| As an important industrial belt in the central region of the country,Hunan Province is faced with the internal demand for industrial structure upgrade.Guiding the green upgrading of traditional industries and cultivating new types of green environmental protection industries are not only the core of industrial structure optimization,but also the key to achieving green development in Hunan.The green upgrade of industry requires the support of green financial services,so paying attention to the role of green financial policies in upgrading industrial structure,giving full play to the resource allocation function of green finance and studying green finance in guiding the flow of production factors between industries and optimizing the allocation of production factors among industries have important practical significance.Through the combination of theoretical analysis and empirical testing,this paper discusses the development status of green finance in Hunan,the degree and the path of green finance's impact on the upgrading of Hunan's industrial structure.And based on this,the author advises some suggestions and countermeasures for the development of green finance in Hunan and the upgrading of industrial structure.Firstly,through the literature reading and theoretical analysis of the concepts and characteristics of green finance,industrial structure upgrade,and financial resource allocation functions,this paper studies the direct and indirect influence mechanisms of green finance resources on industrial structure upgrade.The direct impact mechanism is mainly the impact of the green financial capital restraint mechanism on the industrial structure upgrade,and the indirect impact mechanism is mainly the impact of green finance on the industrial structure upgrade through green development concepts,government policies support and technological innovation and other related factors.In addition,this paper also makes a specific analysis of the current status of Hunan's green finance development and industrial structure upgrade,and finds out the problems and deficiencies in development.Secondly,this paper establishes a green finance development measurement index system to collect data on green finance and industrial structure upgrade in Hunan cities and prefectures from 2010 to 2017.And then the entropy weight method(EWM)is used to measure the development level of Hunan's green finance,which is the data basis for empirical research.The three-stage DEA model is used to measure the promotion efficiency of green finance on the upgrading of Hunan's industrial structure,and to initially verify the conversion effect of green finance.At the end,the paper examines the direct and indirect impact mechanisms of green finance on industrial structure upgrading through the intermediary effect model combined with the two-step system GMM model.Furthermore,this paper draws the following conclusions:(1)The development of green finance in Hunan increased slowly in 2010-2016,while in 2017,due to the promulgation and implementation of various green finance development policies in Hunan Province in 2017,there was a leap in development.On the whole,the development of green finance is in an upward trend.(2)Using the efficiency value obtained from the three-stage DEA model,we can objectively evaluate the development performance of green finance in each city and prefecture of Hunan in 2010-2017,and the adjusted efficiency value is generally on the rise.(3)The overall effect of green finance on the rationalization and green upgrading of Hunan's industrial structure is significantly positive,and the overall effect on the highly upgraded industrial structure is significantly negative.Green finance can promote the development of high-tech and environmental protection industries and the development of fixed investment.At the same time,there is an intermediary effect of green finance to promote the rationalization upgrading of industries through the development of high-tech,environmental protection industry and fixed investment;there is an intermediary effect of green finance to promote the highly upgrading of industrial structure through the development of high-tech and environmental protection industries;and there is an intermediary effect of green finance to promote the green upgrading of industrial structure through the development of environmental protection industry.Finally,this article puts forward the countermeasures and suggestions of green finance to promote the upgrading of Hunan's industrial structure from the perspectives of government,financial institutions and enterprises. |
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