Impact Path And Effect Evaluation Of Green Credit On Industrial Structure Optimization And Upgrading

In the new historical juncture,the optimization and upgrading of industrial structure has significantly promoted high-quality economic development.General Secretary Xi Jinping has pointed out that to promote high-quality economic development,we should focus on promoting the transformation and upgrading of industrial structure.Green is a clear background for high-quality development.While supporting the green development of enterprises,green credit will also promote industrial energy conservation and emission reduction.In practice,green credit is highly valued.A series of green credit policies have been introduced,with the outstanding green credit increasing from 340 billion yuan in 2007 to 11 trillion yuan in 2020.Then,with the further expansion of the green credit market,will green credit promote the optimization and upgrading of industrial structure?Theoretically,green credit policy supports energy conservation and environmental protection enterprises through quantitative credit rationing or interest rate mechanism,provides cost guarantee for their technological innovation and production scale expansion,promotes the formation of differentiated capital of different enterprises,and ultimately promotes the improvement of overall industrial production efficiency and the realization of advanced industrial structure.Green credit policy to ensure that Banks and other financial institutions when granting loans to consider environmental risk,and strictly control loans to audit and flow of funds,to ensure that the credit funds to the real environmental protection enterprise tilt,pollution problems within these regulations release signals affect the market the enterprise timely rectification,change the original production mode,but also affect the market practitioners in labor to energy conservation and environmental protection industries,ultimately promote the labor force structure to match the industry structure gradually,realize the rationalization of industrial structure.The credit control of high-polluting enterprises by the green credit policy will "squeeze out" the high-polluting products and enterprises,and make them gradually move to areas with weak environmental regulations or withdraw from the market.Finally,enterprises in the industry will have a higher level of energy saving and emission reduction technology and promote the ecological industrial structure.By promoting technological innovation,improving the utilization of resources and changing the market demand structure,green credit policy accelerates the upgrading of products,meets diversified demands,and makes the market demand advance to a higher level,thus bringing about the optimization and upgrading of industrial structureBased on the panel data of 30 provinces and cities in China from 2007 to 2018,the Thesis selects green credit,industrial structure optimization and upgrading indicators and related control variables,and uses two-way fixed effect model and mediating effect model to investigate the effect and specific path of green credit on industrial structure optimization.The benchmark regression shows that green credit positively affects the industrial structure optimization and upgrading index;In order to further determine the impact of green credit on the sub-index of the industrial structure optimization and upgrading index,sub-index regression was conducted.The results showed that green credit had a significant positive impact on the index of the advanced industrial structure,the index of the rationalization of industrial structure and the index of the ecological industrial structure.Hypothesis 1 was verified.Through the test of the influence path of technological innovation,it is found that technological innovation is the intermediary variable of green credit affecting the optimization and upgrading of industrial structure,which plays an intermediary role.Hypothesis 2 is verified.In view of the above problems,the following policy suggestions are put forward:(I)Innovate the capital formation mechanism and promote the upgrading of industrial structure.Perfect the incentive and constraint mechanism of green credit to promote the formation of differentiated capital of different enterprises;Improve the green insurance service to provide cost guarantee for enterprise innovation;(2)Improve the signal transmission mechanism and promote the rationalization of industrial structure.Perfect the punishment mechanism of green credit and optimize the industrial structure;Strengthen the policy guidance of talent flow and optimize the employment structure;(3)Improve the extrusion effect mechanism and promote the ecological industrial structure.Perfect green credit policy,promote green environmental innovation;Innovate green credit tools to unleash the potential of green credit;We will improve the green credit organization system and the green credit investment mechanism.