intensity of these two core variables on TFP is different.
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