| Optimizing the industrial structure and promoting the green transformation of economic development are the important objectives of the "14th Five-Year Plan" and the proper meaning of realizing high-quality economic development in our country.At present,China is in a great change that has never happened in a century,and the domestic and international environment is complex and changeable.It is urgent for China to change its economic development mode,promote the green transformation of regional industries,and promote high-quality and sustainable economic development.The green transformation of regional industries can not be achieved without the support of the financial sector.After years of development in China,green finance has achieved initial results in both theoretical research and market practice,and it can effectively reduce the negative external environmental effects of regional economic development and play a better role in "supporting the green and suppressing pollution",which is an important policy tool for industrial transformation and environmental protection in China.At the same time,with the popularity of Internet and the development of digital technology,digital economy,as a new engine to promote industrial transformation and sustained and healthy economic development in China,has been mentioned to an extremely important strategic height.Therefore,this paper puts green finance,digital economy and industrial transformation into the analysis framework,and explores the influence of green finance development on industrial transformation and the intermediary role of digital economy in the influence path,with a view to providing valuable reference for regional industrial transformation and high-quality economic development.On the basis of combing the existing literature and introducing relevant theories,this paper constructs a green finance index and a digital economy index,describes the development status of green finance,digital economy and industrial transformation in various regions of our country,selects the macro panel data of 30 provinces in our country from 2005 to 2019 as the research object,and integrates green finance,digital economy and industrial transformation into the research framework.This paper uses the systematic GMM model to explore the impact of green finance on industrial transformation and the intermediary effect of digital economy in the impact mechanism,and analyzes its heterogeneous impact in different regions and among different green financial instruments.The research finds that:(1)Green finance has significant promotion effect on industrial transformation,among which the promotion effect on the sustainability of industrial structure is the strongest,the rationalization of industrial structure is the second,and the impact on the upgrading of industrial structure is the weakest;(2)Green finance can promote the development of digital economy and then affect the regional industrial transformation.Digital economy has significant mediating effect in the mechanism of green finance and rationalization of industrial structure,upgrading of industrial structure and sustainability of industrial structure;(3)The impact of green finance on industrial transformation is heterogeneous among different regions and different green financial instruments.At the regional level,the promotion effect of green finance on industrial transformation is significantly higher in the eastern region than in the central and western regions;For different financial instruments,investment green financial instruments are the best,credit green financial instruments are the second,and securities green financial instruments are relatively weak.Finally,based on the research conclusions,three policy recommendations are put forward,namely,developing green finance with high quality,promoting the healthy development of digital economy and promoting the coordinated development of green finance and digital economy,in order to provide theoretical guidance for China’s industrial green transformation and high-quality economic development. |
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