Regional Difference, Dynamic Evolution and Spatio-temporal Convergence of Output Efficiency of Green Finance in China

Abstract

Abstract: Based on the panel data of 31 provinces in China from 2007 to 2020, this paper uses the meta frontier SBM-DEA model containingnon-expected output to measure the output efficiency of green finance in each province, and analyzes the differences, changing trends, sources of efficiency losses and future efficiency improvement priorities between the national and local green finance output efficiency. Then, the Dagum Gini coefficient, Markov model and spatio-temporal convergence model are constructed to analyze the regional differences, dynamic evolution and spatio-temporal convergence characteristics of the output efficiency of green finance in China. The results of the study are as follows: The green fiscal output of all provinces in China has varying degrees of efficiency loss, the overall regional difference of green fiscal output efficiency is gradually narrowing, the level of equalization is constantly improving, and the overall difference of efficiency mainly comes from the overlapping influence of regions with different levels of fiscal development. The efficiency loss of provinces with a high level of financial development comes from the dual effects of technology gap inefficiency and management inefficiency, while the efficiency loss of provinces with a low level of financial development is mainly caused by management inefficiency. There is a dynamic transfer phenomenon of efficiency level among different types of green fiscal output efficiency, which has a positive spatial spillover effect. The output efficiency of green finance in China does not have σ convergence. But it has obvious spatial β convergence characteristics. The output effiaiency of green finance in different provinces will eventually converge to the same optimal steady state level.

Key words: Green Fiscal Output Efficiency, Meta Frontier, Dagum Gini Coefficient, Markov Model, Convergence Model

摘要： 本文使用2007—2020年我国省级面板数据,测算并分析我国绿色财政产出效率差异、变化趋势、效率损失来源以及未来提升重点,并对绿色财政产出效率的地区差异、动态演变及时空收敛特征进行探究。研究发现:我国绿色财政产出效率的地区差异逐渐缩小、均衡化水平不断提升,效率总体差异变化主要来源于财政发展不同水平地区之间的交叉重叠影响;各省的绿色财政产出均存在不同程度的效率损失;不同产出效率类型省份之间存在效率等级的动态转移现象,具有正向空间溢出效应;我国绿色财政产出效率不存在σ收敛,但存在明显的空间β收敛特征,各省的绿色财政产出效率最终会趋向于同一个最优稳态水平。

关键词: 绿色财政产出效率, 共同前沿, Dagum基尼系数, 马尔科夫模型, 收敛模型

CLC Number:

F812.7

LIU Gaoxiu, LIU Changshan, SUN Jing. Regional Difference, Dynamic Evolution and Spatio-temporal Convergence of Output Efficiency of Green Finance in China[J]. Collected Essays on Finance and Economics, 2024, 40(1): 28-37.

刘高秀, 刘菖山, 孙婧. 我国绿色财政产出效率的地区差异、动态演变及时空收敛性[J]. 财经论丛, 2024, 40(1): 28-37.

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