| In the report of the 20 th National Congress of the Communist Party of China in2022,it was pointed out that in order to build a modern industrial system and promote the green development of the manufacturing industry,it is necessary to improve the financial and investment policies and standard systems that support green development,and form a green and low-carbon production mode.Green finance is precisely a series of policy arrangements and comprehensive financial services provided for projects in the field of green industry based on the goals of ecological civilization,energy conservation,environmental protection,and low-carbon life.Green finance plays an important role in implementing the green development strategy in China and promoting the transformation of the manufacturing industry to green.Based on the theoretical foundation,this article first analyzes the impact mechanism of green finance development on the green transformation of manufacturing industry from two aspects: green technology innovation and energy consumption structure.Taking 30 provinces and cities in China from 2011 to 2020 as the research sample interval,it constructs a comprehensive indicator system for green finance development by selecting indicators from the government and market levels,and uses the range entropy weight method to measure and evaluate it;Then,an indicator system including inputs,expected outputs,and unexpected outputs is constructed,and combined with the SBM-GML model,the green transformation performance of the manufacturing industry is measured and evaluated;Finally,a panel model is used to empirically analyze the impact of green finance development on the green transformation of manufacturing industry and its transmission mechanism,while conducting heterogeneity analysis and robustness testing.The research conclusion shows that the development of green finance will significantly promote the green transformation of the manufacturing industry.By supporting green technology innovation and optimizing the energy consumption structure of the manufacturing industry,it can achieve energy-saving,pollution reduction,and low-carbon development of the manufacturing industry;Compared to the central and western regions,the development of green finance will significantly promote the green transformation of manufacturing industry in the eastern region,while compared to non low-carbon pilot regions,green finance in low-carbon pilot regions will significantly support the green transformation and development of manufacturing industry.Therefore,based on the conclusion,this article proposes to improve green finance related policies and improve the green finance system;Support green technology innovation in the manufacturing industry,and guide the manufacturing industry to adjust the energy consumption structure;Promote the coordinated development of regional economy,strengthen the construction of low-carbon pilot areas,and other targeted relevant suggestions. |
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