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Mechanisms and effects of green finance on rural ecological tourism development: Evidence from 30 Chinese provinces

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  • Yang, Yingying
  • Feng, Qi

Abstract

Rural ecological tourism (RET) is a vital pathway for China’s sustainable rural revitalization, and green finance (GF) provides critical funding support. Using panel data from 30 Chinese provinces, this study constructs composite indices for GF and RET development using the entropy weight method and applies two-way fixed effects and stepwise mediating effect models to examine GF’s direct impact, indirect mechanisms, and regional heterogeneity on RET. Empirical results demonstrate that GF significantly promotes RET, and green innovation and rural industrial diversification (RID) are partial mediators. This effect is significantly strong in eastern/western regions but insignificant in central regions, reflecting regional disparities in financial infrastructure, policy transmission, and industrial structure. The findings provide empirical evidence for differentiated GF policies and RID to boost ecological civilization and high-quality rural development.

Suggested Citation

  • Yang, Yingying & Feng, Qi, 2026. "Mechanisms and effects of green finance on rural ecological tourism development: Evidence from 30 Chinese provinces," Finance Research Letters, Elsevier, vol. 96(C).
    • Handle: RePEc:eee:finlet:v:96:y:2026:i:c:s1544612326002576
    DOI: 10.1016/j.frl.2026.109726
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