Abstract: Based on the panel data of districts and counties in the Yellow River Basin, this paper investigates theelfect and mechanisms through which ecological product value realization on common prosperity. It is found that the realization of ecological product value can significantly promote common prosperity. Heterogeneity analysis reveals that the promotion elfect of ecological product value realization on common prosperity is more pronounced in areas located in the lower reaches of the Yellow River, non-provincial administrative boundaries, the proportion of ethnic minorities is low, the level ofhuman capital is high, and zones designated for optimized or key development, and the main production areas of agricultural products. Mechanism analysis indicates that ecological produet value realization promotes common prosperity throughthree main channels: (1) Exerts industrial ellects by promoting the development of the primary, secondary and tertiary industries, and upgrading and rationalization of the industrial structure. (2) Exerts employment and income effects by accelerating the mobility of labor, increasing non-agricultural employment, narrowing the income gap, and optimizing the income distribution. (3) Exerts environmental elfects by improving the ecological environment and strengthening the environmental regulations. Moreover, horizontal ecological compensation based on the realization of ecological product values in theYellow River Basin can significantly promote common prosperity.

Key words: realization of ecological product value, common prosperity, Yellow River Basin, ecological compensation