Abstract: The typical Chinese-style "pressure-type" finance in economic and social transition period has important influence on local innovation activities and green sustainable development.By using the panel data of 256 prefecture-level cities in China in 2004~2017,this paper empirically examines the influence of fiscal pressure on green total factor productivity and the transmission mechanism.The results of benchmark test show that fiscal pressure significantly inhibits the improvement of green total factor productivity,and technological innovation significantly promoted green total factor productivity; The intermediary effect test found that the financial pressure prevented the green total factor productivity by restraining the technological innovation; Further threshold effect test shows that the effect of technological innovation on green total factor productivity has a double threshold effect based on financial pressure.In the different threshold range of financial pressure,the promotion effect of technological innovation on green total factor productivity shows a significant step down.In the future,it is necessary to comprehensively improve the Chinese-style "pressure-type" financial incentive system,reasonably control the range of financial pressure,and help technological innovation to enhance urban green total factor productivity.

Key words: fiscal pressure, technological innovation, green total factor productivity, fiscal vertical imbalance