Can Financial Agglomeration Promote the Development of Green Industry?

Through constructing a comprehensive evaluation system of green industry, and taking the coordinated development among regions into account, the paper analyzes the effect of financial agglomeration on the development of green industry from the perspective of regional differences and influencing ways by using spatial Durbin model. It is found that the development of green industry has strong spatial dependence, and financial agglomeration has a positive "local" enhancing effect and a negative spatial spillover effect on the development of green industry. The "local" enhancing effect is produced mainly through green production and green consumption, while the spatial spillover effect is generated through green consumption and green environment. But there is regional heterogeneity in the effects. In the eastern region, financial agglomeration has no significant effect on the development of green industry, but it results in spatial suppression through green consumption and green environment, while in the central region, the green industry development is undermined through green environment, and financial agglomeration leads to spatial suppression through green production, green consumption, and green environment. In the western region, financial agglomeration has a negative effect through green consumption, but a positive effect through green environment, which will promote the development of green industry as a whole.