Research On Incentive Mechanism And Governance Mode In The Process Of Green Transformation Of Chinese Industry

The "Twelfth Five Year Plan" period is an important period of strategic opportunities of the transformation and upgrading of Chinese industry. For a long time the extensive growth pattern of Chinese industry has caused massive resource consumption and serious environmental pollution, and pollution emission and resource consumption have been approaching the limits of environmental carrying.China has entered the new normal of economic development. It is imminent to accelerate the transformation of industrial development and promote the green transformation of industry to shape sustainable industrial competitiveness. Under the background of new normal of economic development, industrial green transformation is undoubtedly an effective path to crack the constraint of resource and environment and achieve stable and rapid economic development to promote the transformation of economic development mode. The core problem of industrial green transformation is the incentive problem. However, the incentive deletion for green technology innovation, industrial structure upgrading and energy efficiency promotion severely restrict the further promotion of green transformation of Chinese industry, and the absence of cultural informal institution also restricts the result of synergy effect.Therefore, it is a vitally important research subject on how to crack the institutional and mechanism barriers and provide incentives for the green transformation of China’s industry. Based on Chinese regional and industrial panel data from 2000-2012, this paper uses the dynamic panel threshold method and dynamic spatial panel method to study the effect of incentive mechanism in the process of industrial green transformation in China, in order to provide the theoretical basis for the effective design and reasonable arrangement of government and incentive oriented governance model of industrial green transformation.In view of the defect or shortage of existing measure method of industrial green transformation, and based on the connotation of industrial green transformation, this paper scientifically uses the evaluation index system method and green total factor productivity contribution method to measure and evaluate the process of industrial green transformation in various regions and industries of China. The results show that,the process of industrial green transformation has great spatial heterogeneity and industry heterogeneity. The eastern region has been the first to enter the process ofindustrial green transformation, but industrial green transformation has not yet been fully launched in the central and western regions. The green total factor productivity has substantial growth, but shows great heterogeneity in industry. China is experiencing the green transformation of development mode from light industry to heavy industry. This paper also carries on the effective construction and measure of incentive mechanism in the process of green transformation of Chinese industry,and then uses the Granger causality test method which is based on the ECM model to analyze the causality between incentive mechanism and correlated incentive. The results show that, the level of environmental regulation has great spatial heterogeneity and industry heterogeneity, and the enhancement of environmental regulation is beneficial to improve the level of green technology innovation. Command and control environmental regulation is not the Granger cause of green technology innovation, but economic incentive environmental regulation and voluntary consciousness environmental regulation have significant promoting effects on green technology innovation. Environmental administrative decentralization, environmental supervision decentralization and environmental monitoring decentralization don’t show obvious difference between the east and west regions. The improvement of environmental decentralization is not conducive to the upgrading of industrial structure, and environmental administrative decentralization, environmental supervision decentralization and environmental monitoring decentralization are also not the Granger cause of the upgrading of industrial structure. The rise of shadow price of energy which reflects the scarcity of environmental resources and energy is conducive to boost industrial energy efficiency, but the relative price index of energy has no significant effect on industrial energy efficiency. The level of cultural informal institution has great spatial heterogeneity, and there exists obvious synergistic effect between cultural informal institution, environmental regulation and price mechanism of environment resources and energy, but there is no synergistic mechanism between cultural informal institution and environmental decentralization.Based on the measurement results of industrial green transformation and the effective construction of incentive mechanism, this paper tries to use the dynamic panel threshold estimation method and dynamic spatial panel model to test the different effects of incentive mechanism of various types, regions and industries on industrial green transformation, in order to provide empirical evidence for the optimization design of incentive mechanism in the process of industrial green transformation in China. The results show that, environmental regulation, greentechnology innovation and industrial green transformation accord with a "U" type relationship and the threshold effect is obvious. Different types of environmental regulation have distinct effects on green transformation of Chinese industry. There does not exist obvious a "U" type relationship between Command and control environmental regulation, green technology innovation and industrial green transformation, but economic incentive environmental regulation and voluntary consciousness environmental regulation significantly improve the level of green technology innovation, which promotes industrial green transformation. The effects of environmental regulation intensity on industrial green transformation are various in different industries. There is an obvious inverted "U" type relationship between the intensity of environmental regulation and industrial green transformation in severe pollution industry, but an obvious "U" type of relationship in moderate and mild pollution industry. Environmental regulation promotes green technology innovation and industrial green transformation only when the level of economic development,human capital, technical innovation and ownership structure exceed the corresponding threshold value. There is an inverted "U" type relationship between environmental decentralization, environmental monitoring decentralization and industrial green transformation under the perspective of space effect, but the relationship between environmental administrative decentralization, environmental supervision decentralization and industrial green transformation presents a "U" type. The shadow price of energy shows an obvious asymmetric effect on energy efficiency and industrial green transformation. The rise of energy shadow price shows a positive effect on energy efficiency and industrial green transformation, but the drop of energy shadow price shows a significant restriction. The promotion effect of the rise of energy shadow price is more significant than the restriction effect of the drop of energy shadow price, but the relative price of energy does not show a significant promotion effect on energy efficiency. The synergistic effect of comprehensive cultural informal institution variable and price mechanism of environment resources exists and is conducive to industrial green transformation, but the coordination mechanism only exists between the indirect cultural informal institution variable and environmental decentralization, which means that the initiative consciousness is more important than the passive behavior for industrial green transformation.This paper extends the incentive mechanism of industrial green transformation from closed conditions to open conditions, in order to provide the scientific theoretical basis for improving China’s trade opening and investment policies underthe new normal of economic development. The conclusions is that, the effects of trade openness and FDI on green transformation of Chinese industry are different. The low level expansion of export trade and the global value chain effect are not conducive to industrial green transformation, and there exists the threshold effect and spatial effect of technology spillover absorption ability of import and FDI on industrial green transformation. Not spatial competition but spatial spillover of import is the key to improving green technology innovation and promoting industrial green transformation,and foreign investments from Hong Kong, Macao and Taiwan have no significant positive effects on green technology innovation but foreign investments from other regions have a significant role. Both the spatial spillover and the spatial competition of import have significant positive effects on the upgrading of industrial structure and energy efficiency. Foreign investments from Hong Kong, Macao and Taiwan have no obvious effect on the upgrading of industrial structure and energy efficiency, but foreign investments from other regions still have significant positive effects. This paper proves the superiority of government and incentive oriented governance model of industrial green transformation and gives some corresponding policy recommendations.