Hindawi

Discrete Dynamics in Nature and Society

Volume 2020, Article ID 8851684, 13 pages
https://doi.org/10.1155/2020/8851684

Research Article
The Measurement of Green Finance Development Index and Its
Poverty Reduction Effect: Dynamic Panel Analysis Based on
Improved Entropy Method

Lili Jiang ,1 Hui Wang ,2 Aihua Tong ,1 Zhifei Hu ,1 Hongjun Duan ,3

Xiaolei Zhang ,2 and Yifeng Wang 4
1
Business School, Suqian College, Suqian 223800, Jiangsu, China
2
Pan-Asia Business School, Yunnan Normal University, Kunming 650000, China
3
Jiangsu Vocational College of Finance and Economics, Huaian 223001, Jiangsu, China
4
Essence Securities CO., LTD, Shanghai 200030, China

Correspondence should be addressed to Hui Wang; [email protected] and Yifeng Wang; [email protected]

Received 7 September 2020; Revised 25 November 2020; Accepted 29 November 2020; Published 16 December 2020

Academic Editor: Maria Alessandra Ragusa

Copyright © 2020 Lili Jiang et al. 2is is an open access article distributed under the Creative Commons Attribution License,
which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Finance contributes to poverty alleviation through economic growth, and the development of green finance is related to the
sustainable development of the world economy and environment. Green finance not only helps promote sustainable economic
development but also helps reduce poverty. Based on the analysis of related theories about green finance and poverty alleviation, this
paper selects 18 indicators from three dimensions of economic development, financial development, and social environmental
development and uses the improved entropy method to measure the green finance development index of China’s 25 provinces and
municipalities from 2004 to 2017. 2e results show that the development level of green finance in China’s 25 provinces and
municipalities is quite different. On the basis of the above analysis, make an empirical analysis of the impact of the green finance
development index on poverty alleviation using multiple regression analysis and static panel and dynamic panel estimation methods.
2e research results show that there is a significant positive correlation between green finance and poverty alleviation; the higher the
level of green finance development, the more conducive the poverty alleviation. So, this paper suggests that poverty can be better
alleviated by improving the level of green finance development, financial asset level, and economic development level.

1. Introduction “multidimensional poverty state,” and there are huge dif-

ferences in poverty levels between countries and regions
2roughout human history, peace and prosperity have al- within countries. 2e report covers 101 countries, including
ways been the goals that people have pursued, but poverty 31 low-income countries, 68 middle-income countries, and 2
has always been a chronic disease that human society cannot high-income countries.
get rid of. In the “Transforming Our World: 2030 Agenda for Since 2015, China has paid more attention to poverty
Sustainable Development” adopted by the United Nations in alleviation and has adopted diversified poverty reduction
September 2015, “eliminating all forms of poverty in the measures. 2020 is the year when China’s grand goal of
world” became the first goal among the 17 sustainable de- building a moderately prosperous society in an all-round
velopment goals. Around the world, we are still facing way is realized, and it is also the final year of China’s fight
enormous development challenges brought about by pov- against poverty. China’s poverty alleviation work has
erty. 2e 2019 Global Multidimensional Poverty Index achieved world-renowned achievements, not only benefiting
Report released by the United Nations Development Pro- the Chinese people but also benefiting the whole world. It
gram shows that 1.3 billion people worldwide are in a has made important contributions to the realization of the
 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
2 Discrete Dynamics in Nature and Society

goals set by the United Nations “2030 Agenda for Sus- the 1970s in the last century. As early as 1974, the Federal
tainable Development.” 2e Chinese style “road to poverty” Republic of Germany established the world’s first policy-
has become the focus of world attention. based environmental protection bank, named “Eco Bank,”
To study poverty, we should define it at first. Because which was responsible for providing preferential loans for
poverty is a complex concept that constantly evolves along environmental projects that general banks were unwilling to
with the development of economies and societies, it is “an accept. Since 2002, many financial institutions around the
elusive concept.” Human understanding of poverty as a world have adopted the “Equator Principles” to pay more
concept has evolved, and scholars have used varying defi- attention to the development of green finance.
nitions of poverty. 2e study of poverty by Rowntree and Green finance is a subject worthy of further study. How
Booth is considered to represent the beginning of the study to measure the development of green finance is the first step
of poverty in the social sciences. In their study, poverty is the in this area. At present, there are few articles measuring the
lack of materiality in an economic sense. Booth defines the green finance index (GFI). Existing literatures mainly use
“poor” as middle-aged people who earns £1 or less per week, alternative indicators to be the proxy of the green finance
and Rowntree describes poverty as applying to a household development index, such as Sarah et al. (2020) [10] replaced
whose total income cannot cover its most basic survival green finance with carbon finance. Some scholars make
activities. Rowntree and Booth emphasize family income special calculations on the energy security index. Song,
because of its necessity to survival. From the perspective of Zhang, and Sun (2019) [11] introduced a new aggregated
income, another definition of “survival poverty” is termed as indicator, the China energy security index (CESI), for
“absolute poverty.” In 1948, a World Bank report introduced evaluating how China’s energy security has changed over
the concept of “income poverty” and linked the world’s rich years. 2e CESI includes the energy supply dimension,
and poor to gross national product for the first time, with economic-technical dimension, and environmental di-
less than US$100 annual income on average representing mension of energy security. A small amount of the literature
poor or underdeveloped status. uses complex network methods to study energy financial
2e Grameen Bank successfully used microloans to help market issues currently. Li et al. (2016) [12] used complex
people out of poverty. 2is case has attracted great attention network methods to study the global energy investment
from the academic community. Many scholars show their structure and found that most foreign investment and
concerns about the relationship between finance develop- foreign investment relations are still controlled by a few
ment and poverty [1–5], such as Jalilian (2002), Philip and Countries. Xi & An (2018) [13] used the financial indicators
Asena (2004), Jordan (2005), Sehrawat and Giri (2016), and of energy stocks to construct a complex network. 2e study
Yılmaz (2017). Financial constraints are proved to be the found that the threshold of 0.7 is a mutation point of the
greatest difficulty in poverty elimination according to the network, and as the threshold increases, the independence of
antipoverty experiences from many developing countries. In the community increases. Some scholars have made related
the process of poverty alleviation through finance, we must research on green finance. For example, Li, Yuan , and Wang
also pay attention to the sustainable development of the (2019) [14] constructed a green finance-ecological envi-
economy. In particular, the green finance development to ronment composite system coupling and coordinated de-
alleviate poverty is more conducive to achieving the 2030 velopment evaluation system and measured the development
sustainable development goals adopted by the United level of green finance and the comprehensive level of eco-
Nations. logical environment in the three major economic circles. Lei
We should consider alleviating poverty effectively not and Wang (2020) [15] used panel regression methods to
only by finance development but also by green economy analyze the relationship between environmental pollution,
development. Although many developing countries have not green finance, and high-quality economic development and
clearly formulated a green indicator system so far, some of used spatial measurement methods to conduct robustness
these countries have adopted “green growth” as a core tests. 2e results show that environmental pollution has a
strategy of national development. China’s 12th Five-Year significant inhibitory effect on high-quality economic de-
Plan (2011–2015) proposed “green development and re- velopment, but green finance has the effect of promoting
source conservation.” India highlighted sustainable devel- high-quality economic development through environmental
opment in its national 12th Five-Year Plan, emphasizing the improvement effects. 2ere are regional differences in this
goals of a “friendly, environment-friendly society” and “fast, effect, which is stronger in the central region and weaker in
sustainable, and more inclusive growth,” which demonstrate the eastern region. Zhu (2020) [16] selected 8 indicators from
the shift of national strategic priorities. Many scholars did the aspects of scale and profit and business operation to
many research studies in green development and green fi- represent green finance and selected 14 indicators from
nance [6–9], such as Csete and Horváth (2012), Edward marine resources, marine environment, and marine activities
(2013), Wang and Zhi (2016), and Xiong and Qi (2018). to represent the marine eco-environment evaluating the
2erefore, promoting the development of green finance has coupling coordination degree of green finance and marine
become a priority. In addition, financial institutions eco-environment based on AHP and grey system theory. Liu
worldwide have been actively developing green finance. 2e (2019) [17] used the analytic hierarchy process to compre-
development history of green finance can be traced back to hensively evaluate the development status and shortcomings
 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
Discrete Dynamics in Nature and Society 3

of green finance in 17 cities in Shandong Province, but she did 2. Theoretical Analysis of the Impact of Green
not calculate the Shandong Province green finance devel- Finance Development on Poverty Alleviation
opment index.
Although those approximate indicators can reflect the 2e research is divided into two parts: (1) using the entropy
development of green finance to a certain extent, their ac- weight method to calculate the GFI and (2) studying the
curacy is questionable. 2is paper tries to measure the GFI impact of the green finance development index on poverty
by the entropy weight method. 2e entropy method has been alleviation. We will conduct theoretical analysis from those
widely used in financial research [18–25], for example, Wang selected basic indicators through the entropy weight method
et al. (2008), Wang et al. (2015), Jin and Liu (2017), Gong and regression analysis.
et al. (2019), Dai and Niu (2019), Long et al. (2019), Zhang
and Wang (2019), and Jiang et al. (2019).
Compared with existing research, we find that there is 2.1. Indicators for Measuring GFI. 2is paper will use the
very little literature analyzing the relationship between green entropy method to measure the degree of green finance
finance development and poverty alleviation, but more re- development in 25 provinces and municipalities in China.
search studies examine that financial development does When using the entropy method to measure the green fi-
matter on poverty alleviation. Most scholars align them- nance development index, some basic indicators are needed.
selves with one or more of the following representative 2e goal set by the United Nations “2030 Agenda for
views. 2e first representative view is that finance devel- Sustainable Development” is to thoroughly solve the de-
opment and poverty alleviation are positively correlated velopment problems of the three dimensions of society,
[26–28], such as Beck et al. (2007), Park (2016), and Rashid economy, and environment through an integrated approach
et al. (2017). 2e second view is that there is a nonpositive and to promote human beings to the path of sustainable
correlation between finance development and poverty al- development. Green finance achieves the sustainable de-
leviation [29–31], such as Kappel (2010), Perez-Moreno velopment goal of the quality of economic growth by
(2011), and Sehrawat and Giri (2016). 2e third represen- promoting environmental governance. In theory, “green
tative view is a nonlinear relationship between finance de- finance” means that the financial sector regards environ-
velopment and poverty alleviation [32–34], such as mental protection as a basic policy. Potential environmental
Greenwood and Jovanovic (1990), Townsend and Ueda impacts must be considered in investment and financing
(2006), and Zahonogo (2017). 2e fourth representative view decisions, and the potential returns, risks, and costs related
is that finance development may be detrimental to poverty to environmental conditions must be integrated. In daily
alleviation [35], such as Claessens and Perotti (2007). Dif- business, we pay attention to the protection of the ecological
ferent types of samples and statistical methods used in fi- environment and the treatment of environmental pollution
nance development and poverty alleviation research lead to in financial business activities and promote the sustainable
varied conclusions. 2e paper analyzes the effect of green development of society through the guidance of social
finance on poverty alleviation from an empirical perspective economic resources. Potential environmental impacts
and verifies the value of sustainable development for green should be considered in investment and financing decisions,
finance, indicating that green development and economic and potential returns, risks, and costs related to environ-
growth are not incompatible. Developing green finance is mental conditions should be integrated into daily business.
conducive to eliminating poverty and generating wealth. 2e Pay more attention to the protection of the ecological en-
result reveals positive correlations between the GFI and the vironment in financial business activities, and promote the
poverty alleviation. 2e higher GFI is more conducive to sustainable development of society through the guidance of
poverty alleviation. social economic resources. 2is paper believes that green
2is paper has the following contributions. Firstly, this finance means that financial institutions incorporate envi-
paper uses the improved entropy weight method to con- ronmental assessment into the process and pay attention to
struct the GFI of Chinese provinces and cities. It can in- the protection of the ecological environment and the de-
tuitively demonstrate the level of green finance development velopment of green industries in their investment and fi-
in various parts of China. Secondly, this paper selects nancing activities. Compared with traditional finance, the
multiple basic indicators from the three dimensions of most prominent feature of green finance is that it emphasizes
economy, finance, and environment to build the GFI. 2e the environmental benefits of human society. Many scholars
indicator system of the GFI is relatively comprehensive. suggest to protect the ecological environment and promote
2irdly, this paper systematically studies the relationship the development of green finance [36–38], such as Pulvir-
between the green finance development and poverty alle- enti; Costa; Pavone (2015), Ferrauto; Costa; Pavone; Can-
viation. Empirical results show that the development of tarella (2013), and Cuspilici; Monforte; Ragusa (2017). It
green finance can effectively reduce poverty. takes environmental protection and effective use of re-
2e arrangement of this paper is as follows: the first part sources as one of the criteria for measuring the effectiveness
is the introduction; the second part is the theoretical in- of its activities and guides all economic entities pay attention
troduction of green finance and poverty alleviation; the third to natural ecological balance. It emphasizes the coordinated
part is the empirical analysis; and the fourth part is the development of financial activities, environmental protec-
conclusion and policy recommendations. tion, and ecological balance and ultimately achieves
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4 Discrete Dynamics in Nature and Society

sustainable economic and social development. 2erefore, into positive indicators and negative indicators. It shows the
this paper selects indicators from the three dimensions of basic ideas of positive-negative image duality, thus ensuring
economy, finance, and environment when constructing the the consistency of the research perspective between the
green finance development index. When selecting specific theoretical and empirical research. Second, the weight value
indicators, it combines the availability of data and the re- obtained by the algorithm of the entropy weight evaluation
search of previous scholars. All the indicators are shown in model and the corresponding final evaluation value not only
Table 1. provide objective results but also reflect the information
contained in various indicators for evaluating green finance
development. 2ird, calculation of the green finance de-
2.1.1. 5e Dimension of Economics. 2is paper argues that velopment index includes various evaluation indicators such
economic development promotes green finance. When the as GDP, waste discharge, and environmental protection.
economy develops to a certain extent, people focus more on 2is model integrates these indicators comprehensively.
sustainable economic development. For the dimension of Besides that, the entropy weight evaluation model algorithm
economic development, this paper considers three indica- and standardized data are more likely to ensure consistent
tors: GDP per capita, income per capita, and unemployment and rational scientific evaluation results. Finally, the GFI
rate. 2e higher GDP per capita is, the greater local eco- based on the entropy weight method ensures the compa-
nomic development is, and the more strongly green finance rability of green finance development indices between
is promoted. 2erefore, GDP per capita is a positive indi- provinces.
cator of the green finance development index. 2e higher
income per capita is, the higher overall income is, and the
more environmental protection is emphasized. 2erefore, 2.2.2. Improved Entropy Weight Method. 2e general en-
income per capita is a positive indicator of green finance. 2e tropy weight method has at least two shortcomings for the
higher the unemployment rate, the lower the development of study of green finance development. Firstly, the general
green finance. 2erefore, the unemployment rate is a neg- entropy weight method will cause a large change in the
ative indicator of green finance. entropy weight of indicators, which will lead to a large error
in the entropy weight coefficient. 2e resulting GFI lacks
2.1.2. 5e Dimension of Finance. We believe that there is a rationality. Secondly, the GFI calculated by the traditional
positive correlation between the level of financial develop- entropy weight method can only provide horizontal com-
ment and the degree of green finance. For the dimension of parison among different provinces, and it is no help when it
finance, this paper considers eight indicators: number of comes to time series data of green finance development.
banks per areas, number of bank staff per areas, and so on. 2erefore, this paper uses an improved entropy weight
2ere is a positive relationship between all indicators and method to calculate the GFI. 2e improved entropy weight
green finance. method is defined as follows:
(1) If m provinces are selected for measuring their GFIs,
2.1.3. 5e Dimension of Environment. In this dimension, six in order to calculate the GFI, we choose n indicators.
indicators are selected to measure three aspects of envi- Suppose xij stands for the jth indicator of the ith
ronmental development: waste discharge, energy con- province. 2e following matrix serves as a basic
sumption, and environmental protection. 2e rate of sulfur indicator of green finance development levels:
dioxide, the rate of solid waste, and the rate of energy
consumption are negative indicators of green finance de-
velopment. 2e rate of nature reserve and the rate of forest z11 · · · zn1
⎜
⎛
⎜ ⎟
⎞
⎟
are positive indicators of green finance development. Z � 􏼐zij 􏼑m·n � ⎜
⎜
⎝ ⋮ ⋱ ⋮ ⎟
⎜ ⎟
⎠ .
⎟ (1)
zm1 · · · zmn m·n
2.2. 5e Entropy Weight Method. 2e entropy weight
method is used to calculate the GFI of various provinces and (2) Because the units of each indicator are inconsistent,
cities in China. 2e advantages and improved models of the we need to standardize equation (1) by (2):
entropy weight method will be introduced below.

2.2.1. Advantages of Entropy Weight Evaluation Model. ⎪

⎧ zij − min zij
⎪
⎪ , if zij is a positive indicator,
Research demonstrates that the entropy weight evaluation ⎪
⎪ max zij − min zij
⎪
⎨
model has the benefits of high calculation accuracy, a wide ri,j � ⎪
application range, and limited susceptibility to subjective ⎪
⎪
⎪
⎪ max zij − zij
factors. 2e primary reasons for using the entropy weight ⎪
⎩ , if zij is a negative indicator.
max zij − min zij
evaluation model to measure green finance development are
as follows. (2)
First, according to the relationship between basic indi-
cators and green finance, the basic indicators are divided (3) Normalize the matrix as follows:
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Discrete Dynamics in Nature and Society 5

Table 1: Relevant indicators of green finance development.

Dimension Basic indicator Calculation method Code Attributes
GDP per capita GDP/population Z1 +
Economics Income per capita Disposable income/population Z2 +
Unemployment rate — Z3 —
Number of banks per areas Amount of banks/areas Z4 +
Number of bank staff per areas Amount of bank staff/areas Z5 +
Number of banks per capita Amount of banks/population Z6 +
Number of banks per capita Amount of bank staff/population Z7 +
Finance
Deposits Deposits/GDP Z8 +
Loans Loan/GDP Z9 +
2e density of insurance Premium/population Z10 +
2e depth of insurance Premium/GDP Z11 +
2e rate of wastewater Wastewater/(deposit + loan) Z12 —
2e rate of sulfur dioxide Amount of sulfur dioxide/(deposit + loan) Z13 —
2e rate of solid waste Amount of solid waste/(deposit + loan) Z14 —
Environment
2e rate of energy consumption Amount of energy consumption/(deposit + loan) Z15 —
2e rate of nature reserve Amount of nature reserve/(deposit + loan) Z16 +
2e rate of forest Amount of forest/(deposit + loan) Z17 +

(6) 2e improved entropy weight coefficient is calcu-

zij lated as follows:
⎪
⎧
⎪ 􏽱������
⎪
⎪ m 2
, if zij is a positive indicator,
⎪
⎪ 􏽐 z
⎪
⎪ i�1 ij
⎨
cij � ⎪ Gj + 0.1 · 􏽐nj�1 Gj
⎪
⎪
⎪
⎪ 1/zij ωj �
⎪
⎪
⎪ 􏽱���������� �, if zij is a negative indicator. 􏽐nj�1 􏼐Gj + 0.1 · 􏽐nj�1 Gj 􏼑
⎩ 􏽐m 􏼐1/z 􏼑2
i�1 ij (8)
(3) 1 − Hj + 0.1 · 􏽐nj�1 􏼐1 − Hj 􏼑
� .
􏽐nj�1 􏼐1 − Hj + 0.1 · 􏽐nj�1 􏼐1 − Hj 􏼑􏼑
(4) Modify the normalization matrix as follows:
(7) A standardized decision matrix is obtained:
bij � rij + 0.0001, (4)

bij ω1 c11 · · · ωn c1n

pij � m . (5) ⎜
⎛
⎜ ⎟
⎞
⎟
􏽐i�1 bij ⎜
V � 􏼐vij 􏼑m·n � ⎜ ⎟
⎝ ⋮ ⋱ ⋮ ⎟
⎜ ⎠.
⎟ (9)
ω1 cm1 · · · ωn cmn
(5) 2e entropy Hj and difference coefficient Gj of the
jth indicator are obtained as shown in equations (6) 2e positive ideal solution v+j and negative ideal so-
and (7): lution v−j of the jth index can be expressed as follows:

m
1
Hj � − · 􏽘 pij ln pij , j � 1, 2, . . . , n, (6) v+j � max􏽮vij |i � 1, 2, . . . , m􏽯, (10)
ln(m) i�1

Gj � 1 − Hj , j � 1, 2, . . . , n. (7) v−j � min􏽮vij |i � 1, 2, . . . , m􏽯. (11)

 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
6 Discrete Dynamics in Nature and Society

(8) 2e Euclidean distance of the positive and negative LPKit � α0 LPKit−1 + α0 GFIit + βZit + ut + λit , (17)
ideal solutions is calculated as s+i and s−i , respectively,
as follows: where LPK represents the poverty level and its explained
variable. In the aforementioned formula, the explanatory
􏽶����������� variable contains the first-order lag item of the explained
􏽴 variable; therefore, the dynamic panel estimation method
n
2
s+i � 􏽘 􏼐vij − v+j 􏼑 , i � 1, 2, . . . , m, (12) can be used for analysis. For estimating dynamic panel
j�1 models, predominantly the differential GMM and system
GMM are used. Compared with the differential GMM, the
􏽶����������� system GMM can effectively deal with unobserved hetero-
􏽴
n geneity problem. It is widely used in parameter estimation of
2
s−i � 􏽘 􏼐vij − v−j 􏼑 , i � 1, 2, . . . , m. (13) dynamic panel models. 2erefore, in this paper, we use the
j�1
system GMM to do the estimation.
In China, medical and educational expenditures com-
(9) GFIi is calculated according to the Euclidean dis- prise a higher proportion of overall household expenditure.
tance of a province’s and city’s positive and negative So, the Engel coefficient is not unsuitable for China’s case.
ideal solutions: Limited by the statistical data availability for all regions, this
paper adopts per capita consumption expenditure to rep-
resent poverty levels and analyze the ability of green finance
s−i development to explain poverty. Inflation level, infrastruc-
GFIi � , i � 1, 2, . . . , m. (14) ture construction, government intervention economic level,
s+i + s−i
economic openness, education level, financial asset devel-
A higher (lower) GFI value indicates a higher (lower) opment level, and economic development level are selected
level of green finance development. as control variables. Details are shown in Table 2.

2.3. Effect of the GFI on Poverty Alleviation

3. Empirical Analysis
2.3.1. Influence of GFI on Poverty Alleviation according to
3.1. Data. In data selecting and processing for establishing
Linear Regression. We first use a simple multivariate linear
the China’s GFI, relevant indicator data from 2004 through
regression method to study the effect of the China’s GFI on
2017 are used. 2e data processing is conducted as follows:
poverty alleviation. 2e model is built as follows:
(1) after removing the missing values, we select sample data
from 25 provinces and cities in China for empirical analysis;
Yi � α + β1 GFIi + β2 CPIi + β3 LROADi
(2) using per capita consumption expenditure as a proxy
+ β4 LGVi + β5 LOPENi + β6 LEDUi (15) variable for poverty alleviation in China; and (3) the data are
+ β7 LASSETi + β8 LPGDPi + εi . from the statistical yearbooks of various provinces, as well as
their annual financial report.
Here, Yi is the explained variable, poverty alleviation,
GFIi is the green finance development index, CPIi is the
inflation level, LROADi is the infrastructure construction, 3.2. 5e Result of GFI. Before we use the entropy weight
LGVi is the level of government economic intervention, method to calculate the GFI, we need to describe the sta-
LOPENi is the economic openness, LEDUi is the education tistical properties of the sample data. Table 3 shows the
level, LASSETi is the financial assets, and LPGDPi is the statistical characteristics of the 17 indicators in this paper.
economic development level. Table 2 and Model (3) are used to obtain the normalized
matrix seen in Table 4.
2e GFI for each region is shown in Table 5 and
2.3.2. Influence of GFI on Poverty Alleviation according to Figures 1–7.
Panel Regression. Static and dynamic panel regression From Table 5 and Figures 1–7, the green finance de-
models are employed. velopment is unbalanced not only in different regions but
Yit � αYit−1 + βZit + ut + δit , (16) also in different provinces within a specific region. 2e
characteristics of the green finance development in different
where Yit−1 is the first-order lag of the explained variable and regions and provinces of China can be summarized as
Zit is the explanatory variable. Poverty alleviation is a dy- follows.
namic process because of the continuity and inertia of Figure 1 indicates the unbalanced green finance devel-
poverty. 2erefore, dynamic panel models must be used to opment in north China. From 2004 to 2008, the green fi-
study the dynamic relationship between the GFI and poverty nance development index of Beijing showed an upward
alleviation. 2is paper introduces a first-order lag term of the trend and then gradually decreased with a small decrement,
green finance development index into the model. 2e dy- but it is still the highest in north China and even the whole
namic panel model is built as follows: country. Tianjin’s GFI is relatively high as well. Hebei’s GFI
 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
Discrete Dynamics in Nature and Society 7

Table 2: Measures of major variables.

Variable
Variable meaning Construction method
name
LPK Poverty level Logarithm of per capita consumption expenditure
GFI Green financial development level Green financial development index
CPI Inflation level Consumer price level
LROAD Infrastructure construction Logarithm of the number of road mileage
Government intervention in
LGV Logarithm of government expenditures
economic level
LOPRN Economic openness Logarithm of the total import and export volume
2e logarithm of the average number of students enrolled in higher education
LEDU Education level
institutions per 100,000 people
LASSET Financial asset development level Logarithm of the total assets of financial institutions
LPGDP 2e level of economic development Logarithm of GDP per capita
Notes: because of space limitations, the statistical characteristics of only some indicators from 2017 are provided.

Table 3: Statistical data characteristics.

Mean Median Maximum Minimun Std. dev Skewness
X1 59746.68 49558.00 128994.00 18756.00 27933.63 1.06
X2 27005.92 22219.94 58988.00 16011.00 11372.21 1.73
X3 3.27 3.34 4.21 1.43 0.62 −0.83
... ... ... ... ... ... ...
X15 0.25 0.26 0.59 0.03 0.14 0.58
X16 1.39 0.18 24.26 0.01 4.83 4.51
X17 0.06 0.05 0.14 0.01 0.04 0.62
Notes: because of space limitations, the statistical characteristics of only some indicators from 2017 are provided.

Table 4: Normalized matrix for the green finance development index in 2004.
c1 c2 c3 ... c15 c16 c17
Beijing 0.53 0.44 0.52 ... 0.53 0.00 0.03
Tianjin 0.39 0.24 0.18 ... 0.18 0.00 0.04
Hebei 0.16 0.16 0.17 ... 0.05 0.00 0.06
... ... ... ... ... ... ... ...
Shanxi 0.11 0.13 0.18 ... 0.10 0.01 0.22
Gansu 0.08 0.13 0.20 ... 0.08 0.07 0.07
Qinghai 0.11 0.13 0.17 ... 0.04 1.00 0.27

Table 5: Green finance development levels of each province and city from 2004–2017.
Region Province 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Beijing 0.88 0.87 0.91 0.92 0.92 0.90 0.89 0.88 0.89 0.84 0.87 0.89 0.88 0.73
Tianjin 0.88 0.81 0.79 0.73 0.76 0.74 0.75 0.79 0.79 0.63 0.58 0.65 0.60 0.58
North China
Hebei 0.10 0.10 0.09 0.09 0.08 0.07 0.09 0.06 0.08 0.04 0.03 0.04 0.04 0.05
Shanxi 0.18 0.22 0.34 0.14 0.23 0.22 0.19 0.35 0.35 0.30 0.18 0.26 0.29 0.27
Liaoning 0.70 0.52 0.42 0.49 0.68 0.42 0.56 0.63 0.60 0.56 0.56 0.64 0.62 0.57
Northeast China Jilin 0.38 0.60 0.54 0.38 0.38 0.30 0.44 0.46 0.47 0.29 0.31 0.40 0.48 0.58
Heilongjiang 0.25 0.22 0.21 0.09 0.30 0.25 0.24 0.32 0.36 0.26 0.25 0.29 0.27 0.24
Shanghai 0.86 0.91 0.92 0.94 0.91 0.79 0.85 0.89 0.90 0.93 0.93 0.86 0.83 0.82
Jiangsu 0.08 0.13 0.09 0.08 0.15 0.09 0.10 0.15 0.20 0.17 0.14 0.23 0.19 0.24
Zhejiang 0.44 0.53 0.53 0.48 0.54 0.64 0.68 0.68 0.72 0.61 0.69 0.71 0.66 0.63
East China Anhui 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.00
Fujian 0.18 0.22 0.20 0.16 0.24 0.22 0.19 0.24 0.30 0.20 0.19 0.24 0.23 0.20
Jiangxi 0.03 0.02 0.03 0.02 0.03 0.02 0.02 0.03 0.04 0.02 0.02 0.03 0.04 0.03
Shandong 0.07 0.13 0.12 0.05 0.05 0.04 0.04 0.07 0.09 0.05 0.06 0.03 0.07 0.06
Henan 0.02 0.03 0.02 0.01 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.04
Hubei 0.01 0.07 0.05 0.04 0.04 0.03 0.02 0.03 0.05 0.02 0.02 0.03 0.02 0.02
South China
Hunan 0.01 0.04 0.03 0.02 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.00
Guangdong 0.40 0.26 0.27 0.23 0.30 0.25 0.23 0.24 0.38 0.19 0.25 0.30 0.23 0.22
 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
8 Discrete Dynamics in Nature and Society

Table 5: Continued.
Region Province 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Chongqing 0.06 0.05 0.04 0.01 0.02 0.02 0.01 0.02 0.02 0.02 0.01 0.02 0.04 0.05
Sichuan 0.11 0.12 0.11 0.12 0.12 0.11 0.12 0.15 0.19 0.12 0.11 0.13 0.12 0.11
Southwest China
Guizhou 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.02
Yunnan 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Shaanxi 0.08 0.10 0.09 0.06 0.09 0.05 0.06 0.11 0.11 0.08 0.07 0.09 0.09 0.09
Northwest China Gansu 0.04 0.04 0.03 0.02 0.04 0.03 0.05 0.06 0.09 0.05 0.04 0.07 0.06 0.08
Qinghai 0.36 0.31 0.28 0.21 0.27 0.23 0.22 0.29 0.40 0.26 0.25 0.35 0.40 0.35

0.8

0.6

0.4

0.2

0
Beijing
Tianjin
Hebei
Shanxi
Liaoning
Jilin
Heilongjiang
Shanghai
Jiangsu
Zhejiang
Anhui
Fujian
Jiangxi
Shandong
Henan
Hubei
Hunan
Guangdong
Chongqing
Sichuan
Guizhou
Yunnan
Shaanxi
Gansu
Qinghai
2004 2011
2005 2012
2006 2013
2007 2014
2008 2015
2009 2016
2010 2017
Figure 1: GFI of provinces and cities from 2004 through 2017.

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Beijing Hebei
Tianjin Shanxi

Figure 2: GFI in north China from 2004–2017.

 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
Discrete Dynamics in Nature and Society 9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Liaoning
Jilin
Heilongjiang
Figure 3: GFI in northeast China from 2004–2017.

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Shanghai Zhejiang
Fujian Shandong
Jiangsu Anhui
Jiangxi
Figure 4: GFI in east China from 2004–2017.

is relatively low. 2e Shanxi’s green finance development From the above analysis, we can find that there is a
index is not high in north China. positive relationship between the degree of green finance
Due to the high forest coverage rate of the three and regional economic development. 2e GFIs of Beijing,
northeast provinces, the overall GFI of northeast China is Shanghai, Tianjin, Zhejiang, and Jiangsu are relatively high,
higher. In the eastern and southern regions in China, the while the GFIs of Anhui, Yunnan, and other regions with the
GFIs of Shanghai, Zhejiang, and Guangdong with better low economic development level are relatively low. 2e GFIs
economic development are higher, while other provinces’ of Beijing, Shanghai, Shanxi, Qinghai, and other regions
GFIs are lower. Apart from Qinghai and Sichuan Province, show a stable trend, while Jiangsu, Sichuan, Zhejiang, and
the GFIs in Northwest and Southwest China are relatively other regions show an upward trend.
low.
 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
10 Discrete Dynamics in Nature and Society

0.45

0.4

0.35

0.3

0.25

0.2

0.15

0.1

0.05

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Henan Hunan
Hubei Guangdong
Figure 5: GFI in south China from 2004–2017.

0.2

0.18

0.16

0.14

0.12

0.1

0.08

0.06

0.04

0.02

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Chongqing Guizhou
Sichuan Yunnan

Figure 6: GFI in southwest China from 2004–2017.

3.3. Effects of GFI on Poverty Alleviation. 2e multiple re- 2e results of multiple regression analysis demon-
gression method and static and dynamic panel regression strate that the GFI, inflation, financial asset level, and
method are all used to analyze the relationship between the economic development level all significantly positively
GFI and poverty alleviation. For the panel regression, a panel affect poverty alleviation. Infrastructure construction
regression with random effects is established. 2e Hausman and openness have significant negative effects on poverty
test statistic is 123.9259, and the corresponding P value is 0. alleviation.
We reject the null hypothesis that no systematic difference 2e results of the fixed-effect analysis demonstrate that
exists between the fixed-effect model and the random-effect the GFI, size of financial assets, and level of economic de-
model. 2e fixed-effect model is constructed. 2e parameter velopment all have a significant positive effect on poverty
estimation results appear in Table 6. alleviation. Government spending and openness have a
Table 7 shows the estimation results of the multiple significant negative effect on poverty alleviation.
regression model and static (fixed-effect) and dynamic System GMM analysis reveals that GFI, infrastructure
(system GMM) panel model. construction, and financial asset levels have significant
 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
Discrete Dynamics in Nature and Society 11

0.45

0.4

0.35

0.3

0.25

0.2

0.15

0.1

0.05

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Shanxi
Gansu
Qinghai
Figure 7: GFI in northwest China from 2004–2017.

Table 6: Hausman test results.

Test summary Chi-sq. Statistic Chi-sq. d.f. Prob.
Cross section random 123.9259 8 0.0000

Table 7: Regression analysis of the impact of green financial development on poverty alleviation.
Variable Multiple regression analysis Fixed effect System GMM
LPK (−1) −0.4143∗∗∗ (−4.7012)
GFI 0.1274∗∗ (3.0157) 0.2127∗ (2.4668) 0.6370∗ (1.6604)
CPI 0.0135∗∗∗ (8.4430) 0.0023 (0.9541) 0.0081 (1.3223)
LROAD −0.2127∗∗∗ (−6.6589) 0.0027 (0.0450) 0.2304∗ (1.8444)
LGV 0.0230 (0.6828) −0.1373∗∗∗ (−4.5649) −0.1381 (−1.0336)
LOPEN −0.1682∗∗∗ (−9.0565) −0.1603∗∗∗ (−3.6618) −0.4001∗∗∗ (−2.9249)
LEDU −0.0459 (−0.9926) −0.1130 (−1.3100) 0.2371 (0.7523)
LASSET 0.6461∗∗∗ (13.6912) 0.4365∗∗∗ (5.4059) 0.9961∗∗ (2.4700)
LPGDP 0.3081∗∗∗ (10.6054) 0.7648∗∗∗ (5.2025) 0.4174 (0.7346)
CONSTANT TERM −0.3215 (−0.8474) −1.9514∗ (−1.8837)
N 350 350 325
R2 0.8815 0.9429
F 163.7293
AR (1) 0.4741
AR (2) 0.1292
Hansen test 0.1333
t: statistics in parentheses. ∗ p < 0.1,∗∗ p < 0.05, and ∗∗∗ p < 0.01.

positive effects on poverty alleviation, and openness has a differences in the GFI among provinces and cities in China. 2e
significant negative effect on poverty alleviation. GFIs of Beijing and Shanghai are relatively high. Multiple re-
gression and static panel and dynamic panel estimation
4. Conclusions and Policy Recommendations methods all reveal a significant positive relationship between the
GFI and poverty alleviation, indicating that developing green
2is paper selects 17 basic indicators and uses the improved finance can effectively reduce poverty. 2e sustainable devel-
entropy weight method to measure the GFI of different opment of green finance can enable to support environmental
provinces and cities in China. 2e relationship between the GFI conservation, demonstrate the optimization of economic and
and poverty alleviation is studied by using the dynamic panel environmental benefits, and realize the development of the
regression method. 2e results show that there are obvious green economy, all of which ultimately help to alleviate poverty.
 3059, 2020, 1, Downloaded from https://onlinelibrary.wiley.com/doi/10.1155/2020/8851684 by Schweizerische Akademie Der, Wiley Online Library on [11/01/2025]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
12 Discrete Dynamics in Nature and Society

Financial assets and economic development both show positive development, and efficient integration of finance and
correlations with poverty alleviation. 2us, greater financial industry.
assets and superior economic development are more conducive (3) 2e level of economic development should be im-
to poverty alleviation. Openness negatively affects poverty al- proved in all regions. Empirical analysis demon-
leviation. 2is may result from that China has increased its level strates a positive correlation between economic
of openness and promoted economic growth on an ongoing development and poverty alleviation. 2erefore, the
basis, but it has also accelerated capital outflows, which are not economic development of various regions should be
beneficial for alleviating poverty. 2e coefficient of government promoted in a variety of ways. To reduce poverty, all
spending is −0.1373, indicating that increasing government regions should combine their own characters,
spending causes poverty. 2e reason for this relationship may identify their most advantageous resources, fully
be that increasing government spending exerts a crowding-out exploit their comparative advantages, vigorously
effect that inhibits private sector investment activities to a develop their advantageous industries, and improve
certain extent, causing a decline in private consumption and their economic development. 2is helps to facilitate
investment. In addition, such a decline is not conducive to poverty elimination more effectively.
poverty alleviation. Based on the research conclusions, this
(4) Increasing investment in infrastructure. From the
paper advances the following policy recommendations:
above empirical analysis, we can see that infra-
(1) 2e empirical analysis shows that there is a signif- structure construction has a positive role in pro-
icant positive correlation between the development moting poverty alleviation. 2e development of
level of green finance and poverty alleviation. infrastructure plays an indispensable role in a
2erefore, we should improve the green finance country’s economic development. Infrastructure
development index of each region and improve the construction is the driving force of economic de-
level of green finance development. Each province velopment, which plays a huge role in promoting
should pay attention to the innovation of green fi- national economic growth. Increasing infrastructure
nancial development. Financial institutions should investment can effectively improve the working
further develop green credit, green financial bonds, environment in economic activities and reduce
and other financial innovation businesses. All transaction costs, so it can improve people’s living
provinces and cities should develop green energy, standards and alleviate poverty.
green environmental protection industry, and en-
ergy conservation and environmental protection Data Availability
industry. Green financial industry has the charac-
teristics of long industrial chain, high degree of All data used to support the findings of the study are
relevance, and strong absorption capacity, which has available from the corresponding author upon request.
a comprehensive pulling effect on economic devel-
opment and can effectively alleviate poverty. Conflicts of Interest
(2) Financial assets should be increased. Empirical
analysis indicates there is a positive correlation be- 2e authors declare that they have no conflicts of interest.
tween financial assets and poverty alleviation. 2e
greater financial assets are, the greater poverty al- Acknowledgments
leviation is. 2erefore, various measures should be
adopted to increase the financial assets of financial 2is paper was supported by 2020 Suqian Science and
institutions, continually deepen financial system Technology Planning Project (Social Development), “Re-
reform, improve the industrial financing situation, search on Science and Technology Finance Boosting the
and increase the income of residents. In addition to Development of Science and Technology SMEs in Suqian
improving and strengthening their supervision, fi- under the Background of the Epidemic.” 2is paper was
nancial institutions should eliminate rural financial supported by the Jiangsu Planning Office of Philosophy and
repression, further loose access requirements, focus Social Sciences in 2017 (no. 2017ZDIXM168) and Yunnan
on improving the professionalism of financial in- Planning Office of Philosophy and Social Sciences in 2019 (no.
stitutions, expand the scale of credit funds, and HX2019082760). 2is paper was supported by the Jiangsu
improve bond issuance and loan financing for the Blue Project.
real economy industry. In conclusion, the quality of
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