Green Finance For The High-quality Development Of China’s Power Industry Influence Study

Over the past 40 years of reform and opening up,China’s economy has developed rapidly,achieving substantial quantitative growth and effective improvement in quality.Initially,China’s economic growth was mainly driven by factors and scale.However,the extensive economic development model,especially the power industry,which is dominated by coal and electricity,has caused a sharp rise in China’s carbon emissions,leading to serious air pollution and hindering the sustainable development of the economy.In this regard,the power industry to high-quality development is imperative.As a financial tool to actively respond to climate change,green finance is conducive to the development of green industry and promote the high-quality development of the power industry.Therefore,in the new era,we should vigorously develop green finance,change the concept of development,increase green innovation,and promote technological progress,so as to promote the high-quality development of China’s power industry.Based on the 2008-2020 China power industry provinces panel data,this paper from the theoretical analysis level of the influence of the development of green finance high quality power industry and mechanism,after empirical analysis,the following conclusion:(1)In the correlation analysis,successively using Pearson correlation coefficient and VIF test model of multiple collinearity,found that there is no multiple collinearity problem between variables.(2)In the benchmark regression analysis,the benchmark regression was conducted by adding control variables,two-way control individuals and years,and found that green finance still has a significant positive impact on the high-quality development of the power industry.(3)In the test of influence mechanism,trade openness is introduced as the adjustment variable into the model,and it is found that the improvement of trade openness can enhance the promoting role of green finance on the high-quality development of the power industry.(4)In the robustness test,conducted the endogeneity test first,and found that the tool variables selected in this paper can better avoid the endogeneity problem;then,conducted the robustness test by remeasuring green finance,adding other control variables and adopting the system GMM method,and found that the coefficient of green finance is still significant,confirming the robustness of the estimation results again.(5)In the heterogeneity analysis,empirical analysis based on regional and low-carbon pilot provinces and cities,found that green finance can significantly promote the high-quality development of power industry in eastern and central regions,while the coefficient in western regions is not significant;green finance can significantly promote the high-quality development of power industry in low-carbon pilot provinces and cities,while the coefficient of non-low-carbon pilot provinces is not significant.To sum up,the policy suggestions in this paper are as follows:(1)broaden financing channels and promote the development of green industry;(2)strengthen technological innovation and improve the efficiency of green economy;(3)promote coordinated development and realize balanced regional development.