Research On The Impact Of Green Financial Subsidies On Carbon Emission Efficiency Of Manufacturing Industry

Since the reform and opening up,China has quickly become the "factory of the world".While the rapid development of the manufacturing industry has helped China’s economy take off,it has also brought relatively serious carbon emissions issues.The carbon emissions caused by negative externalities should be guided by the government’s functions,which will help achieve the long-term goals of high-quality development and carbon emission reduction.Currently,many scholars at home and abroad have comprehensively evaluated the mechanism of industrial green development and manufacturing green transformation from the perspectives of economy,environment,resources,science and technology,but few scholars have studied the impact of government green subsidies on carbon emission efficiency in manufacturing industry.This article studies the impact of fiscal green subsidies on the carbon emission efficiency of the manufacturing industry,and the means by which this impact plays a role.The main work of this article is as follows: Firstly,after sorting out relevant theories,using technology innovation theory,stakeholder theory,and externality theory,this paper analyzes the impact mechanism between fiscal green subsidies and carbon emission efficiency of the manufacturing industry,and proposes the impact path from the theoretical level;Then,the manufacturing industry is divided into high carbon emission industries and low carbon emission industries,and the carbon emission efficiency of each industry is measured;Finally,selecting data from 2007-2021 as a sample,using panel data modeling ideas to construct an econometric model for regression analysis of the impact of fiscal green subsidies on the carbon emission efficiency of the manufacturing industry.Through research,the following conclusions are drawn: First,fiscal green subsidies can significantly improve the carbon emission efficiency of the industry;Second,fiscal green subsidies indirectly improve the carbon emission efficiency of the manufacturing industry through green consumption demand and technological innovation;Thirdly,there are significant differences in the role of fiscal green subsidies in improving carbon emission efficiency among different industries,with significant effects in carbon emission efficient industries and no significant effects in carbon emission inefficient industries.Based on the empirical conclusions,the following policy recommendations are proposed: First,the government should increase the financial green subsidies to the manufacturing industry to improve the industry’s carbon emission efficiency,which helps to achieve carbon emission reduction;Secondly,for industries with different carbon emission efficiency,fiscal green subsidies should be inclined to be invested in industries with high carbon emission efficiency to improve the efficiency of the use of financial funds.