Research On The Influence Mechanism And Effect Of Green Finance On The Development Of PV Industry In China

The development of green economy is an inexorable demand of the high-quality development of China’s economy,and the new energy industry represented by PV industry is the main driving force of green economy.Over the past 20 years,China’s PV industry has experienced ups and downs,achieved large-scale and diversified development to become a strategic emerging industry with international competitiveness.From the juvenile period to the growth period,the investment and financing conditions in PV industry gradually improved,and the financing constraints gradually eased.Green financial policies,products and comprehensive financial services have provided a steady stream of power for PV industry.As a key support area of green finance,the influence mechanism and effect of green finance on the development of PV industry in China is worth in-depth study.This paper firstly defines the key concepts,and reviews green finance theory,information asymmetry theory,signaling theory and stakeholder theory.Secondly,using the textual research method,it analyzes the characteristics of investment and financing at different stages in the evolution of China’s PV industry,as well as the green financial policy vein and support focus of the PV industry.Thirdly,it explains the influence mechanism of green finance on the PV industry,including direct,mediating and moderating effect,and the research hypothesis is proposed accordingly.Fourthly,from 2009 to 2021,79 listed PV companies in Shanghai and Shenzhen Stock Exchange are selected as the research sample to establish a fixed effect regression model,to analyze direct,mediating and moderating effect,and replace variables for robustness test.Finally,based on the research results,specific suggestions are proposed from three aspects:PV industry development,green financial instrument innovation,and policy synergy.The research results suggest that,the development of green finance alleviates the financing constraint of the PV industry,improves the investment efficiency and makes the scientific and technological innovation achievements more significant.The financing capacity plays a mediating role between financing constraint and investment efficiency,but the improvement of financing capacity has caused some listed PV companies to produce inefficient investment.The corporate social responsibility plays a mediating role between financing constraint and investment efficiency,but the intermediary effect is weak.Both the financing capacity and corporate social responsibility act as mediating variables between financing constraint and scientific and technological innovation,Government subsidies can moderate the impact of financing constraints on scientific and technological innovation,while the impact of moderating financing constraints on investment efficiency is not significant.This paper suggests that enterprises in the PV industry chain should strengthen the evaluation of potential projects and actively fulfill the social responsibility.Financial institutions should increase the innovation of green financial products to effectively alleviate the financing difficulties of PV enterprises.Government departments should improve the mechanism for evaluating the effectiveness of policies and promote the synergy between industrial policies and green financial policies.