Impact of New Energy Industry Agglomeration on Green Innovation Efficiency—Based on the Regulative Effect of Green Finance

With the implementation of China’s innovation-driven high-quality economic development strategy, green and innovation are already the key factors of economic development. Therefore, developing green industry and improving regional green innovation have attracted wide attention and are of great significance to the sustainable development of China’s economy. Therefore, starting from China’s provincial panel from 2012 to 2021, this paper first uses the super-efficiency relaxation data envelopment analysis model (Super-SBM) to estimate green innovation efficiency (GI) and then uses the location entropy to measure the regional agglomeration level of the new energy industry (agg). Then, the generalized estimation of moments (GMM) model is used to explore the impact of agg on GI and verify the regulatory mechanism of green finance (GF). The results are as follows: (1) agg presents a distribution of “the highest in the eastern region, followed by the central region, and the lowest in the western region”, (2) agg can facilitate the improvement of GI, and in accordance with the threshold model, moderate GF will further amplify this effect. Therefore, the state and government should further promote the green finance policy, guide new energy enterprises to gather and contribute to the sustainable development of China’s economy.