The Impact Of Green Financial Development On Industrial Ecology

In 2015,the Party Central Committee put forward the new development concept of"innovation,coordination,green,openness and sharing" for the first time,and with the deepening of the battle of pollution prevention and control,the construction of beautiful China has achieved remarkable results.In this context,with Xi Jinping’s thought of ecological civilization as the guide,this paper explores the impact of green financial development on industrial ecology based on the first batch of national green financial reform and innovation experimental zones identified in 2017 under the practice path of"two transformations".Adhering to the principle of combining qualitative analysis and quantitative evaluation,the development status of green finance and industrial ecology in the first batch of national-level green finance reform and innovation pilot zones is analyzed from multiple perspectives,such as the use of funds,financing subjects,investment scale and product types.In order to further study the comparison between the pilot zones before and after their determination,and between the pilot zones and non-test zones,the panel data of a total of 25 provinces including the first batch of national-level green financial reform and innovation pilot zones from 2010 to 2020 are selected as samples,and a comprehensive evaluation index system is constructed,and the global entropy value method and the global principal component analysis method are applied to measure the level of green finance and the level of industrial ecologization,respectively.Presenting obvious trapezoidal development characteristics in the east,middle and west regions,the green finance levels of the provinces located after being identified as pilot zones in 2017 all exceed the average level of their regions.On the basis of this measure,the impact of green financial development on industrial ecologization is studied,and a benchmark regression model and a time-fixed effects model are selected for static panel regression of the overall,a systematic GMM estimation is selected for dynamic panel regression of the overall and sub-regions,and a mediated effects model is selected for stepwise panel regression.The study concludes that,first,green financial development promotes industrial ecologization.Second,the level of industrial ecologization relies on the inertia of the results achieved by previous development,and the promotion of industrial ecologization by green financial development in the test area is better than that in the non-test area.Third,green financial development promotes industrial ecologization through the paths of economic development,industrial structure upgrading and environmental regulation.In view of the current situation and the conclusions of the above analysis,this paper puts forward the following policy recommendations:first,improve the green financial system and innovate green financial products;second,set up more reform and innovation pilot zones and learn good experiences according to local conditions;third,practice the path of industrial ecology to achieve high-quality economic development.