China's economy has been developing rapidly at the cost of tremendous energy consumption and severe environmental pollution since the 1980s. The severe haze and fog often shrouding many cities in China since 2013 indicate that there is an urgent need to shift current developmental pattern to green development. As one of the cores of modern economy, financial development could play a more active role to promote the transition. Yet how to advance the transition remains unclear and arguable. And it needs to explore the ways that financial factors work before policy making. Aiming to examine the mechanisms that financial development influences green development, this paper measures the level of regional green development with eco-efficiency, and uses spatial Durbin model to research relative importance of the mechanisms and effect of spatial spillover with the data of 30 provinces in China. The main findings are obtained as follows. (1) Both financial development and eco-efficiency present agglomerating situation, the level of which in the coastal developed areas of southeast China is relatively high. And there are obvious spatial correlations among variables. (2) The effects of enterprise supervision and resource distribution are relatively important. The former has the most positive influence on local green development, yet its spatial spillover effect only works in the long term. The latter influences local green development significantly, yet its spatial spillover effect is not significant. (3) After the financial crisis, the effects of capital support and the supervision from long-term loan are strengthened than those before, yet the supervision from security market is weakened and has led to negative influence on the eco-efficiency. (4) The direct effects and spatial spillover effects of green finance are not significant, which implies that it is necessary to enhance the support of green finance for green industry and environmental protection. The policy meaning is that more emphasis should be put on the supervision of capital use instead of increasing investment. This paper also implies that the effect of green finance should be improved by providing more support on the green industry and environment investments.
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