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A Development of Green Finance and Regional Eco-Efficiency in China

Based on panel data collected from 30 Chinese provinces between 2009 and 2020, we used the Super-SBM model to calculate regional eco-efficiency (EE) and analyze its spatial–temporal evolution characteristics. Furthermore, we constructed SDM to analyze the direct impact and spillover effect and tested its mechanism with a mediating effects model. According to the SDM results, it is confirmed that both the direct impact of green financial development on regional eco-efficiency improvement and the spatial spillover effects on neighboring provinces have a “U” shaped relationship, and there is significant heterogeneity among the three major regions of China (East, Central, and West). The intermediary effect model found an asset scale and technological progress effect. Based on the findings of the study, policy implications are proposed to expand the scale of green finance, promote its coordinated regional development, promote technological progress and expand the scale of capital.