| The leapfrog development of industry is the booster of China’s rapid economic growth,yet the traditional sloppy industrial growth model has triggered serious problems of energy consumption and environmental pollution.How to solve the contradiction between industrial development and environmental protection is still an issue of the times before mankind.The western region is still at a critical stage of accelerated industrialisation and urbanisation,and industrial development is still faced with outstanding realities such as high pollution and high energy consumption,which,coupled with the transfer of industries from the central and eastern regions in recent years,has resulted in the western region facing even more serious energy and environmental challenges.The green transformation of industry is not only an urgent need to break the bottleneck of resources and environment in the industrial development of the western region,but also a key boost to achieve high-quality development of green economy.The report of the 20 th Party Congress points out that it is necessary to speed up the green transformation of development methods,improve the fiscal,financial,investment and price policies and standard systems that support green development,and develop green and low-carbon industries.So,can green finance,as an important driving force for green economic and social development,promote the green transformation of industry in the western region? What are the intrinsic mechanisms?Based on a review of domestic and international research developments,this thesis firstly defines the concepts of green finance and industrial green transformation,and analyses the mechanism of green finance’s influence on the industrial green transformation in the western region of China,taking into account relevant theories such as financial functions and sustainable development.Secondly,the current situation of green finance and industrial green development in the western region is analysed,and a comprehensive index system of green finance and an input-output model of industrial green development are constructed,and the entropy value method and the Super-SBM-Malmquist model are applied to measure and analyse the level of green finance development and the efficiency of industrial green transformation in the western region.On this basis,a panel fixed-effects model was used to explore the impact and mechanism of green finance on the green transformation of industries in western China;a double-difference model was used to further explore the microscopic mechanism of green finance affecting the green transformation of enterprises in western China,based on a quasi-natural experiment of the establishment of a national green finance reform pilot zone.Again,a panel threshold regression model is used to explore the non-linear effects of environmental regulation,human capital and economic development in the green transformation of industries in the western region affected by green finance.Finally,suggestions are made to promote the development of green finance and industrial green transformation in the western region.The study finds that:(1)the development level of green finance in the western region from 2011 to2020 is relatively lagging behind,with significant regional differences;there is more room for optimising industrial green transformation.(2)The development of green finance can significantly promote the green transformation of industry in the western region,and this effect is more obvious in the southwest region and regions with a higher proportion of industrial energy consumption.(3)At the enterprise level,green finance has effectively promoted green innovation among industrial enterprises in the western region,and promoted the green transformation of micro-enterprises.In terms of differences in characteristics,the boosting effect of green finance on the green transformation of enterprises in the western region is more significant in the samples of private enterprises,larger enterprises and non-heavily polluting industrial enterprises.(4)In terms of the influence mechanism,the development of green finance can promote the green transformation of industries in the western region through such channels as optimising the allocation of financial resources,promoting the cleanliness of energy structures and accelerating green technological innovation.(5)The results of the threshold effect show that there is a double threshold effect of environmental regulation in the green transformation of industries in the western region,and the effect of green finance on the green transformation of industries in the western region is not significant in the range of strong or weak environmental regulation,and moderate environmental regulation is more helpful to the function of green finance.The effect of green finance on the green transformation of industry is more significant with the development of the western region’s economy and the optimization and upgrading of human capital.Based on the above findings,we propose to accelerate the construction of green financial system and expand the scope of green financial support;deepen the reform and innovation of green finance to enhance the new momentum of industrial green development;strengthen the supply of green financial talents to consolidate the guarantee of talents for industrial green transformation;establish a dynamic and suitable environmental regulation and governance system according to the actual local development;and rely on the advantages of policy resources to cultivate new momentum of green economic growth. |
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