Research On The Influence Of Green Finance On Industrial Structure

Since the implementation of the reform and opening policy in 1978,with the unremitting efforts of the country and people,the social and economic development of our country has made significant progress,people’s living welfare standards have been greatly improved.Under the background of sustainable development,how to promote the green transformation of industrial structure and form a new growth point of economic development has become an urgent problem to be solved.As the problem of industrial structure becomes increasingly prominent,many scholars have discussed the optimization of industrial structure from multiple perspectives,but few scholars have studied the impact of green finance on industrial structure through spatial econometric models from a national perspective.At the same time,along with our economy to put forward high-quality development requirements,in the process of green finance development,the state issued policy documents,the society attaches great importance to,green environmental protection industry booming development.Green finance promotes capital formation,guides social capital flow to industrial integration,and greatly promotes the transformation and upgrading of industrial structure.Therefore,this paper attempts to study the relationship between the development of green finance and the optimization of industrial structure from a national perspective.In the theoretical analysis part,first of all,by combing the existing research literature of academia,combined with the actual development status of green finance and industrial structure,the development status is summarized.Secondly,through the discussion of the theoretical basis of economics and the mechanism of action,the influence path of green finance on industrial structure is expounded from three perspectives: promoting capital formation,guiding capital flow and promoting industrial integration.In the empirical analysis part,the provincial panel data of China from 2011 to 2020 are used to measure the development status of green finance and industrial structure in China by establishing an index system and applying entropy weight method.Based on the spatial correlation test and spatial econometric model test,the spatial Durbin(SDM)model is constructed for empirical research.The findings are as follows: First,from the measurement results of entropy weight method,both green finance and industrial structure are in the stage of rising development,but the regional differences are obvious.The eastern region has the highest level and the fastest development speed,followed by the central and western regions.Second,according to the test results of the spatial Durbin model,the development of green finance has an obvious positive effect on the industrial structure.However,the development of green finance in different regions,depending on their different geographical environments and economic bases,has a significant difference in the supporting effect on the optimization of industrial structure.The eastern region has the strongest supporting effect,followed by the central region.The western region has the weakest support effect.Finally,based on the research conclusions,this paper puts forward the corresponding development suggestions.This paper aims to enrich the research of green finance and industrial structure related fields,contribute to the formation of green finance standard system,promote the optimization of industrial structure,and promote green finance to better serve the real economy.The innovation points of this paper are as follows:the first research content innovation,this paper studies the spatial correlation between green finance and industrial structure,and studies the effect mechanism between green finance and industrial structure through the spatial econometric model;The second measurement method is innovative.From the perspective of green financial instruments,this paper establishes a comprehensive evaluation index system of green financial development level composed of 5 criterion layers and 10 index layers,and establishes an evaluation index system of industrial structure for a new comprehensive measurement.The third research method innovation,different from the existing studies which mostly used grey correlation model or common panel model,this paper first established the spatial measurement weight matrix,through the spatial measurement test results using spatial Durbin(SDM)model for empirical analysis.