Will green finance promote green development: based on the threshold effect of R&D investment.

Deeply understanding the driving effect of green finance on green development is of great significance to promote economic transformation and realize the long-term green development. This paper uses the entropy method and undesirable-SE-SBM model to measure provincial green finance and green development efficiency respectively from 2008 to 2018. And based on the above, the panel threshold model is constructed to discuss the nonlinear relationship between green finance and green development efficiency from the first empirical verification. The results show that ① the impact of green finance on green development has a significant single threshold effect, only when R&D investment crosses 2.810 can green finance significantly promote green development efficiency, and before that, it will suppress green development efficiency. ②At present, a few provinces in China have crossed the threshold value of R&D investment, only including Beijing, Tianjin, and Shanghai, while the R&D investment of Jiangsu, Zhejiang, Shandong, and Guangdong gradually approaches the threshold value. Therefore, improving the construction of the green financial system, correctly guiding the direction of green capital investment, and strengthening the supervision of environmental information disclosure are important.