The Impact Of Green Credit On Industrial Structure Upgrading ——Empirical Test Based On Chinese Provincial Panel Data

General Secretary Xi Jinping emphasized that China is in a new historical orientation,and promoting high-quality economic development requires focusing on promoting the adjustment and upgrading of industrial structure.At the current stage,the theme of China’s development has gradually moved closer to green development and high-quality development,and green credit will promote the adjustment and upgrading of industrial structure while supporting the green development of enterprises.In practice,green credit is indispensable,with the amount of green credit increasing from RMB 340 billion in 2007 to RMB 15.9 trillion in 2021.Playing the role of green credit in industrial restructuring and upgrading is of great significance to achieve high-quality economic development.Based on green credit theory and combined with industrial structure theory,this thesis analyzes and composes four theoretical mechanisms of capital formation,capital orientation,industrial integration,feedback and credit interaction.In addition,using the relevant data of China’s provincial panels from 2007-2018,this thesis firstly tests the correlation between green credit and industrial restructuring and upgrading through gray correlation analysis,and then empirically tests green credit and industrial restructuring and upgrading at the national level through panel fixed effects model and GMM model,and discusses the different effects of green credit on industrial restructuring and upgrading in different regions through regional heterogeneity in terms of resource endowment We also discuss the different effects of green credit on industrial restructuring and upgrading under different regional resource endowment conditions through regional heterogeneity.The results of the study show that:（1）green credit has the strongest linkage with the tertiary industry,the second strongest linkage with the secondary industry,and the weakest linkage with the primary industry.（2）Green credit can promote industrial restructuring and upgrading at the national level,and the promotion effect has a time lag.（3）Green credit also has different promotion effects on industrial restructuring and upgrading under different regional conditions.This thesis argues that,in the process of promoting the green development of industries,we should start from four aspects: innovative capital formation mechanism,perfect capital-oriented mechanism,sound industrial integration mechanism and perfect risk-bearing mechanism,so as to realize the reasonable allocation of green credit funds and promote the adjustment and upgrading of industrial structure.