Research On The Impact Of Green Finance On Industrial Structure Upgrading In Zhejiang Province

With the proposal of the reform and opening-up policy,China’s economy achieved rapid growth but inevitably neglected the protection of the ecological environment,leading to a series of issues such as environmental pollution,resource scarcity,and ecological deterioration.However,this also provided an opportunity for the emergence of the green economy.The 20 th National Congress of the Communist Party of China proposed the requirement to accelerate the green transformation of the development mode,emphasizing that promoting green and lowcarbon economic and social development is a key step towards achieving high-quality development.Upgrading the industrial structure is a necessary requirement for achieving carbon peak and carbon neutrality.Through the development of green finance,the government promotes the upgrading of the industrial structure,thereby achieving the goal of high-quality economic development.This thesis takes Zhejiang Province,a national reform and innovation pilot zone,as the analysis object,and explores the impact of green finance on industrial structure upgrading from a more specific and micro perspective.This thesis firstly explores the theoretical and functional mechanism of the role of green finance in promoting industrial structure upgrading.The mechanisms through which green finance affects industrial structure upgrading mainly include investment orientation mechanism,fund aggregation mechanism,resource integration mechanism,and information transmission mechanism.Secondly,this thesis analyzes the current situation of green finance and industrial structure in Zhejiang Province by collecting relevant data,and draws the following conclusions:the development level of green finance and industrial structure in Zhejiang Province continues to improve,with the continuous increase of green credit and green bonds,the rise of the market value of green stocks,and the exploration of new modes of green insurance,and new progress made in carbon finance;in terms of industrial structure,Zhejiang Province is transforming from labor-intensive industries to technology-intensive and capital-intensive industries.Then,using green credit,green securities,green investment,green insurance,and carbon finance as indicators,the entropy weight method was used to construct a green finance index,and an industrial structure upgrading index was constructed based on the advanced and rational industrial structure.Subsequently,based on the 2007-2021 green finance index and industrial structure upgrading index in Zhejiang Province,there is a related relationship between the upgrading of green finance and industrial structure through the gray association analysis method,and then use the multiple regression model to analyze the impact of green finance on the industrial structure upgrading.The empirical analysis results show that green finance in Zhejiang Province has a promoting effect on industrial structure upgrading.Finally,based on the research results,the policy recommendations for green finance to promote the upgrading of the industrial structure of Zhejiang Province.