The Impact Of Green Finance On Industrial Structure Optimization

At present,China’s economic development is shifting from high-speed development to high-quality development,and promoting the optimization and adjustment of industrial structure and promoting green development has become an important consideration for economic development.In this context,green finance has promoted the process of green economic development in China by giving play to the important role of financial innate promotion of financial integration,adjusting capital orientation,accelerating capital accumulation,and promoting industrial agglomeration,and promoting the development of industrial structure in the direction of advanced and green.After reviewing the relevant literature and theoretical basis of green finance and industrial structure optimization,this thesis constructs an index system to measure the development of green finance and industrial structure,which paves the way for the next empirical research.In terms of empirical evidence,this thesis follows the analysis idea from overall to partial,from qualitative to quantitative,and first uses national data to analyze the gray correlation between the development of national green finance and the proportion of tertiary industries,and finds that green finance has the greatest correlation with the tertiary industry.When green finance policies and practices are developed in depth,the tertiary industry accounts for the largest proportion of benefits,followed by the secondary industry,reflecting the optimization role of green finance in the three industrial restructuring.Then,in order to further quantitatively study the impact of green finance on industrial structure optimization,this thesis uses panel data(municipalities)of 30 provinces(municipalities directly under the central government)from 2008 to 2020(excluding Tibet,Hong Kong,Macao and Taiwan)to construct indicators to measure the development of green finance and industrial structure.The green finance index uses the entropy value method to weighted the five secondary indicators of green investment,green securities,green insurance,green credit and carbon finance,and the industrial structure optimization index selects the advanced industrial structure(the ratio of the output value of the tertiary industry to the output value of the secondary industry).In empirical research,this thesis calculates the global Moran index of the advanced index of industrial structure,constructs a fixed-effect spatial Dubin model,further quantitatively explores the impact of green finance development on industrial structure optimization,decomposes the spatial effect,and explores the spillover effect of the impact.In this thesis,the sample data are divided into eastern,central and western regions,spatial heterogeneity is tested,the impact of green finance on industrial structure advancement in different regions is compared,and finally the robustness test of spatial econometric model is carried out.The main conclusions of this thesis are:at the national level,there is significant spatial autocorrelation in the advanced industrial structure of provinces in China,and the empirical results of the spatial Dubin model show that the development of green finance in various provinces has a significant positive promotion for the development of the advanced level of industrial structure in the region.In addition,the development of green finance has a positive spillover effect on the industrial structure,and the development of local green finance can significantly promote the adjustment of the industrial structure in neighboring regions.In different regions,the development of green finance in the eastern region can significantly promote the advanced adjustment of local industrial structure,and have a significant positive spillover effect on neighboring provinces.In the central region,the role of green finance in promoting industrial restructuring is not significant.In the western region will adjust the industrial structure,and the spillover effect on neighboring provinces will not be significant.Based on the research conclusions,this thesis puts forward countermeasures and suggestions from three aspects:policy formulation,mechanism improvement and product innovation.