Abstract: Green total factor productivity is a necessary indicator to measure the status of green development. Based on the panel data of 30 provinces and cities in China, the entropy value method and the GML index based on the SBM—DDF directional distance function are used to construct the index system of green finance and agricultural green total factor productivity, and the spatial spillover effect of green finance on agricultural green total factor productivity and its path of action are analyzed by using spatial Durbin model and mediation model. The study found that green finance had a promotional effect on agricultural green total factor productivity, and could also improve agricultural green total factor productivity in neighboring regions through spatial spillover effects. The impact of green finance on agricultural green total factor productivity was regionally heterogeneous, and the impact effect was characterized by a “ladderlike” distribution that gradually decreased from east to west. It was further found that human capital developed a mediating effect of 16.05% in the impact of green finance on the level of agricultural green total factor productivity. Based on the data analysis, policy insights were proposed as follows: eliminated barriers to resource circulation and accelerated the development of green finance. Developed characteristics according to local conditions and accelerated the development of differentiation. Encouraged talents to return to their hometowns to start businesses and improved the level of rural labor force.

Key words:  , green finance, green total factor productivity in agriculture, human capital, spatial spillover effects

摘要： 绿色全要素生产率是衡量绿色发展状况的必要指标。基于中国30个省市面板数据，采用熵值法和基于SBM—DDF方向性距离函数的GML指数构建绿色金融和农业绿色全要素生产率的指标体系，利用空间杜宾模型和中介模型分析绿色金融对农业绿色全要素生产率的空间溢出效应及其作用路径。研究发现，绿色金融对农业绿色全要素生产率具有促进作用，也能通过空间溢出效应提高邻近地区农业绿色全要素生产率。绿色金融对农业绿色全要素生产率的影响具有区域异质性，影响效果呈现为由东向西逐渐递减的“阶梯状”分布特征。进一步研究发现，人力资本在绿色金融影响农业绿色全要素生产率水平中发挥16.05%的中介效应。基于数据分析，提出打破资源流通壁垒，加快推进绿色金融发展；因地制宜发展特色，加快推进差异化发展；鼓励人才返乡创业，提高农村劳动力水平等政策启示。

关键词: 绿色金融, 农业绿色全要素生产率, 人力资本, 空间溢出效应