四川轻化工大学学报(社会科学版)

资金流动视角下绿色金融赋能新质生产力的影响研究旨在探究绿色金融赋能新质生产力的内在机制，检验资金流动的中介作用与区域异质性，以期为优化绿色金融资源配置、加快培育新质生产力提供理论支撑与政策参考。该研究基于2010—2022年中国31个省（自治区、直辖市）的面板数据，运用熵权法测度绿色金融与新质生产力发展水平，并采用固定效应模型、中介效应模型及异质性分析方法，实证检验绿色金融的影响效应与传导路径。结果表明：（1）绿色金融能够显著促进新质生产力发展，该结论在经过数据缩尾处理、剔除政策试点省份样本及引入解释变量滞后项等稳健性检验后依然成立；（2）绿色金融的促进效应具有显著的区域异质性，呈现“东部地区最强、西部地区次之、中部地区较弱”的梯度差异，且在服务业发展水平较低的地区作用更为明显；（3）资金流动在绿色金融赋能新质生产力过程中发挥了显著的中介传导作用。据此，建议各级政府制定差异化区域政策，加大对中西部地区的绿色金融支持力度；鼓励金融机构创新绿色信贷、绿色债券等产品体系；健全资金流动机制，引导资本高效流向新能源、新材料等新质生产力核心领域，助力经济社会绿色低碳转型与高质量发展。

This study aims to explore the internal mechanisms through which green finance empowers new quality productive forces, examine the mediating role of capital flows and regional heterogeneity, and provide theoretical support and policy references for optimizing green finance resource allocation and accelerating the cultivation of new quality productive forces. Based on panel data from 31 Chinese provinces(autonomous regions and municipalities) from 2010 to 2022, this study employs the entropy weight method to measure the development levels of green finance and new quality productive forces, and adopts fixed effects models, mediating effect models, and heterogeneity analysis to empirically examine the empowering effects and transmission pathways of green finance. The results show that:(1) Green finance significantly promotes the development of new quality productive forces. This conclusion remains robust after a series of robustness tests, including data winsorization, excluding policy pilot province samples, and introducing lagged terms of explanatory variables.(2) The promoting effect of green finance exhibits significant regional heterogeneity, showing a gradient pattern of “strongest in the eastern region, followed by the western region, and relatively weaker in the central region,” and the effect is more pronounced in areas with lower levels of service industry development.(3) Capital flows play a significant positive mediating role in the process of green finance empowering new quality productive forces. Accordingly, it is recommended that governments at all levels formulate differentiated regional policies and increase green finance support for the central and western regions; encourage financial institutions to innovate product systems such as green credit and green bonds; and improve capital flow mechanisms to guide the efficient flow of capital toward core areas of new quality productive forces, such as new energy and new materials, thereby facilitating the green and low-carbon transition and high-quality development of the economy and society.