Research On The Influence Of China’s Green Finance On Energy Conservation And Emission Reduction Of Manufacturing Industry

Since the reform and opening up of China,the economy has entered a phase of rapid development,during which the gross domestic product has achieved an annual growth rate of 10%.The rapid development of the national economy has also been accompanied by a rapid increase in energy consumption and carbon emissions.At present,China’s total energy consumption and carbon emissions rank first in the world,and the rapid development of the economy has brought enormous pressure on the environment.The deterioration of the environment and climate caused by high energy consumption and emissions requires China to change its development model and vigorously develop a green economy.In order to accelerate the transformation of the development model and expand the scale of green industries,green finance has played a leading role in guiding the flow of funds to environmentally friendly enterprises,supporting energy-saving and low-carbon industries,and playing an indispensable role in industrial transformation.To transform the current situation of high resource consumption and energy consumption,it is urgent to optimize the industrial structure of the manufacturing industry,which is the representative of the real economy.With the power of green finance,we can optimize the allocation of resources in the manufacturing industry and ultimately help it to develop in a green way.This thesis takes the manufacturing industry as the research object and studies the impact of green finance on energy saving and emission reduction in the manufacturing industry.First of all,this thesis combed through the current situation of research on green finance,energy conservation and emission reduction and the impact of green finance on energy conservation and emission reduction at home and abroad,and found that there are still gaps in the field of empirical research on green finance on energy conservation and emission reduction in the manufacturing industry:the research on the relationship between finance and energy conservation and emission reduction is biased,and the research on green finance and energy conservation and emission reduction is mostly from the perspective of a single green financial instrument or the efficiency of energy conservation and emission reduction,and in terms of research objects,most of them take the whole industrial This thesis explores the relationship between green finance and energy conservation and emission reduction in China’s manufacturing industry by constructing a green finance development index and measuring the level of energy conservation and emission reduction in the manufacturing industry by using the energy consumption intensity of the manufacturing industry and the CO₂emission intensity of the manufacturing industry,respectively.Then,the current situation of green finance development in China is analyzed,and it is concluded that the development of green finance in China is still at a relatively low level,the green finance tools are slightly single and the unbalanced development phenomenon is particularly prominent.The article continues to analyze the theoretical basis and the mechanism of the role of green finance in energy conservation and emission reduction,and proposes four hypotheses in response to the above analysis.In order to verify the proposed hypothesis,based on the panel data of 30 provinces and cities in China from 2010 to 2019,four green financial instruments,namely,green credit,green bonds,green insurance and green investment,were included in the selection of secondary indicators,and a total of six tertiary indicators were selected,and each secondary indicator was assigned 50%,25%,15%and 10%weights respectively,while the tertiary indicators under the same secondary indicator were assigned according to the arithmetic The model was then screened and tested by Moran’s I,Moran’s scatter plot,LM,LR,Wald and so on,and finally decided to use the spatial Durbin model（SDM）to estimate and verify the proposed hypotheses.Firstly,the local and spatial effects of green finance and energy saving and emission reduction in the manufacturing industry were examined separately,while the total effect was decomposed to estimate the relationship between the two in three dimensions:direct effect,indirect effect and total effect;secondly,two mediating variables,industrial structure optimization and technological progress,were added to investigate the mechanism of the effect of green finance on energy saving and emission reduction in the manufacturing industry;finally,to test the rationality of the model and the regression results,a robustness test was conducted by replacing the spatial weight matrix.By summarizing the theoretical analysis and empirical results,this thesis concludes that:green finance helps manufacturing industry to save energy and reduce emissions,and from different green financial instruments,there is a big difference in the influence of each green financial instrument on manufacturing industry to save energy and reduce emissions;the role of green finance on manufacturing industry to save energy and reduce emissions is mainly realized by green credit,green bonds and green investment,and green insurance does not play a role in promoting manufacturing industry to save energy and reduce emissions.Green insurance does not play a role in promoting energy conservation and emission reduction in the manufacturing industry;there is a positive spatial spillover effect of green finance on energy conservation and emission reduction in the manufacturing industry;energy conservation and emission reduction in the manufacturing industry itself has a positive spatial spillover effect;the mechanism of green finance on energy conservation and emission reduction in the manufacturing industry in the region can be realized through technological progress and industrial structure optimization.In view of the above research conclusions,this thesis gives corresponding countermeasure suggestions to the shortcomings of green finance in the work of manufacturing energy conservation and emission reduction:to deepen the reform of financial system,expand the market share of green finance;to improve the information disclosure system,enhance the efficiency and transparency of green finance development;to give full play to the regional linkage of green finance,expand the spatial spillover effect of green finance;to realize the leading role of green finance capital It is necessary to guarantee the supply of funds for R&D of green manufacturing technology and improve the level of green technology;to broaden the supply channels of green finance and support the optimization of industrial structure.