【摘要】 绿色全要素生产率是经济高质量发展的重要引擎，金融集聚主要是通过规模经济、信息外溢及空间溢出对绿色全要素生产率的提升产生直接影响，并通过促进产业转型对其产生间接作用。基于2006—2022年中国267个地级市面板数据，运用空间Durbin模型和中介效应对该机制进行实证检验。经研究发现：(1)金融集聚对本地及周边城市绿色全要素生产率提升具有促进作用，产业转型是其重要传导路径，经稳健性检验后该结论仍然成立；(2)异质性分析结果表明，产业转型是东部地区与非资源型城市的重要中介路径，而在中西部地区和资源型城市的作用不明显；(3)进一步的门槛效应分析发现，产业转型对绿色全要素生产率的影响存在基于金融集聚水平的双门槛效应，并呈现出“U”型趋势的非线性关系特征。更多还原

【Abstract】 Green total factor productivity is an important engine for high-quality economic development. Financial agglomeration mainly has a direct impact on the improvement of green total factor productivity through economies of scale, information spillover, and spatial spillover, and indirectly affects it by promoting industrial transformation. Based on panel data from 267 prefecture level cities in China from 2006 to 2022, this mechanism is empirically tested by using the spatial Durbin model and mediation effect. Research has found that financial agglomeration has a promoting effect on the improvement of green total factor productivity in local and surrounding cities, and industrial transformation is an important transmission path. After robustness testing, this conclusion still holds true. Heterogeneity analysis shows that industrial transformation is an important intermediary path between the eastern region and non-resource-based cities, while its role is not significant in the central and western regions and resource-based cities. Further threshold effect analysis reveals that the impact of industrial transformation on green total factor productivity exhibits a dual threshold effect based on the level of financial agglomeration, showing a non-linear U-shaped trend.更多还原