The Impact Of Green Finance On The Transformation And Upgrading Of Manufacturing Industry

As a pillar industry in China’s national economy,manufacturing plays a crucial role.However,China’s extensive production mode in the past has overburdened the ecological environment.In addition to the decline of demographic dividend in recent years,China’s comparative advantage is gradually weakening.In the future,relying on the high energy consumption production mode will obviously not meet China’s needs for high-quality economic growth.In order to solve the current problems,green finance came into being.green finance can promote the transformation of China’s manufacturing industry to advanced and green by restricting the flow of funds into highly polluting enterprises and encouraging the flow of funds into energy-saving and environment-friendly enterprises.This is a research topic that deserves attention both in theory and practice.Therefore,this paper mainly discusses how the development of green finance can promote the transformation and upgrading of the manufacturing industry.First of all,we sorted out and analyzed the relevant literature on green finance and the transformation and upgrading of manufacturing industry,including the connotation of the research object,measurement methods and influencing factors.Based on the theory of sustainable development,the theory of industrial upgrading and the theory of technological innovation,we explored the direct impact path of green finance on the transformation and upgrading of manufacturing industry,and took green technological innovation as the entry point,This paper explores the indirect impact of green finance on the transformation and upgrading of manufacturing industry,which provides a theoretical basis for this study.Secondly,based on the literature review,this paper constructs an indicator system for green finance development and manufacturing industry transformation and upgrading levels.According to the measurement results,the data are compared and analyzed from multiple perspectives,including the entire country,the three regions in the east,west,and central regions,as well as the provincial level.The results show that the overall development level of green finance and the level of transformation and upgrading of the manufacturing industry are improving,but there is significant regional heterogeneity.The eastern region has always been in a leading position,and the central region has priority over the western region.Finally,using the empirical analysis method and panel data of 30 provinces(cities and autonomous regions)in China from 2012 to 2020,this paper empirically analyzes the impact of green finance on the transformation and upgrading of manufacturing industry and the intermediary role of green technology innovation.The research results show that the development of green finance actively promotes the transformation and upgrading of the manufacturing industry,helps to promote the upgrading of the manufacturing industry and the transformation and upgrading of the green industry,and green technology innovation does have a mesomeric effect on the relationship between the two,which is consistent with the expected hypothesis.In the future,the country can improve the problems in China’s manufacturing industry by strengthening the construction and development of the green finance system.Specifically,the country can promote the transformation and upgrading of the manufacturing industry by encouraging the supervision and support of green technology innovation.In addition,it will also promote the establishment of a sound green finance system to improve the support of green finance and provide better impetus for national development,But it is also necessary to adjust measures to local conditions and achieve balanced development in various regions during the development process.