Results of endogeneity test.

Agricultural green finance is an important means to boost the development of agricultural green. Based on the panel data of 30 provinces in China from 2011 to 2021, this paper theoretically discusses the impact of agricultural green finance on the level of agricultural green development and conducts an empirical study by using the two-way fixed effect model and panel threshold model. The empirical findings show that agricultural green finance can significantly improve the level of agricultural green development mainly through facilitating the level of agricultural green technology innovation. The promoting effect of agricultural green finance on the level of agricultural green development is remarkable in the eastern region and non-major grain-producing areas, but not obvious in the central and western regions and major grain-producing areas. Indeed, the impact has a single threshold effect with environmental regulation as the threshold. Therefore, efforts should be made to improve the level of agricultural green development from the following aspects: vigorously developing agricultural green finance; promoting agricultural green technology innovation; strictly implementing environmental protection policies; and designing appropriate environmental regulation zones.农业绿色金融（agricultural green finance）是推动农业绿色发展的重要手段。本文基于中国2011-2021年30个省份的面板数据（panel data），从理论层面探讨了农业绿色金融对农业绿色发展水平的影响，并采用双向固定效应模型（two-way fixed effect model）与面板门槛模型（panel threshold model）开展实证研究。实证结果表明，农业绿色金融可通过提升农业绿色技术创新水平，显著推动农业绿色发展水平提升。农业绿色金融对农业绿色发展水平的促进效应在东部地区与非粮食主产区较为显著，而在中西部地区与粮食主产区则并不明显。进一步而言，该影响存在以环境规制（environmental regulation）为门槛变量的单一门槛效应。据此，可从以下几方面着手提升农业绿色发展水平：大力发展农业绿色金融；推动农业绿色技术创新；严格落实环境保护政策；合理设计环境规制分区。