Spatial coupling coordination and interactive response between green finance and green total factor productivity: geographical analysis based on Chinese provinces, 2010–2020

Based on the panel data of 30 provinces in China from 2010 to 2020, this study uses the coupling coordination degree model (CCDM), spatial autocorrelation analysis, and the panel vector autoregression (PVAR) model to quantitatively examine the dynamic coordination and interactive response of green finance (GF) and green total factor productivity (GTFP). The results show that the coupling coordination degree (CCD) between GF and GTFP during the study period shows an overall increasing trend and significant regional differentiation and remains at the medium level, indicating large room for improvement. The CCDs of provinces fluctuate between the low and high types. The distribution gradually shifts from a “high in the south and low in the north” pattern to a “high in the east and low in the west” configuration. The spatial difference of coupling development continues to expand and presents a significant spatial positive correlation. In addition, GF and GTFP in China exhibit significant self-reinforcing characteristics, but the reinforcing effect gradually decreases. There is only a unidirectional interaction relationship between GF and GTFP, which is GF actively fosters the advancement of GTFP, while the influence of GTFP on GF appears less pronounced. This research provides comprehensive insights into the dynamic interaction between GF and GTFP.