Does Green Finance Enhance the Ecological Value Level of Cultivated Land? Evidence from Mainland China

The ecological value of cultivated land contributes to a harmonious agricultural environment. Green finance support is essential to promoting the ecological value of cultivated land. Nevertheless, research specifically centered on cultivated land as a primary focus remains limited in exploring the relationship between ecological value and green finance, ignoring the fact that green finance can bolster ecological functions and drive sustainable practices. To address this gap, an objective indicator of the cultivated land ecological value level was introduced, and its variations at both the provincial and national levels from 2003 to 2022 were investigated. Results indicate that the cultivated land ecological value level increased over time, with higher values clustering spatially in southern regions. Subsequently, specific spatial correlations between the cultivated land ecological value level and green finance support were revealed using a spatial Durbin model. The results show that green finance support enhanced the cultivated land ecological value level, with its spatial lag term being particularly pronounced. These correlations were evident in eastern regions but were insignificant in western regions. Furthermore, a detailed range of spatial indirect spillover effects was estimated, demonstrating that the spatial effects on other provinces were positive when the geographic distance between them was close. In summary, these conclusions offer practical recommendations for the eco-friendly management of cultivated land, including strategies for vertical collaboration between central and local administrations and horizontal adaptation by governments in the east, central, and west regions based on local conditions.