Environmental Regulation,Green Investment And Green Transformation Of Chinese Industry—Spatial Econometric Analysis Based Onprovincial Panel Data

Under the "dual carbon" goal,how to effectively promote the green transformation of industry,thereby helping China’s economy and society achieve better and faster high-quality development during the "14th Five Year Plan" period,is a task that government departments and academia need to face today important topics.Environmental regulations encourage enterprises to improve their technological innovation capabilities and internalize environmental costs,which is a key way to achieve green transformation of industry.Green investment can guide capital flow into the green environmental protection industry and effectively promote industry sector achieves green and low-carbon development.This article selects panel data from 30 provinces,autonomous regions,and cities in China from 2010 to 2020,and uses spatial econometric models to explore the spatial linkage between environmental regulation,green investment,and industrial green transformation.The research finds that:(1)China’s environmental regulations,green investment,and industrial green transformation all show significant spatial correlation,and the overall degree of aggregation is characterized by a "low low" type.Currently,the overall industrial green transformation is in the initial stage.(2)China’s environmental regulations present a positive spatial spillover effect on the green transformation of industry,which can effectively enhance the green technological innovation capacity of the industrial sector through the "innovation compensation effect",achieve effective allocation of industrial factor resources through industry comparative advantage differences,and ultimately achieve the green and low-carbon transformation of the industrial sector.(3)China’s green investment has a positive spatial spillover effect on the green transformation of industry,which can effectively guide social capital to invest in the green transformation of the industrial sector through its fund oriented function of "suppressing pollution and promoting green".Through market competition mechanisms,it can encourage industrial polluting enterprises to accelerate green technology research and development,and ultimately promote the comprehensive realization of green transformation in the industrial sector.(4)China’s foreign direct investment has not achieved spatial spillover effects on industrial green transformation;The degree of opening up to the outside world inhibits the green transformation of local industries,but it can promote the green transformation of neighboring regions’ industries;The degree of industrialization has an inhibitory effect on the green transformation of industries in surrounding areas;Upgrading the industrial structure can only promote the greening and cleaning of the industrial sector in neighboring provinces.(5)China’s environmental regulation can positively affect China’s green investment and the degree of industrial green transformation,but there is no mesomeric effect of green investment in the process of environmental regulation affecting industrial green transformation.Based on the above conclusions,the following five policy recommendations are proposed: First,give full play to the spatial spillover effect of industrial green transformation in economically developed regions,and narrow the differences in the degree of green transformation in the industrial sector between regions;Second,focus on the top-level design of the green transformation of the industrial sector,and focus on the introduction of relevant supporting policies;Third,continue to promote the reform and exploration of the environmental management system;Fourth,create a multi-level green investment system and broaden financing channels for the green development of industrial sectors;Fifth,increase the development of China’s transitional financial market and promote the construction of a transitional financial standard system.