RESEARCH ON THE FACTORS

INFLUENCING THE DEVELOPMENT OF

GREEN FINANCE IN BEIJING, TIANJIN AND

HEBEI UNDER THE PERSPECTIVE OF

ECOLOGICAL ENVIRONMENTAL

PROTECTION

Xiao Liu*

Department of Nursing, Nanyang Medical College, Nanyang, Henan, 473000,

China.

liumingdalx@163.com

Reception: 14/02/2023 Acceptance: 11/04/2023 Publication:28/06/2023

Suggested citation:

Liu, X. (2023). Research on the factors inﬂuencing the development of

green ﬁnance in Beijing, Tianjin and Hebei under the perspective of

ecological environmental protection. 3C Empresa. Investigación y

pensamiento crítico, 12(2), 109-123.

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ABSTRACT

In today's world, the contradiction between people and the ecological environment is

becoming more and more acute. Green finance is an effective method to resolve the

contradiction between economic growth and ecological environment pollution, which

has been widely recognized by all countries. This paper analyzes the level of green

financial development in the Beijing-Tianjin-Hebei region through an analytical model

of green financial development influencing factors constructed by simulation,

combined with ecological environmental protection, and identifies the main influencing

factors affecting the level of green financial development in this region. In addition, the

realization path proposed in this paper from the perspective of government-led green

financial development is, firstly, to improve green finance-related standards,

assessment system and green financial legal system. The second is to implement

green financial regulation and improve the driving force of green policy and market

integration. The research results show that the comprehensive measurement score of

green finance development level in Beijing, Tianjin and Hebei region shows a steady

increase between 2016 and 2020, among which the comprehensive measurement

score of green finance development level in Beijing is as high as 72.13 in 2020, an

increase of 17.32%. It provides theoretical guidance for the improvement of green

financial public policies in Beijing, Tianjin and Hebei regions.

KEYWORDS

Ecological civilization; environmental protection; Beijing-Tianjin-Hebei; green finance;

public policy.

INDEX

ABSTRACT

KEYWORDS

1. INTRODUCTION

2. GREEN FINANCIAL DEVELOPMENT SYSTEM AND MEASUREMENT

2.1. Green finance development evaluation index system construction

2.1.1. Systematic and hierarchical principles

2.1.2. Principle of scientificity and feasibility

2.1.3. Principles of relevance and reliability

2.2. Green Financial Development Index Measurement

3. ANALYSIS AND DISCUSSION

3.1. Green Finance Development Framework

3.2. Government Investment Analysis

3.3. Measurement of green financial development level

3.4. Policy Recommendations

4. DISCUSSION

REFERENCES

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1. INTRODUCTION

In the process of survival and development, human beings excessively pursue

rapid economic development, overuse and deplete resources, resulting in the

destruction of the living environment [1-3]. The damaged environment in turn restricts

human survival and development, and ecological and environmental problems have

become a major world problem. From the perspective of the requirements of the

times, the report of the 19th Party Congress clearly states that we should adhere to

the harmonious coexistence between human beings and nature and treat the

ecological environment as life [4-6]. The deterioration of the ecological environment

has posed a serious obstacle to China's high-quality development and reduced the

happiness index of residents [7-11]. In this context, in recent years, countries around

the world have been vigorously developing green finance and industrial transformation

to reduce carbon emissions and promote the sustainable development of economic

life and the ecological environment [12-15].

In recent years, the emergence of environmental pollution phenomena represented

by haze and dust storms has aroused great concern in society, signaling that the

previous sloppy growth model is no longer sustainable. Ecological and environmental

issues are closely related to the health of the people and must be reversed with great

effort. Chen et al [19] analyzed the evolution of population, economy and groundwater

exploitation based on the changes in the groundwater flow field in the Luan River

delta, the heart of the Bohai economic zone. They also summarized the previous

studies and analyzed the groundwater flow states in different aquifers of the delta. The

results showed that the groundwater level in the delta region declined gradually, and

the over-exploitation of groundwater exacerbated ecological problems such as water

quality deterioration and shrinking biological habitats. Ma et al [20] considered lakes

and vegetation as sensitive indicators of climate change and human activities, as well

as an essential part of water ecology. Therefore, they combined lake area, vegetation

cover changes, and terrestrial water storage to form a comprehensive evaluation

index of ecological and environmental problems in the Nengjiang River basin. They

found that human activities were the main factor causing ecological problems in lakes

during 2000-2019, and during these years, frequent human activities led to a

decrease in river recharge and a gradual shrinkage of the lake area. Han et al [21]

applied artificial intelligence to ecological environmental protection problems and used

deep learning models to identify invasive alien species as a way to target alien

species prevention and control. They built and trained a Bi-LSTM model and a neural

network model to identify the relevant images based on the data of reports about the

invasion of Asian hornets in the United States. The results show that this model can

effectively identify and prevent new species and avoid the malicious destruction of the

original ecology, to achieve the purpose of protecting ecological diversity. Cheng et al

[22] combined the ecological environment with the tea industry and tourism to analyze

the related industries in Fujian Province. They constructed a coupled coordination

model by establishing a comprehensive evaluation index system related to the three.

The results showed that the comprehensive development index of Fujian Province

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has been steadily increasing in recent years, and the degree of coupling and

coordination of the three systems is changing to high-quality coordination. Jiang et al

[23] concluded that the current Yellow River basin, as an open ecosystem, has a very

fragile ecological environment and is very vulnerable to natural and human activities.

They designed an ecological environment evolution simulation system using big data

and information technology for the changing ecological environment of the Yellow

River basin. This system integrates various data such as historical data, spatial

geographic information as well as monitoring data to realize the functions of multi-

source information synthesis, environmental monitoring and evolution simulation, and

provides some emergency management measures for some critical situations. Dong

et al [24] used remote sensing technology and a projection tracking model to detect

and analyze the urban ecological environment of Shanghai. The results showed that

the eco-environmental quality of all regions in Shanghai had improved. They found

that the ecological environment of each region affects each other, so the management

of the ecological environment should take into account the impact of surrounding

areas.

To sum up, vigorously developing green finance is of great significance to China's

realization of a green, healthy and sustainable development path. This paper studies

the current situation of green finance development in the Beijing Tianjin Hebei region

and analyzes the main factors affecting its development. According to the statistical

data in recent years, the government expenditure in the field of green environmental

protection in the three places in recent years is analyzed, which provides theoretical

support for promoting the development of China's economy and ecological

environment.

2. GREEN FINANCIAL DEVELOPMENT SYSTEM AND

MEASUREMENT

Because green finance essentially combines the greening of energy and the

environment and takes into account the protection of the environment while

maintaining economic development, green finance is growing with the development of

world industrialization. From the existing literature, green finance is also known as

sustainable development finance. The development of green finance takes into

account the development of the economy and natural environment and emphasizes

that human development should follow the laws of nature and live in harmony with

nature.

2.1.

GREEN FINANCE DEVELOPMENT EVALUATION INDEX

SYSTEM CONSTRUCTION

So far, there is no unified standard in academia to define and measure green

finance. According to previous literature research, the empirical analysis of green

finance is mostly measured by a single index such as green credit. Unable to adapt to

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today's rapid economic environment, it is necessary to propose a new evaluation

index system.

2.1.1. SYSTEMATIC AND HIERARCHICAL PRINCIPLES

The construction of the indicator system needs to have sufficient coverage to

determine that the constructed system is a systematic whole and can reflect the level

of green finance development comprehensively, to determine that the selected

indicators can fully reflect their main characteristics from different perspectives, and at

the same time, the selected indicators should be representative and hierarchical and

should be independent of each other and not contain each other as substitutes.

2.1.2. PRINCIPLE OF SCIENTIFICITY AND FEASIBILITY

Science is the basis in the construction of the indicator system, which should follow

scientific theory, and each indicator should be consistent with the definition of green

finance and show its characteristics and attributes scientifically. At the same time, the

selected indicators should also be feasible, with quantifiable indicators and accessible

data to guarantee accurate and reliable data and to ensure that the caliber, scope and

calculation methods of each indicator data are consistent among different regions and

within different periods.

2.1.3. PRINCIPLES OF RELEVANCE AND RELIABILITY

The selected indicators should satisfy the unity of relevance and reliability.

Indicators that are irrelevant or unreliable to green finance cannot be selected.

Irrelevant indicators are difficult to evaluate green finance, and unreliable indicators

may lead to errors, so they are also not selected. It is necessary to have a

standardized operation and sufficient realistic data information as support to get

reliable indicators.

Based on the above principles, referring to the indicators constructed by the

previous green finance level measurement research, combined with the current

situation of green finance development. This paper constructs the index system

shown in Table 1 from the following four aspects.

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Table 1. Evaluation indicators

1. Green Credit

Green credit is an important part of China's green finance policy. The academic

circles often use the following four evaluation methods: (1) the green credit of 21

banks published by the CBRC; (2) China environmental statistics yearbook data (3)

China environmental statistics yearbook data; (3) The interest expense ratio of high

energy consuming industries used in Li and Xia Guang's report; (4) Loans from

regional listed energy conservation and environmental protection enterprises to

banks. Based on the feasibility and comparability of the data, and considering that

green credit can not only support the development of green development in the

positive direction but also inhibit the development of high consumption and high

pollution industries in the negative direction, this paper mainly uses the fourth and fifth

methods to measure green credit from the negative and positive directions

respectively. Therefore, this paper measures green credit from the reverse and

positive perspectives of the fourth and fifth methods respectively. The empirical data

are from the Guotai'an database and China Financial Yearbook.

2. Green Securities

The green securities market can help enterprises finance green projects by issuing

bonds or stocks. Given the late start of green bonds in China and the lack of audit

data, and referring to the research results of several scholars, this paper chooses

green stocks as the research object

3. Green Insurance

Green insurance helps to strengthen the supervision of environmental protection

and clarify the responsibilities of relevant subjects. Environmental protection

insurance can be expressed by environmental liability insurance. Environmental

liability insurance can refer to green insurance, but considering that on the one hand,

Tier 1

Indicators

Secondary

indicators Tertiary indicators Measurement Method

Green

Finance

Development

Level

Green Credit

Percentage of loans to

energy-intensive

industries

Percentage of loans to energy-

intensive industries / Interest

expenses of industrial industries

Green

Securities

Percentage of market

capitalization of

environmental

companies

Total output value of

environmental protection

enterprises / Total A-share market

capitalization

Green

Investment

Percentage of Green

Spending

Fiscal expenditure on energy

conservation and environmental

protection / Fiscal expenditure

Green

Insurance

Environmental liability

insurance amount ratio

Amount of agricultural insurance /

total insurance

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China did implement environmental pollution liability insurance at the end of 2013,

which started late and lacked mandatory, on the other hand, agriculture is fragile and

affected by the natural environment, agricultural insurance is most relevant to the

natural environment, and has a certain public attribute. Therefore, this paper chooses

agricultural insurance scale and loss rate as its proxy variables.

4. Green Investment

Green investment is an investment based on sustainable development, which can

improve the financing ability of green projects and control pollution. The green

investment provides comprehensive guidance and control for environmental

protection. It can reflect the financing level of green industries through other ways

than credit, securities and insurance, and reflect the government's support for

environmental protection enterprises, which is in line with the actual situation of green

investment in China. The data on green investment comes from the China

Environmental Statistics Yearbook.

2.2. GREEN FINANCIAL DEVELOPMENT INDEX

MEASUREMENT

In this paper, the green financial development index is measured by the entropy

value method. The entropy weight method can deeply reflect the distinguishing ability

of indicators and determine better weights. Empowerment is more objective, with a

theoretical basis and higher credibility. In addition, the algorithm is simple and

practical and does not need other software analysis. It can effectively avoid the

deviation caused by subjective factors in the process of determining the weight

coefficient, and eliminate the negative impact of excessive reliance on subjective

feelings on the evaluation results.

The formula for calculating the weight of the indicator is as in equation (1) and

equation (2).

(1)

(2)

Where, denotes the weight of the th sample under the indicator in year for

that indicator, and is the data after the extreme difference standardization process.

is the indicator value after the original data is standardized by the extreme difference

method.

The function to calculate the information entropy of the indicator is shown in

Equation (3):

ij =

∑

i=1

lim

ij→0

ij ×ln

(

)

= 0, Pt

ij =

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(3)

Where, denotes the information entropy of the indicator in year . Calculate the

information entropy of the index, and determine the weight according to its calculated

value. The greater the uncertainty of the index value, the greater the entropy, and the

smaller the index weight, and vice versa, the greater the indicator weight. Calculate

the indicator weights as in equation (4).

(4)

Where, indicates the weight of the indicator in the comprehensive evaluation,

and the larger the weight, the greater the contribution to the result.

Therefore, the green financial development index measurement calculates the

comprehensive evaluation value as shown in equation (5):

(5)

Where, denotes the composite evaluation value of the study the subject in

year .

This section composes in detail the theoretical framework for the analysis of the

structure, objectives, and factors influencing the realization mechanism of green

finance in Beijing, Tianjin, and Hebei Province, and the mechanism path of green

finance affecting economic development is combined with the logical relationship

between the two to reason out the role mechanism of green finance affecting the

ecological economy of Beijing, Tianjin, and Hebei Province for role analysis. The

theoretical basis is provided for the subsequent analysis.

3. ANALYSIS AND DISCUSSION

Green finance pays attention to environmental protection while developing the

economy, which provides important support for promoting the construction of

ecological civilization and winning the pollution war. This paper makes statistics on the

data of green credit, green investment and green securities in Beijing Tianjin Hebei

region in 2017. Then, it makes a statistical analysis of the pollution control and

environmental protection expenditure in the Beijing Tianjin Hebei region from 2016 to

2020.

j=−

ln(

)

∑

i=1 [

ij ×ln

(

)]

(

1−Et

)

∑n

j=1 (

1−Et

)

∑

j=1

(

j−Yt

)

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3.1. GREEN FINANCE DEVELOPMENT FRAMEWORK

Green finance is a comprehensive concept, which contains multiple dimensions. To

make an objective and reasonable measurement of green finance, a comprehensive

index system should be established to contain information from multiple aspects.

Specifically, by judging and analyzing the current financial development, multiple

dimensions are established, such as green securities, green insurance, etc., and then

appropriate indicators are selected to measure the development of each dimension to

build a reasonable indicator system and calculate a comprehensive green finance

score. At present, the academic community has not yet unified the construction of a

green finance index system, and there are differences in the selection of indicators.

However, most Chinese scholars use five key indicators such as green credit to

evaluate. Through the statistical analysis of the existing published data, the

development status of green credit, green investment and green securities in Beijing

Tianjin Hebei region in 2017 is obtained. Specific information is as follows.

1. Green Credit

As of the end of June 2017, the balance of loans in the green credit sector of major

Chinese banks in Beijing was RMB901.768 billion, an increase of 8.6% year-on-year,

of which RMB 756.080 billion was for energy conservation and environmental

protection, an increase of 9.0% year-on-year. At the end of 2016, green credit in the

banking sector in Tianjin accounted for 9% of all loans in the city. 144,000 green

credits were issued in the banking sector in Hebei Province in the first quarter of 2017,

amounting to RMB 221.399 billion.

2. Green Securities

By the end of July 2017, Beijing enterprises, including state-owned enterprises, had

issued 45 green bonds. In February, China Development Bank successfully issued 5

billion yuan of green financial bonds in the bond market, including three categories

and nine projects of energy conservation, clean transportation and clean energy.

3. Green Investment

In terms of green funds, the scale of several green industry funds in the Beijing-

Tianjin-Hebei region has reached the order of 100 billion. By the spirit of the State

Council's approval and under the strong promotion of the Department of Industrial

Coordination of the National Development and Reform Commission, the Beijing-

Tianjin-Hebei Industrial Co-development Investment Fund was established in

December 2016. Up to now, Beijing has set up several sub-funds of government

investment guiding funds.

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3.2. GOVERNMENT INVESTMENT ANALYSIS

The statistical results of environmental protection expenditure in Beijing, Tianjin and

Hebei Province from 2016 to 2020 are shown in Figure 1. It can be found that the

proportion of environmental protection expenditure in Beijing is getting higher and

higher from 2016 to 2020. From 3.25% in 2016 to 6.83%, an increase of more than

100%, indicating that the Beijing government is paying more and more attention to

environmental protection. In contrast, from 2016 to 1019, the proportion of

environmental protection expenditure in Tianjin remained at about 2%, but by 2020,

this proportion increased to 3.23%, indicating that the Tianjin municipal government

did not pay enough attention to environmental protection until 2020. On the other

hand, Hebei Province pays more attention to energy conservation and environmental

protection, which reached 4.28% in 2016 and increased to 6.49% by 2020. This is

because the pollution situation in Hebei was relatively serious at that time. The local

government attached great importance to environmental protection and took many

measures to reduce the emission of pollutants.

Figure 1. Proportion of fiscal expenditure on energy conservation and environmental

protection in the Beijing-Tianjin-Hebei region to total fiscal expenditure, 2016-2020

Figure 2 shows the proportion of investment in environmental pollution control in

Beijing, Tianjin and Hebei Province from 2016 to 2020. As can be seen from Figure 2,

Tianjin's regional investment in environmental pollution control continues to take the

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lead, reaching a maximum of 10.12% in 2018, only 11.2% lower than that of Hebei

Province in 2020. The proportion of investment in environmental pollution control in

Hebei Province has increased steadily year by year, from 5.68% in 2016 to 11.2% in

2020, with a relative increase of 97.18%. In contrast, from 2016 to 2020, Beijing's

investment in environmental pollution control accounted for a relatively low proportion,

only about 2%. This is because Beijing's regional GDP base is larger than that of

Tianjin and Hebei.

Figure 2. Investment in environmental pollution control in Beijing-Tianjin-Hebei region as a

proportion of regional GDP, 2016-2020

3.3. MEASUREMENT OF GREEN FINANCIAL

DEVELOPMENT LEVEL

Based on the data from 2016 to 2020, under the framework of the evaluation

indexes of green financial development level in Table 1, the weights measured by the

entropy weighting method (39% for green credit, 26% for green securities, 18% for

green investment, 10% for green insurance, and 7% for carbon finance, all the results

are retained to integers) are calculated in The results are kept to the whole number),

and the strict integration from the third-tier indicators to the first-tier indicators is

gradually completed by the established method under the principle of "progressive

indicators", and the results are finally output. The scores of green financial

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development levels of Beijing, Tianjin and Hebei from 2016 to 2020 are shown in

Table 2.

Table 2. Tianjin and Hebei Green Finance Development Level Score

According to the comprehensive measurement of the green financial development

level of Beijing, Tianjin and Hebei, it can be found that the highest green financial

development level of Beijing was 61.48 in 2016, and increased to 72.13 in 2020, an

increase of 17.32%. The green financial development level of Tianjin has increased

from 47.95 to 59.84, while that of Hebei has increased from 42.61 to 48.26. In terms

of the macro pattern of synergistic development, the overall green financial

development level of Beijing, Tianjin and Hebei has shown positive growth.

3.4. POLICY RECOMMENDATIONS

The development of green finance in the Beijing-Tianjin-Hebei region cannot be

achieved without the support of good public policies, and the improvement of public

policies mainly starts from the following aspects.

Increase financial investment. In the initial stage of green financial

development, local governments should increase financial investment in

regional economic development to promote the development of the local

economy and raise the actual income level of residents. In addition, the

relevant departments should introduce green financial reward and punishment

policies and improve relevant laws and regulations as soon as possible.

2. Raise the awareness of environmental protection. The environment should not

only be protected by the masses but also by the national government, which

should introduce relevant laws and regulations to restrain people's

unreasonable behavior. Through the news media to strengthen the

environmental protection education concept of publicity, the residents of the

community regularly organized environmental protection activities, and the

relevant law enforcement departments to increase environmental protection

enforcement efforts. Only when each unit has its responsibility can the whole

society gradually raise awareness of environmental protection.

3. Improve the risk prevention and control mechanism, for the prevention of green

financial risks, it is imperative to establish a sound green financial risk warning

mechanism. The first line of defense of risk management is prevention, and it is

City 2016 2017 2018 2019 2020 Average Development

Level

Beijing 61.48 64.03 67.29 69.26 72.13 66.84

Tianjin 47.95 51.23 54.67 56.38 59.84 54.01

Hebei 42.61 44.97 48.33 51.21 54.19 48.26

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essential to improve the management capacity and prevention and control of

green financial risks, so green financial risk early warning should be taken as

part of the systemic financial risk monitoring and warning system.

4. DISCUSSION

Green finance, as an innovative financial development model to resolve the

contradiction between economic growth and ecological pollution, has been rapidly

developed under the promotion of development concepts such as green, sustainable

and high quality. This paper counts the green finance evaluation indicators such as

green credit, green investment and green securities in Beijing Tianjin Hebei region

from 2016 to 2020. During this period, the proportion of local government expenditure

on energy conservation and environmental protection and the proportion of

investment in environmental pollution control were analyzed. Integrate the measured

scores of green finance development in various regions. The following conclusions

can be drawn.

The indicators of green credit, green securities, and green investment in

Beijing, Tianjin, and Hebei regions are steadily increasing and account for a

larger share of the country. In 2017 alone, green credit in Beijing increased by

8.6% year-on-year, and the scale of green securities financing was close to

30% of the country.

2. From 2016 to 2020, the government of Beijing Tianjin Hebei region invested

more and more in energy conservation, environmental protection and

environmental pollution control. The proportion of environmental pollution

control investment in Hebei Province increased from 5.68% in 2016 to 11.2% in

2020, with a relative increase of 97.18%.

Comprehensive analysis of green financial development level evaluation

indexes for the comprehensive measurement of green financial development

level in Beijing, Tianjin and Hebei reveals that the measurement scores of the

three regions show a steadily increasing trend, with Beijing's comprehensive

measurement score of green financial development level in 2020 being as high

as 72.13 points.

4. According to the measurement results, it can provide theoretical guidance for

the improvement of green financial public policies in Beijing, Tianjin and Hebei.

Green financial public policy should increase financial investment, raise

people's awareness of environmental protection, improve risk prevention and

control mechanisms and increase green financial innovation.

This paper has achieved the research purpose on the whole, but there are still the

following deficiencies. For example, the data sources are relatively limited, and only

the Beijing Tianjin Hebei region and the lack of objective explanations of relevant

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economic theories are discussed. In the future, we can further improve the model from

the Beijing Tianjin Hebei region.

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