Research On The Impact Of China’s Financial Development On Industrial Green Transformation

With the continuous development of China’s economy and society,environmental issues have received more and more attention.The energy consumed in industrial production and the emission of pollutants are important sources of environmental problems.For a long time,China’s industrial development model is relatively extensive,and the problems of high input,high energy consumption and high emissions in industrial production are more serious.To solve environmental problems,it is necessary to change the mode of industrial development and promote the transformation and upgrading of the industrial structure and green development.To achieve a green industrial transformation,investment is needed,and capital plays an important role in it.In recent years,China has also been proposing policy requirements for the financial industry to support the development of the real economy,so this paper starts with this article to analyze the impact of financial development on the green transformation of industry from theoretical and empirical data.The research in this article revolves around the following sections:Based on the concept of green development,analyzes the connotation of industrial green transformation on the basis of combing the existing literature,and evaluates the industrial green transformation from two aspects: efficiency and level.The analysis of the efficiency of industrial green transformation is mainly based on the SBM model,and the ML index of industrial green transformation is calculated for evaluation.Construct an index system from the four aspects of resource and energy conservation,pollution emission reduction,industrial structure upgrading and economic benefit improvement,use the entropy weight method to determine the weight of each indicator,and evaluate the level of industrial green transformation.On the basis of quantifying the efficiency and level of industrial green transformation,the characteristics of industrial green transformation at the provincial level are analyzed.Financial development may have a positive or negative impact on the green transformation of industry through capital formation effects,technological innovation effects,and resource allocation effects.Empirical testing of the impact effects is carried out using data at the provincial level in China.The level of financial development is measured from three aspects: financial scale,financial efficiency and financial structure.The dynamic panel model(GMM)is used to analyze the impact of financial development on the level and efficiency of industrial green transformation.The empirical test results show that financial scale and financial efficiency have a positive U-shaped impact on the efficiency of industrial green transformation,and both have a positive U-shaped impact on industrial technological efficiency and industrial technological progress.The financial structure has an inverted U-shaped impact on the efficiency of industrial green transformation.The scale of finance has a positive U-shaped impact on the level of industrial green transformation,mainly by affecting resource and energy conservation and industrial structure upgrading;Financial efficiency has not had a significant impact on the overall level of industrial green transition;The impact of the financial structure on the level of industrial green transformation is presented as a positive U-shaped curve.After conducting a robustness test,it was found that the above conclusions remained unchanged.The impact of financial development on the efficiency and level of industrial green transformation shows heterogeneity in different regions.The spatial panel measurement model is used to measure financial development by the degree of financial agglomeration,and the spatial Dubin model is used to analyze the spatial spillover effect on the level and efficiency of industrial green transformation.The empirical results show that the degree of financial agglomeration has a negative impact on the level and efficiency of the green transformation of local industries,and at the same time produces a negative spillover effect.On the basis of analyzing the impact of financial development on the green transformation of industry,the path of financial development affecting the green transformation of industry is further analyzed,and it is analyzed from two aspects: the level of industrial innovation and the financing of industrial enterprises.Firstly,the impact of financial development on the level of industrial innovation is analyzed,starting from the impact mechanism,and empirically tested with the data of each province.The level of innovation is measured by the expenditure of industrial innovation funds,and the two ways of independent innovation and technology introduction are distinguished.The empirical results show that financial scale has a positive U-shaped impact on industrial innovation,and its impact is mainly in independent innovation;Financial efficiency has a negative impact on industrial innovation;The impact of financial structure on industrial innovation also shows a positive U-shaped curve,which mainly has a significant impact on the introduction of technology.Secondly,the impact of financial development on the financing of industrial enterprises is analyzed,and the availability of financing,the rationality of financing term and financing costs are analyzed from the overall level of industry.According to the empirical analysis results,the expansion of financial scale and the improvement of efficiency have led to an increase in the availability of financing for industrial enterprises,a more reasonable financing term,and a gradual reduction in financing costs;The impact of the financial structure on the financing of industrial enterprises is mainly to make the financing period more reasonable.In this part,this paper also analyzes the heterogeneity of financial development on the financing of industrial enterprises under different ownership systems,in general,the impact of financial scale and financial structure is mainly in state-owned industrial enterprises,while the impact of financial efficiency improvement is mainly in non-state-owned industrial enterprises.From the empirical analysis results of the sub-regions,it can be seen that the impact of financial development on the financing of enterprises in the industrial sector has shown different effects in different regions.On the basis of the previous analysis,the scalability analysis,the aforementioned analysis measures the level of financial development from the perspective of total amount,but does not take into account the changes in the internal structure of financial development,and does not separately analyze the development of digital finance and green finance that have emerged in recent years,so it is supplemented in this part to reflect the impact of the development and change of the internal components of finance on the green transformation of industry.According to the empirical analysis results,digital finance has had a partial impact on the efficiency and level of industrial green transformation,and the impact on the efficiency of industrial green transformation is mainly manifested in the positive U-shaped impact on the efficiency of industrial technology;From the perspective of industrial green transformation,the development of digital finance has had a positive impact on it,mainly by reducing pollution emissions and promoting the upgrading of industrial structure.Overall,the force of digital finance is far less than the impact of traditional financial business.The impact of green finance development on the efficiency of industrial green transformation is not significant overall;It can be seen from the relationship between green finance and industrial level that the development of green finance has improved the overall level of industrial green transformation;It is mainly achieved by promoting the upgrading of industrial structure and the improvement of economic benefits.The impact of digital finance and green finance on the green transformation of industry manifests itself differently in different regions.Through the above research,the research conclusions of this paper are summarized and corresponding policy suggestions are proposed.All in all,financial development has had a significant impact on the green transformation of industry,and it is necessary to further expand the scale of finance,improve financial efficiency,and improve the financial structure to promote the green transformation of industry.However,due to the fact that in the process of financial development,there is a tendency for finance to be separated from the real economy and the economy is financialized,so in the process of development,it is necessary to implement the policy of financial support for the real economy,so that the industrial industry in the real economy can get more support and better carry out the industrial green transformation.