How does green finance improve food security? From the perspective of rural human capital

This study investigates the impact of green finance (GF) on food security (FS) in China, addressing the role of rural human capital and spatial non-linear effects. While research on GF has grown, its relationship with FS is still under-explored, especially in the context of China's diverse provincial landscapes. Using the balanced panel data from 30 provinces in China from 2001 to 2020, the study employs the fixed effect method, panel quantile regression, and panel spatial Durbin quantile to analyze the impact of GF on FS across different quantiles, capturing both linear and non-linear effects. The results show that GF significantly enhances FS, with the effect stronger in provinces with higher FS levels and robust across various checks. Rural human capital is found to positively moderate the GF-FS relationship, particularly in provinces with lower FS. Heterogeneity analysis reveals that the moderating effect is more significant in major grain-producing areas. Moreover, spatial analysis indicates that FS improvements in neighboring regions have a positive spillover effect on provincial FS, while GF development in neighboring regions negatively affects provincial FS, especially in grain-producing areas. These findings offer policy recommendations for government and relevant departments to enhance the synergistic effects of GF and FS.