Financial Development,Enviromental Regulation And Upgrading Of Industrial Structure

Since the reform and opening up,our country has completed the transformation from agricultural economy to industrial economy developed,entering the stage of industrialization.The industrial structure of our country is faced with the problem of the high material consumption,high energy consumption,high pollution,excess capacity and the convergence of regional industrial structure,insufficient service industry development.Cause in the considerable environmental pollution brought great pressure to the fragile ecological environment.Therefore,scientific and effective regulation for the policy of environment is important to promote the coordinated development of economy and society,which requires correctly grasp the relationship between environmental regulation and industrial structure upgrading in the reform process.In addition,the developed financial market can effectively reduce the financing costs of enterprises,effectively allocate resources,and provide the necessary capital market conditions for the transformation and upgrading of enterprises.This article links two angles of finance industry and environment and ecology based on the theory of environmental finance,puting them into a system to study the synergistic relationship between the two.This paper expounds the theoretical basis of financial development,environmental regulation and industrial structure upgrading.And then the paper related research results of other scholars and analyzed present situation from the two aspects of time evolution characteristics and regional distribution characteristics.After that the development of the three is analyzed and based on provincial panel data,studied the effect and threshold characteristics of financial development,environmental regulation and industrial structure.First,panel regression model found that the overall level of financial development in higher areas,the industrial structure is advanced,and the promotion the relative financial efficiency factor of industrial structure is the largest,followed by the financial structure and financial scale.From across the country,the implementation of environmental regulation can promote the optimization of industrial structure adjustment,to a certain extent verified the famous "Potter hypothesis".Considering the interaction between financial development and environmental regulation of the two factors can be found in the interaction of the two on the upgrading of the industrial structure has significant negative impact.And the two elements alternative role exists at a certain extent.Secondly,using the panel threshold model,followed by financial development,environmental regulation as the threshold variable,empirical study of threshold effects and regional differences between financial development and industrial structure,environmental regulation and industrial structure as well as the two interaction.The results show that in the perspective of the combination of financial development and environmental regulation,there is double threshold effect in the influence of financial development on the upgrading of industrial structure.Only to meet the appropriate level of financial development can play the promotive effect to industrial structure.There is single threshold effect between environmental regulation and industrial structure,the relationship between environmental regulation and industrial structure presents an inverted "U" type.Combined with the financial development factors,the impact of environmental regulation on the industrial structure is double threshold effect on the upgrading of industrial structure,which most in the second threshold range.Then,according to the threshold result,discuss the regional heterogeneity of the threshold cross situation in each province.At last,this paper puts forward reasonable opinions and suggestions from the angle of finance and environment development so as to promote the optimization and upgrading of our industrial structure.