The Mechanism And Empirical Study Of The Impact Of Green Credit On Industrial Structure

Throughout the development process of China's industrial structure,the secondary industry occupies a leading position in the overall industrial layout,while in the secondary industry,coal,steel,cement and other high energy consumption,high pollution industries account for a larger proportion,green environmental protection industries account for a smaller proportion.If we continue to develop in accordance with this industrial structure,focusing only on immediate interests,regardless of long-term interests,then in the long run,there will only be one result: China's resources will eventually be exhausted,the ecological environment will deteriorate,and economic development will therefore stagnate.Therefore,it is particularly important to take the road of sustainable development by optimizing the industrial structure.Optimizing industrial structure is to promote industrial structure to be more rational and advanced.At the same time,considering the current trend of green economy development,the key to industrial structure transformation and upgrading is to promote the green upgrading of traditional industries characterized by "two highs",while vigorously guiding the cultivation of new green environmental protection industries.As the most widely used green credit in green finance,green credit can not only provide diversified means to solve the financing problems encountered in promoting the development of energy-saving and environmental protection industries,but also restrict the financing of high-energy-consuming and high-pollution industries to a certain extent due to the existence of green credit,thus curbing their blind expansion.Therefore,our government also takes green credit as an important means to optimize and upgrade the industrial structure.The 13 th Five-Year Plan outline clearly proposes that green credit should be used to open up funds in the field of environmental protection to help upgrade the industrial structure.At the same time,in recent years,the government has issued many documents to implement the green credit policy.In 2014,the CBRC issued the Key Evaluation Indicators for the Implementation of Green Credit,which gave more than 100 indicators for the information disclosure,organization management and capacity building of green credit to regulate its management.In 2016,the central government deliberated and adopted the "On the Construction of Green Gold".The guidance of the financial system has further promoted the reform of China's financial system,thus providing greater financial support for the green development of the economy.However,as a new vocabulary,the theoretical circle still lacks systematic research on how green credit acts on the upgrading of industrial structure and its effects.Therefore,this paper firstly makes a detailed analysis of the current situation of green credit and industrial structure;secondly,explores the mechanism of green credit on industrial structure;thirdly,constructs an econometric model to carry out empirical research on the impact of green credit on industrial structure;finally,provides policy recommendations for more effective promotion of industrial structure upgrading.The main contents of this paper are as follows:Firstly,the status quo of green credit and industrial structure is analyzed and measured,and then the specific starting point of promoting industrial structure optimization through green credit is explored.Secondly,based on the elaboration and analysis of the status quo of green credit adjustment of industrial structure,explore the mechanism between the two.This paper elaborates four main influencing mechanisms: capital formation,capital orientation,feedback and credit stimulation,and industrial integration mechanism.Thirdly,the panel regression model and the fixed effect model are constructed to empirically explore the impact of green credit on industrial structure in different regions(east,West and central)of China.The results show that:(1)green credit mainly affects the industrial structure through the capital and capital channels of enterprises;(2)the overall effect of green credit on the transformation of industrial structure is significant;(3)the impact of green credit on industrial structure will vary significantly with different regions.Furthermore,this paper argues that the optimization of industrial structure can be promoted by establishing a sound legal system of green credit,raising the awareness of green credit and implementing green credit according to local conditions.In this process,we should persist in establishing and improving market-oriented credit structure,guide banks to implement green credit evaluation and optimize the mechanism of environmental information disclosure and sharing,so as to ensure the effective allocation and efficient use of green credit funds,and further strengthen the role of green credit in promoting the optimization and upgrading of industrial structure.The possible innovation of this paper lies in the novelty of research perspective.As far as industrial structure optimization is concerned,most of its research focuses on the impact of financial development and financial structure on industrial structure.Few papers have explored its impact on industrial structure from the perspective of green credit.At the same time,in empirical aspect,most of the existing related studies are based on the real economic data of a certain region.This paper breaks through the regional limitations,and in the case of green credit,the impact of financial structure on industrial structure is discussed.On the basis of theoretical analysis of the mechanism of the impact of green credit on industrial structure,this paper carries out a heterogeneous analysis of the whole sample regression analysis of the whole country and divides it into three regions,the east,the West and the west.It further refines the conclusions of this study,and also provides empirical support for theoretical analysis.