Variable

Green finance serves the efficiency of real economy

(1)

(2)

(3)

(4)

(5)

Green finance composite index

−0.04822211

−0.22642137

−0.73611667***

−0.70454343***

−0.70487507***

0.24350121

0.24880496

0.25374008

0.25437389

0.25437347

Level of opening up

−0.32197***

−0.19313214*

−0.19199543*

−0.19004181*

0.10884528

0.10670511

0.10774252

0.1079085

Per capita GDP

0.25961362***

0.32043386***

0.32296136***

0.04383332

0.05546699

0.05593626

Investment in fixed assets

−0.05742701*

−0.05779133*

0.0312937

0.03132473

Proportion of people in higher education

−0.00498559

0.01374279

Number of provinces

30

30

30

30

30

Observed value

300

300

300

300

300