Ziyuan Kexue (Feb 2023)
The impact of financial agglomeration on green total factor productivity from the perspective of resource dependence
Abstract
[Objective] This study aimed to guide resource-based cities and non-resource-based cities to promote green total factor productivity through rational distribution of financial resources. [Methods] Using 153 non-resource-based cities and 113 resource-based cities in China as research samples and data from 2007-2019, the static panel model and panel threshold model were constructed to test the impact of financial agglomeration on green total factor productivity from the perspective of resource dependence. [Results] The results show that: (1) Overall, financial agglomeration was positively correlated with green total factor productivity in non-resource-based cities, while it was negatively correlated with green total factor productivity in resource-based cities. (2) When the resource-dependence perspective was not considered, the results of the panel threshold model with financial agglomeration as the threshold indicate that the financial agglomeration interval promoting the improvement of green total factor productivity in non-resource-based cities was [0.000, 0.475], while the financial agglomeration interval inhibiting the improvement of green total factor productivity in resource-based cities was [0.000, 0.385] and [0.475, +∞]. (3) When resource dependence was considered, the results of the panel threshold model based on resource dependence indicate that there was no significant threshold effect in non-resource-based cities. In resource-based cities, when the resource dependence degree was greater than 0.018, financial agglomeration had a inhibitory effect on green total factor productivity. (4) In the growing, mature, and declining resource-based cities, financial agglomeration was negatively correlated with green total factor productivity, but in the renewable resource-based cities, financial agglomeration was positively correlated with green total factor productivity. [Conclusion] In the process of planning financial resource agglomeration, local governments should take into account the degree of regional resource dependence and make policies based on local conditions, so as to create favorable conditions for promoting the improvement of green total factor productivity of non-resource-based cities and resource-based cities.
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