Study On Synergy Impact Of Environmental Regulations And Green Finance On High-Quality Development Of Manufacturing Industry

Since the reform and opening up,China’s economy driven by factors and investment has maintained medium-to-high speed of growth during many years.The rapid economic development makes China a manufacturing power.However,a certain degree of environmental pollution,ecological damage and unbalanced regional development has arisen accompany with the rapid development of manufacturing.High-quality economic development is inseparable from the highquality development of manufacturing industry(MHQD)amid the "new normal" of economic development.Therefore,it is an urgent practical problem to seek a development path to decouple manufacturing from high energy consumption,high pollution and low efficiency.Environmental vulnerability is an insurmountable obstacle to economic growth.With the new development concept of "Lucid water and lush mountains are invaluable assets" and the increasing public awareness of environmental protection,more requirements are put forward for governments to make environmental policies to improve the environment and promote the high-quality economy development.As an important part of the financial supply-side reform,the prominent capital allocation function,capital agglomeration and investment induction effect of green finance(GF)in the process of economic development can lead to research and development innovation and technological change,and then realize the green transformation and optimization of manufacturing enterprises.If environmental regulation(ER)and GF policies effectively guide production factors to transform from low productivity sectors to high productivity ones,accompanying with the capital and labor-based factor flow and the diffusion of technological and organizational innovation in factor reallocation,energy and resource utilization efficiency would be improved to achieve MHQD.In order to deeply study the relationship between ER,GF and MHQD,explore the improvement path of MHQD and put forward corresponding policy suggestions,four key questions need to be resolved:(1)What is the internal logic of the collaboration between environmental regulation and GF?(2)What is the mechanism,conduction path and driving mode of the synergy effect of ER and GF on MHQD?(3)What is the mathematical and statistical relationship between ER,GF,the synergy between the two,and MHQD?To answer them,the main context of this dissertation is as follows:(1)Theoretically analyze the mechanism of ER and GF to promote MHQD.Through literature reading and theoretical review,this dissertation sorts out and summarizes the synergistic mechanism of ER and GF,as well as the action mechanism of the two to cooperatively promote MHQD at different levels,and finds out the key path to improve MHQD.From the perspective of manufacturing enterprise rising to enterprise groups(industries),and then to the regional manufacturing level.ER and GF and their synergy are revealed to affect different levels of MHQD by the mechanism "Resource reallocation and the Porter effect—production factors price and flow—enterprise production and management decisionmaking—corporate green innovation and productivity—industry conjunction,differentiation,metastasis,and agglomeration—Optimization of industrial internal structure and space layout".(2)Conduct current situation analysis and index measure for ER,GF and MHQD and quantify and evaluate the synergy between ER and GF.According to connotation and characteristics of the three,this dissertation builds a reasonable evaluation index system,combining the entropy weight method to measure ER,GF and MHQD at provincial level,and analyses their temporal characteristics.On this basis,the synergistic development of ER and GF is evaluated from the perspectives of coupling coordination and linkage symbiosis: The coupling synergy degree of the two is roughly matched with the economic development degree of each province.The eastern and middle regions as a whole enter the moderate coupling synergy stage with small interval differences,while the western regions are still in the low coupling synergy stage.Only a few provinces showed a negative interaction effect.(3)Based on game theory and system dynamics,the green technology innovation strategy selection for manufacturing enterprises under government environmental supervision and green credit are discussed.There is a significant difference in transmission path and driving mode between the choice of end governance or green technology innovation strategy for micro manufacturing enterprises to achieve high-quality development.Using evolutionary game and intree simulation,the results showed that the static environment tax rate is not conducive to stimulate enterprises’ green innovation,and the dynamic adjustment of environmental tax rate of regional governments and interest rate of green credit can effectively reduce the fluctuation in the gaming process of manufacturing enterprises,financial institutions and local governments,to achieve a stable state in three sides evolutionary game.(4)Multivariate statistical analysis of ER,GF,their synergy,and MHQD.Using the panel data of Chinese A-share listed companies,this dissertation tests the relationship of environmental regulation and GF to synergistically promote the highquality development of manufacturing enterprises.It is found that,in the terms of coupling coordination,green technological innovation(GTI)plays a mediating role in the process of ER and GF synergy to promote the high-quality development of manufacturing enterprises.Further heterogeneity analysis reveals that the synergy effect of ER and GF perform stronger function on state-owned enterprises,firms among heavily polluting industries and eastern region to promote corporate highquality development.During this promotion process,GTI plays a significant mediating effect in state-owned enterprises and firms in the eastern region,while there is no mediating effect in non-state-owned enterprises and enterprises in the central and western regions,and it plays a greater mediating effect in non-heavily polluting enterprises than in heavily polluting enterprises.(5)Spatial econometric and threshold effect analysis of ER,GF,their synergy,and regional MHDQ.Using the panel data at the provincial level in China,the spatial regression model of ER and GF collaboration on regional MHDQ is established.The regression results show that provincial MHDQ has a significant and positive spatial auto-correlation.When the intensity of ER increases,the development of GF can make up for the cost effect it brought or amplify the Porter effect,and jointly promote provincial MHDQ.Comparative analysis of spatial heterogeneity found that there is a significant and positive spatial auto-correlation in MHQD of the eastern region,while there is a significant and negative one in the central and western regions.The synergy of ER and GF significantly promoted MHQD in the three regions and the most positive synergistic effect in the middle region.The transmission mechanism shows that the impact of the synergy between ER and GF on provincial MHQD is limited by the threshold effect of the synergy effect itself,energy consumption structure,employment structure,the transfer of polluting industries and high-tech industry agglomeration.A higher degree of the migration of polluting industries and the agglomeration of high-tech industries is not the better.The excessive or insufficient degree of the transfer of polluting industries abroad and agglomeration of high-tech industries is not conducive to maximizing the synergistic effect.(6)Based on the above mechanism and transmission path analysis,evolutionary game and parameter adjustment simulation,mathematical statistics and empirical test research,respectively,policy suggestions for the government,financial institutions,enterprises with ER and GF to promote MHQD are provided.From the government level: Paying attention to the synergy and interaction between ER and GF;Improving the relevant legal environment and system;Optimizing the allocation of resources among different types of enterprises,industries and regions;From the financial institution level: Optimizing the financial system structure;Perfecting the social credit system;Adjusting the interest rate of green financial products rationally.From the enterprise level: Establishing long-term mechanisms of GTI;Changing the path dependence driven by investment and factors.The main innovations of this dissertation lie in:(1)Using systematic thought,we set ER,GF and MHQD in a research framework contemporaneously,which provides a new perspective for the study of ER,GF,and their synergy to promote MHQD.(2)Based on the economic growth theory,this dissertation discusses the mechanism that GTI,dynamic adjustment of factor structure,industrial transfer and agglomeration to lead MHQD driven by the synergy of ER and GF.(3)By combining game analysis with system dynamics,intermediary effect and spatial econometrics,this dissertation tests the mechanism and path of ER and GF to promote MHQD at different levels,and explores the unbalanced development characteristics of regional MHQD and the correlation with the threshold value.The optimal interval of pollution industry transfer and high-tech industry agglomeration as well as the factor endowment and driving mode that affect MHQD among regions with different level of economic development are obtained.