| Low-carbon industry is the carrier of low-carbon economy. Finance plays an important role in supporting the development of low-carbon industry. On the macro-level of low-carbon economy, most of the existing literatures research on how to build a financial system in order to promote the development of low-carbon economy. But literatures research on low-carbon industry level is relatively lacked. Cutting from the low-carbon industry level, this paper researches on the financial support for the development of low-carbon industry, which is crucial to the theoretical value and practical significance.After sorting existing literatures and analyzing the actual situation, this paper makes theoretical and empirical analysis focusing on the theme of financial support for the development of low-carbon industry.In theoretical analysis, using AK Model and Paul Samuelson’s Economic Growth Model for reference and introducing low-carbon technologies, capital cost, labor and natural resources, this paper builds low-carbon industry growth model. The results suggest that the more sound of investment and financing system in the present economic situation, the more conducive to improving social capital scale; if social capital can be effectively transformed into low-carbon industry capital, supplemented by policy and other means to lower low-carbon industry’s capital cost, it can effectively promote the development of low-carbon industry.In empirical research, on the micro-level of low-carbon enterprises’ funding, this paper embodies the financial support into four specific sources of financing, and chooses listed companies of low-carbon industry as the research objects. After collecting the panel data from2007to2013, this paper builds the mixed regression model to analyze the relationship between the listed companies’ operating income and the four sources of financing. The empirical results show that, these listed companies get the most funds from commercial credit financing, followed by equity financing, bank credit financing, retained earnings financing. Retained earnings have the most significant role in promoting listed companies’revenues, followed by equity financing, bank credit financing, and finally to commercial credit financing. From two angles of low-carbon industry’s stage and financing cost and project benefit, we come to the same conclusions. Combining theoretical and empirical analysis, this paper puts forward four policy recommendations:strengthening government’s macroscopic guidance and improving the financial support policy; building up low-carbon assessment indicators and improving risk management mechanism; promoting the development of the capital market and increasing the percentage of direct financing; improving the taxation preferential policies and corporate profitability. |
