| In modern development of economy,the environmental problem has become one of the most important global challenges.All countries have realized the importance of sustainable economic development and the urgency of changing the economic development mode.The concept of green finance development is consistent with sustainable economic development,which are both in line with China’s overall economic policy.Transition to new from old economic engines is a national development policy put forward by China to achieve high-quality economic transformation and development,and the innovation of new economic engines and the transformation of old economic engines can not be achieved without the support of funds,therefore,it is very important to study the role of green finance in the pursuit of the transition to new from old economic engines.This thesis expounds the connotation and related theories of green finance and the transition to new from old economic engines,from the direct mechanism,government regulation and indirect mechanisms,this thesis analyzes the impact path of green finance on the transition to new from old economic engines,and puts forward the theoretical hypothesis of this thesis.At the same time,using the data of 30 provinces from 2007 to 2019,this thesis constructs the index system to measure the level of green finance and the level of transition to new from old economic engines,which provides the data base for the empirical research.The results show that the development level of green finance in China is on the rise from 2007 to 2019,but the overall level is still on the low side,and there are great differences between the north and the south of China.In the empirical research,this thesis first uses the grey relational grade model to judge the relationship between the development level of green finance and structure of the three major industries,and then uses the fixed effect model to select the appropriate adjustment variables and intermediary variables to test the influence mechanism between the green finance level and the transition to new from old economic engines level concretely.This thesis draws the following conclusions:(1)the development of green finance has a positive effect on the transition to new from old economic engines,and the development of green finance can directly promote the level of the transition to new from old economic engines.(2)the influence effect of green finance is quite different between the north and the south.The development of green finance can improve the level of the transition to new from old economic engines in the north,but the effect of the south is not significant.(3)the impact of green finance development on the transition to new from old economic engines is influenced by the government’s "Green" fiscal policy.Government "Green" fiscal expenditure has a positive regulatory role,"Green" fiscal revenue has a negative regulatory effect.(4)green finance can influence the transition to new from old economic engines by raising the level of technological innovation,which validates the existence of intermediary mechanism.Finally,based on the theoretical analysis,current situation analysis and empirical results,some suggestions are put forward.The government should play a leading role in top-level design,mechanism construction,financial support and personnel training,enhance the participation of financial institutions,enterprises and the general public,and accelerate the innovation of green financial products,to deepen the concept of green management and provide reference for the development of green finance in China. |
