Research On The Impact Of Green Finance On Green Innovation Performance In Manufacturing Industry

In recent years,with the rapid development of the world economy and the improvement of people’s awareness of the ecological environment,the pursuit of economic interests has gradually withdrawn from the stage of history.How to build a sustainable and high-resilience society and achieve steady and green development is a concern of the whole society.In 2020,China made a solemn commitment to the world to achieve carbon peaking in 2030 and carbon neutrality in 2060 and swore to the world China’s firm determination to build a community with a shared future for mankind.China is recognized globally as a major manufacturing country,but few people call it a manufacturing power.The root cause lies in the lack of core technological capability of China’s manufacturing industry.The green innovation performance of the manufacturing industry is an important indicator reflecting the green innovation capability and level of the manufacturing industry,and it is also an important basis for reflecting the innovation output and the sustainable development of the environment in a targeted manner.At the same time,green finance has its unique advantages in promoting the development of green industries and assisting the low-carbon transformation of society.Combining green finance and manufacturing green innovation performance closely,deeply analyzing the internal relationship between the two,and exploring how to effectively improve the green innovation level of China’s manufacturing industry and promote the green and healthy development of manufacturing industry and achieve the double carbon goal by adjusting the development direction of green finance and capital investment.The above explorations have far-reaching significance.The purpose of this paper is to identify the core elements of green finance affecting the green innovation performance of the manufacturing industry,explore the impact of green finance on the green innovation performance of the manufacturing industry from different perspectives,measure the green capital utilization efficiency of the green innovation performance of China’s manufacturing industry,and propose reasonable countermeasures and suggestions for using green finance to improve the green innovation performance of my country’s manufacturing industry,in order that the government and relevant departments can use green finance-related policies and capital means more efficiently and accurately,accelerate the green innovation and development of various industries in the manufacturing industry,and guide manufacturing enterprises to gradually transform and upgrade in the direction of sustainable development.From the perspective of theoretical analysis,on the basis of reviewing the research status and relevant policies at home and abroad on green finance and green innovation performance of manufacturing industry,this paper first defines the relevant concepts of green finance,technology finance and supply chain finance from the relevant concepts and theoretical basis of green finance,fully introduces the green financial market and green financial tools,analyzes the influencing factors and external effects of green finance,and discusses the financial development theory and related theories in depth.Secondly,based on the relevant concepts and theoretical analysis of green innovation performance in manufacturing industry,this paper defines the relevant concepts of green innovation,green manufacturing and manufacturing innovation performance,analyzes the influencing factors of green innovation performance in manufacturing industry,and deeply discusses the relevant theories of green innovation.Thirdly,based on the research on the relevant theories and interaction between green finance and green innovation performance,this paper analyzes the mechanism of green finance affecting green innovation performance of manufacturing industry from the depth and width of green finance,and constructs a conceptual model diagram of the mechanism of green finance depth and width affecting green innovation performance of manufacturing industry.Fourth,through the summary and extension of the views of previous scholars,the dimensions that are more consistent with the performance characteristics of green innovation in manufacturing industry are analyzed and selected,which are R & D,manufacturing,marketing and service.Fifthly,according to the conceptual model diagram of the impact mechanism and the relationship between the variables,the role of each variable in the model is logically deduced,and the corresponding research assumptions are put forward.The above theoretical analysis part lays a solid research foundation for the empirical analysis later.From the perspective of empirical analysis,on the basis of the previous research on the mechanism of green finance affecting green innovation performance of manufacturing industry,this paper selects the research methods and variable measures to test the impact mechanism,uses the panel data of China’s manufacturing industry in 2011-2018 for analysis,and divides it into three categories: labor intensive,capital intensive and technology intensive according to the characteristics of 29 manufacturing industries.On the one hand,the multiple regression analysis method is used to conduct an empirical test on the impact of green finance depth on the green innovation performance of manufacturing industry,and found that green finance depth has a positive impact on the green innovation performance of manufacturing industry in general,but there is an inverted "U" relationship.The institutional environment and market guidance play an intermediary role between green finance depth and green innovation performance of manufacturing industry,and the three different types of manufacturing industries also have certain differences in intermediary effects due to their different characteristics.On the other hand,the structural equation model method is used to conduct an empirical test on the impact of green finance width on the green innovation performance of the manufacturing industry.It is found that green finance width has a positive impact on green innovation performance of manufacturing industry as a whole.Among them,green finance width has a positive impact on R & D,marketing and service performance under the dimension of green innovation performance of manufacturing industry,but has a negative effect on green manufacturing performance;Technology finance has a positive regulatory effect on green finance width and green innovation performance of manufacturing industry,but supply chain finance has not played a significant regulatory role;Popularity plays an intermediary role between green finance width and green innovation performance of manufacturing industry,but it is different in different industries and dimensions.In order to explore the green innovation level of China’s manufacturing industry from the perspective of green finance,this paper designs a green innovation performance evaluation index system of manufacturing industry based on the perspective of green finance,and uses the relevant data of 29 manufacturing industries from 2011 to 2018 in China to empirically evaluate the green finance fund utilization efficiency of the manufacturing industry as a whole,three major manufacturing industries and 29 sub industries by using the three-stage DEA evaluation model.It is found that the technology intensive manufacturing industry is higher than the other two types of manufacturing industries in terms of green capital comprehensive utilization efficiency(technical efficiency),pure technical efficiency or scale efficiency,and the efficiency of labor-intensive manufacturing industry is always at the bottom.Based on the combination of theoretical analysis and empirical test,this paper puts forward a series of practical countermeasures and suggestions on how to improve the green innovation performance of manufacturing industry through green finance,from the perspective of capital allocation,financial service and green finance capital utilization efficiency.It provides strong support and decision-making reference for government departments,relevant institutions and manufacturing enterprises to rationally use adjustment methods and means,accurately take measures,promote green transformation of manufacturing industry and improve green innovation level of manufacturing industry through green finance,and also contributes to the early realization of "double carbon" goals in China.