Research On The Impact Of Green Finance On The High-Quality Development Of Manufacturing Industry

The report of the 20 th National Congress of the Communist Party of China clearly stated that "we must firmly establish and practice the green development concept that green water and green mountains are gold and silver mountains",and elevate green development to a new height.It can be seen that the issue of green development has long become a social consensus.With the changes in China’s economic development stage,future economic development and transformation must promote the development of the economy towards green,efficient and lowcarbon.As an effective management tool that conforms to social and environmental protection,green finance has become a new driving force for the effective growth of the national economy.Taking the road of high-quality economic development,the high-quality development of manufacturing is even more important.Manufacturing is the foundation of a country and the foundation of a strong country,and its development scale has always ranked first in the world,playing an unparalleled role in promoting economic development and transformation.With the implementation of the "Belt and Road" and the promotion of high-quality development strategy,China’s manufacturing development system has gradually improved.However,the external environment and internal factors of development are limited,and the development of the manufacturing industry faces more risks,serious environmental pollution,low production efficiency,and rising production costs,showing a situation of large but not strong,complete but not excellent.Therefore,it is of great significance to pay attention to the current situation of green finance development in China and explore its impact on the development of manufacturing.Based on the externalities of green finance,this thesis constructs a comprehensive and systematic green finance evaluation index system at the provincial level from 2008 to 2020 from a multi-dimensional perspective,and uses the entropy weight method to evaluate and analyze the comprehensive index of green finance.Then,based on the five concepts,the evaluation index system of high-quality development of manufacturing industry is constructed,and the principal component analysis method is used to evaluate the high-quality development level of China’s manufacturing industry.Furthermore,a panel data model is constructed to empirically analyze the impact of green finance on the high-quality development of the manufacturing industry.Finally,from the perspective of space,a spatial econometric model is established to study the spatial spillover effect of China’s green finance on the high-quality development of the manufacturing industry.The conclusions are as follows: First,there are significant differences in the development level of green finance in various provinces and cities in China,and the overall level is low,showing the characteristics of higher in the eastern region,followed by the central region,and lower in the western region.Second,in terms of high-quality development of the manufacturing industry,there are also significant differences between provinces and cities,and there is also a trend of gradual decline from the east to the west.Third,in terms of empirical impact,the development level of green finance has a significant positive impact on the high-quality development level of the manufacturing industry.Among the control variables,industrial structure,international competitiveness and urbanization level have a positive impact on the high-quality development of the manufacturing industry,while the development of technology market and environmental pollution control have a negative impact on the development of the manufacturing industry.Fourth,both of them show significant spatial positive correlation and spatial aggregation mode in the spatial econometric model,and the development level of green finance can not only improve the local manufacturing level,but also promote the development of manufacturing in surrounding areas.Combined with the research of this thesis,relevant countermeasures and suggestions are put forward: First,improve the green financial system,explore new derivatives,apply standards to green derivative financial instruments,make green financial products more abundant,and provide more personalized green products.Second,expand the green capital market and promote green ecological development.Third,promote green financial services and green economy.Fourth,give play to the role of regional coordination and accelerate the industrial transformation and upgrading of backward areas.Fifth,formulate green finance development goals,find out construction plans that are in line with local conditions,and promote the construction of green industries.