Research On The Impact Of Financial Carbon Emission Constraint On Industrial Green Total Factor Productivity

As the whole society pays more and more attention to climate change,the environmental problems brought by carbon emissions have become the most important factor restricting the green economic growth.Although all parties have made unremitting efforts and accomplished a series of goals and tasks,China’s industry in general has not yet completely come out of the development mode of high input,high emission and high consumption,environmental problems are becoming more and more serious,the consumption of resources and energy is huge,carbon emissions are still increasing,and the goal of achieving the peak of carbon emissions and a 60%-65%reduction in carbon intensity by 2030 is still a long way to go and faces difficulties.At the same time,the climate finance gap is still large,and China is facing increasing environmental pressure under the framework of the Paris Agreement to enhance transparency.Promoting a green revolution is not only an urgent need to achieve coordination between economic and social development and resources,but also a strategic choice to cope with global climate change and slow down CO2 emissions.Achieving green transformational development under the financial carbon emission constraint is the way to sustainable economic development in the future.In the face of the severe resource and environmental situation,China has elevated green development to a national strategy and proposed to accelerate transformation,upgrading and highquality development.In order to further reduce energy consumption and pollution emissions,it is not only necessary to promote the optimization and upgrading of traditional high energy consumption industries in a more reasonable way,but also to use the financial carbon emission constraint to push forward the conversion of green development kinetic energy.How to achieve high-quality economic growth under the financial carbon emission constraint is not only a hot topic of scientific research,but also a realistic problem that needs to be solved to cope with climate change.In this context,this thesis,by collating and summarizing the literature and policies,illustrates the mechanism of financial carbon emission constraint on industrial green total factor productivity,analyzes the current situation of industrial green development in China,and measures the industrial GTFP of each province in China from 2007 to2020 by selecting the SBM-ML model,and the results show that the industrial GTFP of each province in China shows a positive growth trend,which indicates that The implementation of a series of financial carbon emission constraint policies has achieved certain results.In order to further test the mechanism of the effect of financial carbon emission constraint on industrial GTFP,this thesis selects the fixed-effects model to construct the basic regression,regional sub-sample regression and intermediary effect regression through the results of Hausman test,and conducts the empirical analysis based on the theoretical analysis.The research results show that,first,in general,China’s industrial GTFP has been increasing between 2007 and 2020.And by region,the industrial GTFP of most provinces in the eastern region is relatively high,indicating that the green transformation of the economy in this region is beginning to bear fruit.However,the industrial GTFP of most provinces in the western region still does not reach 1,which indicates that the economic development model of the region still needs to be optimized and the pace of green transformation should be accelerated.Second,the impact of financial carbon emission constraint on industrial GTFP is regionally heterogeneous.The financial carbon emission constraints in the eastern,central and western regions all have a significant positive impact on their industrial GTFP respectively,with the absolute value of the coefficient of the financial carbon emission constraint intensity index being the largest in the eastern region,followed by the central region and the smallest in the eastern region,indicating that the financial carbon emission constraint policy in the eastern region has the most significant positive impact on its industrial GTFP and the most obvious policy effect.Third,financial carbon emission constraint can promote the green total factor growth rate of industry by increasing enterprise R&D expenditure,improving energy consumption structure and optimizing industrial structure.In terms of the mediating role of industrial structure,on the one hand,strengthening the financial carbon emission constraint will lead to higher standards of production technology and raw material use,forcing enterprises to improve their emission equipment and production,thus achieving energy saving and emission reduction,but at the same time,it will also increase the cost burden of enterprises.As a result,high pollution and large-scale enterprises will accelerate their transformation into low-carbon industries in order to meet the standards in a short period of time,while small-scale enterprises will find it difficult to maintain their original production methods due to the increased cost burden and will eventually be eliminated,which is the "push-back effect".On the other hand,the financial carbon emission constraint will not only inhibit the development of high pollution industries,but also seek to support and help the expansion of low carbon industries.The relevant government departments usually focus on investing in and protecting low-carbon industries when formulating and implementing financial carbon emission constraint policies,so as to promote the optimization and upgrading of industrial structure,and ultimately achieve the purpose of improving industrial GTFP.In terms of the mediating role of R&D expenditures,financial carbon emission constraint policies provide first-mover advantages to early movers,and relevant government departments usually emphasize the protection of industry leaders and provide them with more policy subsidies when formulating and implementing policies,thus enhancing the competitive advantages of early movers;financial carbon emission constraint provides product and process compensation to enterprises;financial carbon emission constraint policies can reduce the uncertainty faced by enterprises when conducting The government also provides green subsidies to relieve the financial pressure of R&D,which can lead to further technological innovation.In terms of the mediating role of energy consumption structure,the financial carbon emission constraint policy is mainly used to optimize the energy structure by guiding the use of clean energy and restricting the use of fossil energy,which ultimately promotes the improvement of industrial GTFP.Finally,based on the empirical results,this thesis proposes some policy recommendations to promote industrial enterprises to improve green total factor productivity for green development: improve financial carbon emission constraint policies to promote green transformation;increase green technology investment to upgrade industrial structure;optimize energy consumption structure to develop clean energy;and strengthen foreign business selection mechanism to cultivate competitive advantages.