How does green credit supply enhance the efficiency of forestry ecological development? Taking the perspective of ecological total factor productivity

Addressing the challenge of optimizing forestry resource allocation and boosting productivity quality through green credit supply (GCS) is a pressing issue. This study calculates the ecological value of forestry across 30 provinces (including autonomous regions and municipalities) in China from 2012 to 2022 and employs the Slack Based Measure and Global Malmquist-Luenberger (SBM-GML) model to measure Forestry Ecological Total Factor Productivity (FETFP) to identify the level of Forestry Ecological Development Efficiency. It provides an empirical analysis of the impact of the GCS on FETFP and explores the underlying mechanisms driving this relationship. The key findings are as follows: GCS enhances FETFP by promoting innovation-driven growth and reducing capital misallocation. It exhibits a dual effect, boosting technological progress and resource allocation efficiency. Furthermore, financial technology plays a moderating role in the relationship between GCS and FETFP. The analysis also reveals that the impact of GCS on FETFP is heterogeneous and influenced by differences in fiscal decentralization and environmental regulation. These two factors exert complementary and substitutive effects on GCS. The findings of this study provide important reference values for optimizing green credit policies and enhancing FETFP in both developing and developed countries.