Variable

Scale of real economy

(1)

(2)

(3)

(4)

(5)

Green finance composite index

3.0953935***

1.3549065***

1.3360472***

1.3006379***

1.4265912***

(0.50548902)

(0.46595974)

(0.46045679)

(0.46818209)

(0.48561147)

Urbanization rate

2.6286649***

1.6185738***

1.5664344***

1.15553**

(0.25360409)

(0.44825503)

(0.46310711)

(0.53022312)

Opening rate

0.01804632***

0.01857727***

0.02163924***

(0.00662302)

(0.00673118)

(0.00779784)

Government intervention rate

−0.00099649

0.00105928

(0.00221905)

(0.00232399)

Industrial Structure Level

0.01812618***

0.00645447

Number of provinces

30

30

30

30

30

Observed value

300

300

300

300

300