Research On The Driving Factors,Mechanism And Performance Of Green Finance In Industrial Transition

With the deterioration of ecological environment,the transition of industrial development patterns and the promotion of green finance are both incorporated into National Development Strategy.To realize energy conservation,emission reduction and technical progress goals,industrial and financial green transformation has become an important means to achieve Sustainable Economic Growth.Against the enormous investments needed to away from greenhouse gas,fossil fuel and natural resource intensive industries towards energy-saving and environmentally friendly industries,the financial sector will play a central role.The green of finance requires financial institution to incorporate the concept of green into its operational concepts,strategies,product innovation and other aspects.However,due to the collusion between financial institution and the green finance policy,a huge gap exists between the reality and expectation in the process of green finance execution.In recent years some financial institutions lack the green concept and continue to provide funds for the industry with high energy waste and high pollution.As a result,the development of green finance faces the problems of "green washing","green bleaching" and regulatory arbitrage.For example,some actively performing banks pretend that they allocated the credit funds following one vote veto principle,which means that loans in no circumstances flow into enterprises without Qualification Certificate of Environmental Protection issued by the local government,but actually still stand by the enterprises that possess"high pollution,high consumption,and high emission".Therefore,clarifying the connotation of green finance and ensuring that green funds play a central role in promoting the industrial transformation is an important issue in the current construction of ecological civilization.Following the existing research framework,this paper mainly studies the following three parts:the influencing factors of green finance development,the mechanism of green finance's action on industrial green transformation,the economic performance and environmental performance of green finance's action on industrial green transformation.This study is divided into six chapters,the main contents of each chapter are as following:Chapter one is the introduction.According to various statistical data,the first chapter describes the resource and environment problems brought about by extensive economic development,and the trend of dimensional and structural change of green finance development.Then we point out the importance and necessity of green finance development.On this basis,the first chapter puts forward the main research issues,main research contents and structure of this paper.The innovation and shortcomings of this research are also mentioned in this chapter.The second chapter is the literature review of green finance study and the proposition of research fiamework.Firstly,this chapter reviews the concept and connotation of green finance,then summarizes them into four stages—the proposition of financial green concept,the compatibility between green concept and profit-seeking criteria of finance sector,the innovation of reen finance products from the supply-side perspective,and the efficiency of green finance services from the demand-side perspective.With the conceptual change of green finance,some literatures try to construct relevant index system to measure the development level of green finance.Secondly,based on dividing green finance development models into"bottom-up" and "up-bottom" path,this paper combs the relevant literature on the operation mechanism,function description and the path selection of green finance.Finally,this paper combs the relevant literature on the influence path and performance review of green finance on real enterprises,financial institutions,industrial structure,and even the transformation of developing countries.Based on the combing of above literature,we reviewe current research about green finance and further put forward the research framework of this paper.In Chapter 3,the paper studies the green finance development mode in the transition economy,namely the generating mechanism of green finance.There are two different paths for developing countries to develop green finance and realize industrial transformation,which belong to the Lipoville Field School(bottom-up development path)and the Structural School(top-down development path).Among them,the Lipoville Field School opposes the government's substitution for the market and holds that the government should avoid selective policies,while the Structural School believes that the government should adopt appropriate policies to promote the development of target industries in view of the lack of perfect institutional endowments in developing countries.Chinese green finance keeps growing strongly year by year.Many factors have stimulated the rapid development of Chinese green finance,of which the "green" policies is one of the most significant strategies.At the same time,green finance development is an important guarantee for the industrial transformation,yet simultaneously green economic development is the basis of green finance.However,few studies have explored the "green" policies and the development of green economy in the perspective of green finance.In view of the controversy over the path choice of green finance development in China,this chapter firstly constructs a regression model to measure the change of green finance development level from the perspective of micro-enterprises;secondly,on the one hand,we comb the recent intensive introduction of "green" policies regulated at various hierarchical levels,and explore theoretically and empirically whether the current government policies promote the development of green finance.Furthermore,the paper decomposes the policy "toolkit",and examines the mechanism and efficiency of different policy tools on the development of green finance.On the other hand,considering that green finance is an important guarantee for the transformation of economic development mode,and the basis of green finance development is green economic development,theoretical exploration and empirical analysis of the coupling interaction mechanism between green economic development and green finance development are carried out.How the development of green finance affects industrial transformation is studied in Chapter 4.Based on the connotation of green finance from the inventory perspective in demand-side,this study firstly constructs a green finance index,measures the efficiency of green financial allocation,then explores the mechanism of action of green finance on industrial transformation at the micro level.Firstly,this paper holds that the essence of green finance is credit rationing based on environmental information,that is,distinguishing green enterprises from polluting enterprises according to environmental information and introducing more financial resources into green enterprises purposefully,so as to improve the investment level of green enterprises and reduce the investment level of polluting enterprises.In this regard,this paper attempts to take whether the allocation change of financial resources stock in different industries has green tendency and degree of inclination,to measure the efficiency of green financial allocation.Secondly,the concept of industrial transformation in this paper is more based on the perspective of ecological civilization construction and green development,emphasizing the green transformation of industry.Green enterprises,as the main undertaker of green investment and green technology progress,have an important impact on the current industrial transformation and the construction of ecological civilization,but deeply lost in the predicament of investment and financing.Polluting enterprises,as the main"perpetrators" of ecological environment problems,which do not bear the responsibility for the deterioration of the ecological environment,rely on relatively abundant external financing to expand the scale of investment,and lead to the deterioration of the current ecological environment and the continuous spread of environmental pollution.In view of this,this chapter regards the change of investment level of green enterprises and polluting enterprises as the microcosmic reflection of the influence of green finance on industrial transformation.It theoretically analyses and empirically compares the different impact of green finance and traditional finance development on the investment level of green enterprises and polluting enterprises,and separately takes the mitigation of mismatch and the aggravation of financing constraints as the intermediate path to explore the channel mechanism of green finance development affecting investment of green enterprises and polluting enterprises.Chapter 5 is performance analysis.The research analyzes the support efficiency of green finance for industrial transformation.The existing literature has made a thorough discussion on the mechanism path of green finance(as a new capital allocation mechanism)influencing economic transformation from the theoretical level.Industrial sector is the largest source of pollution emissions and the main perpetrator" of pollution incidents,facing serious problems such as resource and environmental constraints,low-end production lock-in and so on.The industrial transformation and upgrading plan(2011-2015)and plan(2016-2020)define the objectives of industrial transformation as upgrading the rate of industrial technological progress,saving energy and reducing pollution emissions.That is to say,in order to realize China's industrial transformation,we should improve the quality of industrial development,save and make more effective use of resources,pay more attention to environmental value,and significantly reduce pollution emissions.Although existing studies generally agree on the general effectiveness of green finance in promoting industrial green transformation,there are still disputes about the effectiveness of specific mechanism of green finance on the real economy industry.Whether green finance can solve all kinds of obstacles faced by industrial transformation and promote green development of real economy is still lack of empirical verification.In this regard,on the one hand,this chapter evaluates the effect of green financial development on industrial transformation from the overall dimension;on the other hand,it decomposes industrial transformation into three dimensions—industrial technological progress,energy saving and emission reduction,and examines the performance level of industrial transformation driven by green financial development respectively.In the last chapter,Chapter 6,main summarizes in this research are discussed,and some conclusions of the whole research are got from the discussions.The main conclusions of this dissertation can be summarized as follows.(1)On the Generative Mechanism of Green Finance.Firstly,China's green finance is still in a low efficiency allocation level,which does not form significant financing constraints on polluting enterprises.Secondly,based on the government dimension,the overall "green" policy improves the allocation efficiency of green finance.Further,the "green" fiscal policy does not have a significant impact on the allocation efficiency of green finance,while the absence of "green" supervision policies inhibits the positive effect of financial development on the efficiency of green financial allocation.Finally,based on the market dimension,it is found that green economic development improves the efficiency of green finance allocation,while the current economic growth is difficult to achieve a win-win situation of both income growth and environmental improvement.(2)On the Functionary Mechanism of Green Finance.On the one hand,green enterprise investment depends on long-term financial support,and the improvement of debt maturity structure can significantly promote green enterprise investment;green finance can promotes green enterprise investment by the direct investment encouragement effect;furthermore the greening of finance exhibits the indirect investment release effect through the improvement of enterprise's debt maturity structure.On the other hand,for how green finance acts on the investment behavior of polluting enterprises,the research finds that green finance development can restrain the investment level of polluting enterprises by increasing its financing constraints.Further empirical research shows that green finance development can only restrain the investment of private dirty enterprise.(3)On the Effective Mechanism of Green Finance.According to the research,the promotion of green finance significantly improved industrial green transformation.By dividing the greening of industrial sectors into three aspects,we find green finance promotes technological progress,improve the utilize efficiency and reduces energy consumption and pollution.The potential innovation of this paper contains the following points.Firstly,based on the typical facts of green fund shortage and mismatch,this paper puts forward the question of allocative efficiency of green finance,and evaluates the procedural and consequential allocative efficiency of green finance.Empirical studies on green finance development in existing literature focus on using quantitative data from the capital supply side to measure the level of green finance development in a country or region.It should be emphasized that due to the institutional factors,such as incentive distortion,and technical factors,such as statistical caliber,the contents of green credit and green bonds are mixed,and the flow of funds is vague.It is difficult to accurately measure the development level of green finance based on quantitative indicators at the supply side.This paper argues that the development of green finance is essentially credit rationing based on environmental constraints.That is,distinguishing green enterprises from polluting enterprises according to environmental information,so as to target more financial resources into green enterprises.At present,there are some problems in the green financial incremental data,such as mixed content and unclear fow direction.And the proportion of incremental data of green finance is still relatively small,compared with the stock of financial resources.Therefore,this paper tries to measure the development of green finance from the perspective of demand-side inventory.Specifically,that is examining whether the allocation change of financial resource stock in different industries has green tendency and how much is the green inclination.Secondly,the related research on green finance development in academia mainly focuses on the descriptive and normative level.The relevant theoretical models and empirical analysis do not fully combine the incomplete market characteristics of China's transition economy.Therefore,following the classical research framework of"generation-function-performance",this paper takes "the conditions of green finance supporting industrial transformation,the process of green finance supporting industrial transformation,and the efficiency of green finance supporting industrial transformation" as the main line,reveals the support mechanism of green finance in the process of industrial transformation in China.