Study On The Impact Of Financial Development,Industrial Structure Upgrading On Green Total Factor Productivity

The rapid economic growth stage promotes the rapid social development,but also brings serious resources and environment problems,which has a negative impact on the high-quality economic development.In order to promote sustainable economic development,green development has become one of the important thoughts guiding social development in China.Improving green total factor productivity is the core of promoting green economic development,while the green growth of green total factor production is mainly driven by technological innovation,which cannot be separated from the strong support of finance.In recent years,with the continuous improvement of China’s informatization,the transformation and upgrading of digital enabling industry has injected strong impetus into green development.However,the existing literature has not carried out in-depth research on the mechanism of financial development affecting green total factor productivity.Financial development can promote industrial structure upgrading through capital formation mechanism,capital allocation mechanism,risk management mechanism and consumption inducing mechanism.The high-tech effect of industrial structure upgrading can promote the growth of green total factor productivity,so there is an internal logic that financial development affects green total factor productivity through industrial structure upgrading.On the basis of combing the relevant literature,this paper first expounds the theoretical basis and influence mechanism;Secondly,a comprehensive index of financial development is constructed from four aspects: financial scale,financial efficiency,financial structure and financial agglomeration,and the level of financial development is measured and analyzed.The industrial structure upgrading index,industrial structure rationalization index and industrial structure advanced index are used to measure the industrial structure upgrading.The GML index based on SBMDDF model is used to measure and analyze the green total factor productivity and its decomposition terms of 30 provinces and cities in China from 2006 to 2018.Finally,the SYS-GMM model is used to empirically analyze the impact of financial development on green total factor productivity.On this basis,the mediation effect method is used to analyze the effect of financial development on green total factor productivity.This paper tests whether industrial structure upgrading has a mediating effect on the relationship between financial development and green total factor productivity,and uses the method of substitution of core explanatory variables to test the robustness.Based on theoretical analysis and empirical test,this paper finds that: first,overall,the comprehensive index of financial development and its sub-indexes show an upward trend.The overall green total factor productivity is on the rise,and technological progress is the main driving force for the improvement of green total factor productivity.Second,financial development can significantly promote the growth of green total factor productivity,which is mainly driven by the progress of green technology.Third,financial development can promote the improvement of green total factor productivity by promoting the upgrading of industrial structure.From the sub-index of industrial structure upgrading,the mediation effect of industrial structure upgrading is greater than that of industrial structure rationalization.In view of this,the following suggestions are put forward: First,deepen financial reform and improve the quality of financial services;Second,take multiple measures to promote coordinated development of green technology progress and efficiency.Third,give full play to the intermediary effect of industrial structure upgrading to promote green economic development.