Research On The Impact Of Green Finance On The Industrial Structure Upgrading In Central China

Since the reform and opening up,China's economy has developed rapidly,and at the same time,energy consumption has been increasing.Under this kind of extensive development mode with high pollution and high energy consumption,China inevitably suffers from serious environmental pollution and slowing economic growth.In order to cope with environmental pollution,promote the transformation and upgrading of the industrial structure,and achieve sustainable economic growth,China has begun to build an ecological civilization.At the same time,it has promoted supply-side structural reforms.General Secretary Xi also mentioned in the report of the 19 th National Congress of the Communist Party of China that "building an ecological civilization is so important for the sustainable development of the Chinese nation." Green finance,which is in line with the concept of sustainable development,is a financial service activity that serves the green transformation of the economy.The development of green finance can guide the flow of funds from industries with high pollution,high energy consumption and excess capacity to environmental protection with low pollution and low energy consumption industry,change the combination of input and output,and improve the efficiency of resource utilization,thereby promoting industrial structure adjustment and optimization.Therefore,for the central region of China,reducing energy consumption,reducing pollution,and vigorously developing and innovating green finance not only reflect the need of green finance for its own economic development and industrial structure transformation and upgrading,but also a positive response to the national development strategy.Therefore,the article first sorts out and summarizes the research literature.Then,it puts forward the theoretical hypothesis: the development of green finance helps to promote the optimization and rationalization of industrial structure.Based on the literature review,make a theoretical analysis of how green finance affects the upgrading of industrial structure.Green finance plays a role in optimizing and upgrading the industrial structure from five aspects: transmitting policy information,promoting capital formation,guiding capital flow,supporting risk dispersion,and promoting industrial integration.Then,conduct empirical analysis.The first step is to use the gray correlation degree model.It is found that the correlation degree of green finance to the output value of the third industry is the largest,and the correlation degree of green finance to the output value of the first and second industry is weakened in turn,which shows the development of green finance has a certain influence on the adjustment of industrial structure.It proves the feasibility of theoretical analysis to a certain extent.The second step is to use the panel data model selecting two indicators of optimization of industrial structure and rationalization of industrial structure as the explanatory variables to measure the adjustment of the industrial structure in the central region and green finance as the core explanatory variable.The regression results show that the development of green finance in the six central provinces has a significant positive impact on the increase of industrial structure rationalization and industrial structure advanced.This further proves the correctness of the theoretical hypothesis.Finally,based on the results of theoretical and empirical analysis,this article puts forward suggestions for the development of green finance from five aspects: increasing government support,increasing innovation,strengthening risk management and control,playing to scale effects,and strengthening talent training.At the same time,it also provides reference for other provinces to develop green finance.