| Against the backdrop of energy crisis and resource shortage,the new energy industry with clean and renewable characteristics emerges at the right time and provides a new thinking mode for various countries in terms of energy transformation.Industrial agglomeration can promote the communication and cooperation among enterprises,reduce the cost of industrial production,and step up the sustainable development of new energy industry.Although numerous external factors bring about the agglomeration of new energy industry,green finance,as the main source of financing,is undoubtedly one of those important factors.As a result,it is necessary to research the role green finance plays in the agglomeration of new energy industry,and explore how various channels of green finance affect the agglomeration of new energy industry from the perspective of mechanism and intensity to speed up the development of new energy industry.In the paper,based on the analysis of the present situation and influence mechanism of green finance and new energy industry agglomeration,the author measures the agglomeration value of new energy industry in China by virtue of location quotient method,selects indirect financial instruments represented by green credit and direct financial instruments represented by green securities as main significant variables in explanation,and constructs spatial econometric model based on the panel data of 30 provinces in China from 2008 to 2017.The results show that both green credit and green securities both give impetus to the agglomeration of new energy industry.The effects are ranked as follows: green credit,equity financing and bond financing.The equity financing model of green credit and green securities gives rise to strong spatial spillover effect,helping promote the process of local new energy industry agglomeration and leading the agglomeration of new energy industry in neighboring areas.The bond financing model in green securities has weak spatial effect with great room for promotion.What's more,while scientific and technological progress and policy support play an important role in promoting theagglomeration of new energy industry,human capital investment don't affect the agglomeration of new energy industry in such a notable way.In the central,eastern and western regions,different types of new energy industry agglomeration exist due to different resource endowment and geographical and economic advantages.And the green financial support is uneven among different regions.In view of empirical results,based on the mechanism that green finance promotes the agglomeration of new energy industries,this paper proposes that financial institutions should expand the scale of green credit,give play to the advantages of equity financing in the capital market,increase bond financing and improve the efficiency of capital allocation,thereby providing financing guarantee for the agglomeration of new energy industries;mutual assistance platforms should be built to strengthen regional exchanges,and at the same time actively seek cooperation with scientific research institutions to take advantage of industrial agglomeration to achieve regional information sharing;the government should increase investment in science and technology while cultivating the professional and technical personnel required for the agglomeration of new energy industries,and play a incentive mechanism for innovation of new energy industry agglomeration,in order to promote the sustainable development of economy and environment by virtue of finance. |
PDF Full Text Request