摘 要
在过去人类几千年的发展史中，经济的增长仅仅只用速度指标衡量，而数字
经济的背后却忽视了质量的问题。在中国经济飞速发展的近四十年来，中国已经
逐步发展成为全球第二大经济体,全要素生产率已经逐渐发展成为了衡量经济质
量增长的重要指标，而只有充分考虑了能源投入和环境约束的非期望产出的绿色
全要素生产率才是优化产业转型升级，转化经济持续增长的重要方式，实现绿色
可持续发展的重要保障。而真正推动绿色全要素生产率发展的关键在于绿色技术
创新，科技是第一生产力，科技的创新需要大量的资金支持以及时间周期，是一
项投入大，风险高的活动，这就离不开金融体系对其进行长期的资金支持以及承
担风险的作用。金融体系在绿色发展中扮演的角色非常重要，结合我国当下国情，
经济的增长与绿色发展可能存在不协调的问题。金融的发展可能会促进绿色全要
素生产率的增长，也可能会抑制绿色全要素生产率的增长。因此，本文以我国30
个省市地区为研究对象，对金融发展和绿色全要素生产率之间的关系进行实证研
究。这对于我国的绿色全要素生产率的提高、绿色可持续发展、经济高质量发展
具有重要的理论意义和现实意义。
在此基础上，本文首先界定金融发展和绿色全要素生产率的概念，对国内外
金融发展和绿色全要素生产率的相关理论进行研究，再梳理金融规模、金融深化、
金融效率三者对绿色全要素生产率的影响机制。然后采用全国 30个省市地区（不
含西藏）2008 年到 2019 年的面板数据采用 SBM-DFF模型的 GML 指数法测得
各个地区的绿色全要素生产率。将绿色全要素生产率指标分解为绿色技术进步和
绿色技术效率。从不同的角度选取金融发展指标：金融规模、金融深化、金融效
率，采用静态模型与系统 GMM动态模型进行对比的方式考察金融发展对绿色全
要素生产率的影响机制，并且明确其作用路径，最后对其进行稳健性检验。
得出如下的结论：（1）在全国层面上，我国的绿色全要素生产率基本都大
于 1，说明绿色全要素生产率出现了增长，而绿色全要素生产率的主要推动力来
自于绿色技术进步，而非绿色技术效率。（2）从全国层面来看，我国的 30个省
市地区的绿色全要素生产率都有所提升，但省市地区之间的两级分化较为严重，
发达省市地区的绿色全要素生产率水平较高，而发展较为缓慢地区的绿色全要素
生产率水平较低。（3）从全国层面上来看，金融规模、金融深化、金融效率都
对绿色全要素生产率有着显著的正向作用，从分解指标上来看，金融规模对绿色
技术效率有着显著的抑制作用，金融深化和金融效率对绿色技术效率有着显著的
正向作用。金融规模、金融效率对绿色技术效率的增长有着显著的正向作用。金
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融深化对绿色技术效率的影响不显著。（4）从控制变量来看，对外开放程度对
绿色全要素生产率有着显著的抑制作用，产业结构、经济规模、政府干预程度都
对绿色全要素生产率有显著的正向作用。而外商资本投资对绿色全要素的影响不
显著。
根据所得出的结论提出以下的对策建议：（1）扩大融资渠道，推动绿色产
业发展；（2）推动绿色技术进步和绿色技术效率协调发展；（3）构建绿色金融
体系，推动绿色经济发展；（4）优化金融资源配置效率，提升绿色产出水平；
（5）优化对外开放结构。
关键词：绿色全要素生产率；金融发展；系统 GMM
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Abstract
In the history of human development for thousands of years, economic growth has
been measured only by speed, while quality has been ignored behind the digital
economy. In China's rapid economic development in the past forty years, has gradually
developed into the world's second largest economy, total factor productivity has
gradually developed into the important indicators to measure the quality of economic
growth, and only fully consider the energy input and environmental constraints of the
expected output of green, total factor productivity is the optimization of industrial
transformation and upgrading, transformation of the most important way to sustained
economic growth, An important guarantee for achieving green and sustainable
development. Which is the key to promote the development of green total factor
productivity of green technology innovation, science and technology is the first
productivity, science and technology innovation requires a lot of financial support and
cycle time, is a large, high risk activity, it is inseparable from the financial system on
the long-term financial support, and to take risks. Financial system plays a very
important role in green development. Considering China's current national conditions,
economic growth and green development may not be coordinated. The development of
finance may promote or inhibit the growth of green total factor productivity. Therefore,
an empirical study on the relationship between financial development and green total
factor productivity is conducted in 30 provinces, cities and regions in China. It has
important theoretical and practical significance for the improvement of green total
factor productivity, green sustainable development and high quality economic
development in China.
On this basis, this paper first defines the concepts of financial development and
green total factor productivity, studies the relevant theories of financial development
and green total factor productivity at home and abroad, and then sorts out the influence
mechanism of financial scale, financial deepening and financial efficiency on green
total factor productivity. Then, panel data of 30 provinces and cities (excluding Tibet)
from 2008 to 2019 were used to measure green total factor productivity of each region
using SBM-DFF model GML index method. The green total factor productivity index
is decomposed into green technological progress and green technological efficiency.
Financial development indicators are selected from different perspectives: financial
scale, financial deepening and financial efficiency. The static model is compared with
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