| Since reforming and opening up,the rapid growth of Chinese economy has also caused the consumption of resources and increased the burden of environment.In order to achieve sustainable development,it is necessary to improve the past high energy consumption,high pollution of the industrial model,to achieve industrial restructuring and upgrading.As a financial innovation tool,green finance can promote the development of emerging industries through the effective allocation of market capital,force technological innovation of "two high and one leftover industry" industries,and promote the upgrading of industrial structure.The development of green finance is an important issue in the 14 th Five-Year Plan,and the importance of green finance is also stressed in the reports of the 19 th and 20 th National Congresses.Therefore,it is of great significance in both theory and practice to study the impact of green finance on the upgrading of industrial structure.In this thesis,domestic and foreign scholars on green finance,industrial structure upgrading and the impact of green finance on industrial structure upgrading related literature is summarized,including related concept definition,index system measurement and many other aspects.The development status of green finance and industrial structure upgrading is analyzed.The development model and product system of green finance were elaborated in detail,and the classification of industrial structure and the upgrading and development of industrial structure were introduced.Thirdly,the relevant theories and research hypotheses are analyzed.Based on the theory of sustainable development,the theory of externality,the theory of corporate social responsibility and the theory of Kuznets’ Law,this thesis analyzes the influence and mechanism of green finance on the upgrading of industrial structure,and puts forward four research hypotheses.The data of green finance and industrial structure upgrading in 30 provinces(municipalities and autonomous regions)from 2011 to 2020 were selected as research samples to study the impact of green finance on industrial structure upgrading through fixed-effect regression.The research samples were further divided into developed areas and underdeveloped areas for regional heterogeneity test.In addition,the robustness test was conducted by replacing the explained variable and lagging the explained variable by one period.Finally,with technological innovation as the intermediary variable and industrialization level as the threshold variable,the intermediary effect model and threshold effect model are constructed respectively to test the mechanism of green finance on the upgrading of industrial structure.Finally,the following conclusions are drawn:(1)From the national level,green finance has a significant role in promoting the upgrading of industrial structure;(2)From the perspective of regional heterogeneity,the promotion effect of green finance on industrial structure upgrading is significant in economically developed areas,but not significant in economically underdeveloped areas;(3)Green finance can promote the upgrading of industrial structure through technological innovation as an intermediary variable;(4)Taking the level of industrialization as the threshold variable,with the improvement of the level of industrialization,the promoting effect of green finance on the upgrading of industrial structure will decline.Accordingly,this thesis puts forward relevant development suggestions in four aspects: giving impetus to green finance to help transform and upgrade industrial structure;developing green finance according to local conditions to promote coordinated development of each region;developing diversified green finance system to improve technological innovation and help;and improving green finance laws and regulations to create an orderly development environment. |
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