Abstract
Green finance has become an important reform force to promote the sustainable development of China's economy. Therefore, it has a great significance for in-depth analysis of the advantages and disadvantages of regional green finance development, to further promote it by clarifying and predicting the regional differences and dynamic evolution trends. Based on this, this paper will select the relevant index from 2001 to 2020 to construct China Green Finance Core Network (CGFCN) in different years by using Space-L method at the first, then analyze its network characteristics and spatial evolution pattern in depth, and finally predict the future development trend of CGFCN by link prediction. The research results show that: firstly, the evolution of CGFCN is mainly divided into three stages: rapid development, stable development and optimal development, and the closeness of CGFCN is constantly improving. Besides, two strong relationship networks are gradually forming, that is Beijing-Tianjin region and the Yangtze River Detla region. Secondly, with the development of green finance, the community division has changed. It is mainly divided into four communities, named the Beijing-Tianjin-Hebei leading community, the eastern provincial community, the Yangtze River Delta community and the central and southern joint community. Different communities will have different integration in different periods. Thirdly, the future development direction of green finance network is mainly Beijing-Tianjin-Hebei region and Yangtze River Delta regions, and their outward radiation are mainly shown in the eastern coastal and central regions, which also have strong development potential. In this regard, it is proposed to coordinate development across provinces to speed up the "urban integration" of green finance services; Establish an efficient community development mechanism and promote the interconnection of green finance markets and infrastructure between different regions; Strengthen the resource flow among regions and coordinate the resource competition of green finance.
Similar content being viewed by others
Data availability
The data of this study come from the China Statistical Yearbook, Statistical Yearbook of each province, China Insurance Yearbook and National Bureau of Statistics.
References
Barabási AL, Albert R (1999) Emergence of scaling in random networks. Science 286:509–512. https://doi.org/10.1126/science.286.5439.509
Bargigli L, Di Iasio G, Infante L et al (2015) The multiplex structure of interbank networks. Quant Finance 15(04):673–691. https://doi.org/10.1080/14697688.2014.968356
Battiston S, Catanzaro M (2004) Statistical properties of corporate board and director networks. Eur Phys J B 38(02):345–352. https://doi.org/10.1140/epjb/e2004-00127-8
Borch OJ, Huse M (1993) Informal strategic networks and the board of directors. Entrep Theory Pract 18(01):23–36. https://doi.org/10.1177/104225879301800102
Bracking S (2019) Financialisation, Climate Finance, and the calculative challenges of managing environmental change. Antipode 51(03):709–729. https://doi.org/10.1111/anti.12510
Cao H, Lin T, Li Y et al (2019) Stock price pattern prediction based on complex network and machine learning. Complexity 10(2019):1–12. https://doi.org/10.1155/2019/4132485
Crucitti P, Latora V, Porta S (2006) Centrality in Networks of Urban Streets. Chaos 16(01):015113. https://doi.org/10.1063/1.2150162
Delpini D, Battiston S, Riccaboni M et al (2013) Evolution of Controllability in Interbank Networks. Sci Rep 3(01):1–5. https://doi.org/10.1038/srep01626
Descheneau P, Paterson M (2011) Between desire and routine: Assembling environment and finance in carbon market. Antipode 43(03):662–681. https://doi.org/10.1111/j.1467-8330.2011.00885.x
Ding R, Zhang YL, Zhang T et al (2022) Influence of evolution of urban rail transit networks on urban spatial correlation effect. Railway Transport Econ 44(04):52–58. https://doi.org/10.16668/j.cnki.issn.1003-1421.2022.04.08. 78 In Chinese
Ding R, Zhang YL, Zhou T et al (2022) Influence of evolution of rail transit complex network on urban community division. J Railway Sci Eng 19(11):3168–3178. https://doi.org/10.19713/j.cnki.43-1423/u.t20211330. In Chinese
Ding R, Ujang N, Hamid H B, et al (2019). Application of complex networks theory in urban traffic network researches. Netw Spatial Econ 19(04):. https://doi.org/10.1007/s11067-019-09466-5
Flammer C (2021) Corporate green bonds. J Financ Econ 142(02):499–516. https://doi.org/10.1016/j.jfineco.2021.01.010
Hu HM, Lian SH (2021) The development of green finance and the change of industrial structure in china- a multidimensional perspective based on grey, coupling, and spatial connection networks. Finance Econ 9:51–59. https://doi.org/10.19622/j.cnki.cn36-1005/f.2021.09.006. In Chinese
Hu Y, Zheng J (2022) How does green credit affect carbon emissions in china? A theoretical analysis framework and empirical study. Environ Sci Pollut Res 29:59712–59726. https://doi.org/10.1007/s11356-022-20043-1
Huang XW, Zong SW, Lin YK (2022) Regional Differences and Innovative Effects of Green Finance Development. Stat Dec 38(24):139–142. https://doi.org/10.13546/j.cnki.tjyjc.2022.24.027. In Chinese
Hyun S, Park D, Tian S (2020) The price of going green: the role of greenness in green bond markets. Account Finance 60(01):73–95. https://doi.org/10.1111/acfi.12515
Li YJ, Xiao LM (2021) Analysis on the spatial structure characteristics and influencing factors of china’s green financial network: from the perspective of enterprise-city network retranslation model. World Reg Stud 30(01):101–113. https://doi.org/10.3969/j.issn.1004-9479.2021.01.2019314. In Chinese
Li H, Yuan YC, Wang N (2019) Evaluation on the coupling and coordinated development of regional green finance and ecological environment. Stat Dec 35(08):161–164. https://doi.org/10.13546/j.cnki.tjyjc.2019.08.038 In Chinese
Liu R, Wang D, Zhang L et al (2019) Can green financial development promote regional ecological efficiency? A case study of china. Nat Hazards 95(1–2):1–17. https://doi.org/10.1007/s11069-018-3502-x
Lü L, Zhou T (2011) Link prediction in complex networks: A survey. Physica A 390(6):1150–1170. https://doi.org/10.1016/j.physa.2010.11.027
Lv C, Bian B, Lee CC et al (2021) Regional gap and the trend of green finance development in china[J]. Energy Econ 102:105476. https://doi.org/10.1016/j.eneco.2021.105476
Lv K, Pan JB, Zhou YL et al (2022) Government intervention, green finance and regional innovation capability- evidence from panel data of 30 provinces. Forum Sci Technol China 10:116–126. https://doi.org/10.13580/j.cnki.fstc.2022.10.004 In Chinese
Mahat TJ, Bláha L, Uprety B et al (2019) Climate finance and green growth: reconsidering climate-related institutions, investments, and priorities in nepal. Environ Sci Eur 31:46. https://doi.org/10.1186/s12302-019-0222-0
Migliorelli M (2021) What do we mean by sustainable finance? Assessing existing frameworks and policy risks. Sustainability 13(02):975. https://doi.org/10.3390/su13020975
Newman M (2003) The structure and function of complex networks. SIAM Rev 45(02):167–256. https://doi.org/10.1137/S003614450342480
Nian W, Dong X (2022) Spatial correlation study on the impact of green financial development on industrial structure upgrading. Front Environ Sci 10:1017159. https://doi.org/10.3389/fenvs.2022.1017159
Peng S (2019) Research on the development of green finance from the perspective of financial function. Finance Econ 7:92–96. https://doi.org/10.19622/j.cnki.cn36-1005/f.2019.07.015 In Chinese
Peron T, Costa L, Rodrigues FA (2012) The structure and resilience of financial market networks. Chaos: Interdiscip J Nonlinear Sci 22(01):013117. https://doi.org/10.1063/1.3683467
Ramirez-Marquez JE, Rocco CM, Barker K et al (2018) Quantifying the resilience of community structures in networks. Reliab Eng Syst Saf 169:466–474. https://doi.org/10.1016/j.ress.2017.09.019
Reggiani A (2013) Network resilience for transport security: some methodological considerations. Transp Policy 28:63–68. https://doi.org/10.1016/j.tranpol.2012.09.007
Shahbaz M, Hye QM, Tiwari A et al (2013) Economic growth, energy consumption, financial development, international trade and co2 emissions in indonesia. Renew Sustain Energy Rev 25:109–121. https://doi.org/10.1016/j.rser.2013.04.009
Sterbenz JP, Hutchison D, Çetinkaya EK et al (2010) Resilience and survivability in communication networks: strategies, principles, and survey of disciplines. Comput Netw 54(08):1245–1265. https://doi.org/10.1016/j.comnet.2010.03.005
Strogatz SH (2001) Exploring complex networks. Nature 410(6825):268–276. https://doi.org/10.1038/35065725
Taghizadeh-Hesary F, Yoshino N (2019) The way to induce private participation in green finance and investment. Financ Res Lett 31:98–103. https://doi.org/10.1016/j.frl.2019.04.016
Verdecho MJ, Alfaro-Saiz JJ, Rodriguez-Rodriguez R et al (2012) A multi-criteria approach for managing inter-enterprise collaborative relationships. Omega 40(03):249–263. https://doi.org/10.1016/j.omega.2011.07.004
Walter C (2020) Sustainable financial risk modelling fitting the sdgs: some reflections. Sustainability 12(18):7789. https://doi.org/10.3390/su12187789
Wang Q, Li XD (2021) Research on the impact of green bonds on corporate value. Econ Rev J 9:100–108. https://doi.org/10.16528/j.cnki.22-1054/f.202109100 In Chinese
Wang X, Wang Y (2021) Research on the green innovation promoted by green credit policies. J Manag World 37(06):173–188+11. https://doi.org/10.19744/j.cnki.11-1235/f.2021.0085 In Chinese
Wang C, Peng D, Nie P et al (2017) Green insurance subsidy for promoting clean production innovation. J Clean Prod 48(04):111–117. https://doi.org/10.1016/j.jclepro.2017.01.145
Watts DJ, Strogatz SH (1998) Collective dynamics of “small-world” networks. Nature 393(6684):440–444. https://doi.org/10.1038/30918
Wen SY, Lin ZF, Liu XL (2022) Green finance and economic growth quality: construction of general equilibrium model with resource constraints and empirical test. Chin J Manag Sci 30(03):55–65. https://doi.org/10.16381/j.cnki.issn1003-207x.2020.2173 In Chinese
Wu CS, Ang H (2022) Spatiotemporal Variations in the Efficiency of Green Finance in China and its Enhancement Paths. Resources Sci 44(12):2456–2469. https://doi.org/10.18402/resci.2022.12.06 In Chinese
Yang LJ, Wang J, Yang YC (2022) Spatial evolution and growth mechanism of urban networks in western China: A multi-scale perspective. J Geogr Sci 32:517rnal. https://doi.org/10.1007/s11442-022-1959-8
Yin J, Zhen F, Wang C (2011) Study on the urban network pattern of China based on the layout of financial enterprises. Econ Geogr 31(05):754–759. https://doi.org/10.15957/j.cnki.jjdl.2011.05.009
Yin X, Xu Z (2022). An empirical analysis of the coupling and coordinative development of china's green finance and economic growth. Resources Policy 75:. https://doi.org/10.1016/j.resourpol.2021.102476
Zahan I, Chuanmin S (2021) Towards a green economic policy framework in china: role of green investment in fostering clean energy consumption and environmental sustainability. Environ Sci Pollut Res 28:43618–43628. https://doi.org/10.1007/s11356-021-13041-2
Zheng J Y, Hu Y (2023). Can green credit drive the “Greening” of the financial system and enterprise emission reduction?- based on evolutionary game analysis. Chin J Manag Sci 1–12. https://doi.org/10.16381/j.cnki.issn1003-207x.2022.0762 (In Chinese)
Zheng JY, Hu Y (2021) Is green credit a good tool to achieve “double carbon” goal? based on coupling coordination model and pvar model. Sustainability 13(24):14074. https://doi.org/10.3390/su132414074
Zhou T, Ding R, Du Y et al (2022) Study on the coupling coordination and spatial correlation effect of green finance and high-quality economic development—evidence from china. Sustainability 14(6):3137. https://doi.org/10.3390/su14063137
Funding
This study is supported by Guizhou Key Laboratory of Big Data Statistical Analysis (No.[2019]5103) and the Guizhou University of Finance and Economics 2021 Annual Research Grant for Current Students Project No. (2021ZXSY03).
Author information
Authors and Affiliations
Contributions
Data curation: Shihui Chen, Kexin Wang; Methodology: Linyu Du, Jun Fu; Resources: Wenqian Xiao; Supervision: Lina Peng; Writing-original draft: Yiming Du, Juan Liang; Writing—review & editing: Rui Ding.
Corresponding author
Ethics declarations
Ethical Approval
Written informed consent for publication of this paper was obtained from all authors.
Consent to Participate
all author consent to participate.
Consent to Publish
all author consent to publish.
Competing Interests
The authors have no relevant financial or non-financial interests to disclose.
Additional information
Responsible Editor: Nicholas Apergis
Publisher's note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Ding, R., Du, Y., Du, L. et al. Green finance network evolution and prediction: fresh evidence from China. Environ Sci Pollut Res 30, 68241–68257 (2023). https://doi.org/10.1007/s11356-023-27183-y
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11356-023-27183-y