Analysis On Efficiency And Influencing Factors Of Green Finance Promoting Industrial Transformation And Upgrading

Accelerating the construction of green financial system,giving full play to the resource allocation function of green finance and increasing the guarantee of green funds in industrial transformation and upgrading are important issues facing China’s economic development and ecological civilization construction.In order to explore the support efficiency and related influencing factors of China’s green finance for industrial transformation and upgrading.Firstly,based on the relevant data from 2007 to 2019,measure the development degree of green finance and industrial transformation and upgrading,and explore the relationship between green finance and industrial green transformation with the help of VAR model.At the same time,green finance can provide financial support for enterprise technological innovation.Under the incentive of innovation "compensation" effect,industrial enterprises can actively carry out green technological innovation and realize green development.Therefore,when discussing the impact of Green Finance on industrial transformation and upgrading,this paper further analyzes the role of enterprise technological innovation;Secondly,by constructing the data envelopment analysis(DEA)model,taking green finance as the input factor and industrial transformation and upgrading as the output factor,the impact efficiency of green finance development on industrial transformation and upgrading is calculated;Finally,the Tobit model is used to analyze the factors affecting the efficiency of green finance supporting industrial transformation and upgrading,mainly from three perspectives:economic effect,policy effect and environmental effect.Based on the above research,the research conclusions of this paper can be summarized as follows:(1)green finance plays a positive role in supporting industrial transformation and upgrading.Industrial transformation is greatly affected by its own inertia,followed by green credit and carbon finance.(2)The efficiency of green finance in promoting industrial transformation and upgrading is high,but it shows a downward trend as a whole.Technological innovation has played a complete intermediary effect in the process of green finance promoting industrial transformation and development.(3)Investment oriented government regulation has a significant positive impact on the efficiency of green finance in promoting industrial transformation and upgrading.Increasing investment in environmental pollution control will "encourage" polluting enterprises to emit more pollutants to obtain benefits on the one hand,and enhance the willingness of polluting enterprises to carry out green transformation on the other hand.(4)The positive effect of performance-based government regulation and public environmental protection demands on efficiency is significant.Strengthening the collection of sewage charges by the government can form a positive punishment effect,but the effect of environmental administrative punishment is not significant.(5)There are collaborative governance advantages between input-oriented government environmental regulation and public environmental protection demands,and the positive collaborative governance advantages between environmental administrative punishment and public environmental protection demands are not obvious.(6)The impact of per capita GDP on the efficiency of green finance to promote industrial transformation and upgrading is significantly positive;The higher the level of ecological environment quality,the lower the requirements for green finance development and industrial transformation and upgrading.The influence coefficient of technological innovation level and education level is negative,and the influence of financial development level and openness on the efficiency of green finance promoting industrial transformation is significantly positive.