HAS GREEN FINANCE FACILITATED THE REALIZATION OF ECOLOGICAL PRODUCT VALUE? EVIDENCE FROM COUPLED COORDINATION MECHANISMS IN CHINESE PROVINCIAL PANEL DATA

Green finance and ecological product value realization coupling are crucial for promoting economic green transformation and achieving the Global Carbon Neutrality and Net-Zero Emissions Targets.Based on data from 30 Chinese provinces (2010-2021), we use the Coupling Coordination Model, Kernel Density Estimation, Obstacle Degree Model, and Tobit Model to explore the coordination mechanisms.Our research shows that (1) the coupling coordination exhibits a dynamic upward trend and is multipolar.(2) The spatial distribution gradually expands inward from the east and west, presenting four phases: the northwest-east region axis with linear (I-shaped) development, the southeast coastal region with intersecting (T-shaped) development, the east-central-west region axis with linear (I-shaped) development, and the north and south poles with a central zone (T-shaped) development.(3) The obstacle severity hierarchy in the green finance system is structural development, scale development, and efficiency development.For the ecological product value realization system, we find that the degree of barriers is operational capability, investment capability, and organizational capability.We confirm that government intervention, farmers' income level, technology market development level, industrial structure development level, and transportation infrastructure level have a positive impact on coordination.Therefore, we recommend enhancing government intervention precision and optimizing ecological industrial structures.