(Jiangnan University, Wuxi Jiangsu, 214122)
Abstract：This paper, based on the directional distance function and Global Malmquist-Luenberger index, measures the green total factor productivity for the eleven provinces and cities in the Yangtze River Economic Belt. From the perspectives of both financial depth and financial efficiency, the relationship between financial development and green total factor productivity growth is studied therein. It is found that the growth of green total factor productivity in the Yangtze River Economic Belt features large fluctuations and regional differences. Financial efficiency exerts a significant effect on the growth of green total factor productivity, whereas financial depth shows no such sign. The financial efficiency in the downstream areas shows a significant effect on the growth of green total factor productivity, which is distinctly stronger than that in the middle and upper reaches, while there exists no significant regional difference in the impact of financial depth on green total factor productivity. It is necessary to improve the green financial system, expand the scale of green financing, establish a financial cooperation framework for the Yangtze River Economic Belt, and enhance the role of financial development in the growth of green total factor productivity.
Key Words： financial development; green total factor productivity; global Malmquist-Luenberger index