An Empirical Analysis Of The Effect Of Green Credit On The Optimization Of China’s Industrial Structure

With the rapid development of China’s economy,environmental pollution,resource exhaustion and other problems need to be solved urgently.It is an urgent task to adjust the industrial structure with high energy consumption and high pollution industries as the main part.Financial institutions such as banks actively undertake social responsibilities and respond to the national “green environmental protection”requirements.In the process of financial business development,environmental protection is regarded as an inseparable part,promoting the development of green finance and increasing the intensity of green credit.At the same time,the key to the transformation and upgrading of industrial structure is to promote the green transformation of traditional industries and foster new eco-environmental protection industries.At present,it’s an important period for the optimization and adjustment of industrial structure,finance is the booster of industrial development.The transformation and upgrading of industrial structure need financial support.The promotion of green credit to the optimization of industrial structure is an important content to realize the sustainable development of economy and environment.Based on the content of green credit,this paper analyzes the influence of green credit on the optimization of industrial structure through capital formation,capital orientation,information transmission,industrial integration and risk allocation mechanism.On the basis of this,it selects the ratio of green credit as reference sequence,the proportion of three industries as comparison sequence,and uses the grey correlation model to empirical analysis of the correlation between green credit and the optimization of China’s industrial structure.Then select the provincial panel data of relevant variables in China from 2001 to 2016.Considering that the transformation and upgrading of industrial structure is a dynamic evolution process and the effect is lagging behind,the lagging variables of industrial structure optimization level are included in the explanatory variables,and the dynamic panelregression analysis is carried out by using GMM method to study the national panel,regional panel and phased panel empirical results.Finally,the government and financial regulatory authorities,banks and other financial institutions,social organizations and the public puts forward to countermeasures and suggestions to promote the effective effect of green credit on the optimization of industrial structure.Through the research,the paper finds that green credit has the highest correlation with the secondary industry,the third industry is the second,and the first industry is the lowest.The optimization of industrial structure refers to the enhancement of coordination between industry and industry and the increase of correlation,mainly focusing on the increase in output value and efficiency of the secondary and tertiary industries.The empirical results show that there is a correlation between green credit and industrial structure optimization.Through dynamic panel regression analysis,it is concluded that green credit promotes industrial structure optimization to a certain extent,but its impact is limited.In addition,there are also differences in the role of green credit in promoting industrial restructuring and upgrading in different regions and stages.In order to further play the role of green credit in optimizing industrial structure,the government and financial regulatory authorities,banks and other financial institutions,and the public need to work together.