Research On The Influence Of Financial Development On Green Total Factor Productivity Of Manufacturing Industry

The high-quality development of the manufacturing industry is an important driving force for the high-quality development of my country’s economy.At present,the scientific and technological innovation capability of the manufacturing industry is not strong,and the problems of high energy consumption and high pollution are still serious.my country’s 14 th Five-Year Plan points out that the key to composing a new chapter of a manufacturing powerhouse is to improve the green total factor productivity of the manufacturing industry.Promoting the green and efficient development of the manufacturing industry requires the financial system to provide it with a large amount of financial support and risk protection.In recent years,my country has introduced a number of financial policies to guide the financial sector to strengthen support for the manufacturing industry.However,from a practical point of view,the financial support obtained by the manufacturing industry is far lower than its actual needs,and there is a large gap between the three representative industries of finance and the level of financial development in each province.Whether finance can play a supporting role in the green development of the manufacturing industry,and whether there are differences in the effect of the three representative industries of finance,clarifying these issues is of great significance for promoting the optimization of the financial structure and giving better play to the role of finance in supporting the real economy.The research content of this thesis is mainly divided into 7 chapters: Chapter 1Introduction,starting from the research background of the development status of the manufacturing industry,the difficulties it faces,and the financial support for the manufacturing industry,it clearly studies the impact of the development of different financial industries on the green total factor productivity of the manufacturing industry.The theoretical and practical significance of this thesis is that the innovation of this thesis is to study the impact of financial development on the green total factor productivity of manufacturing,taking into account the differences in the effects of different financial industry development;Related literature on the impact of factor productivity and financial development on green total factor productivity,determine the research theme of this thesis,that is,divide financial development into banking,securities,and insurance industry development,and compare and analyze the impact of different financial industry development on manufacturing green total factor productivity;Chapter 3 introduces the relevant basic theories,analyzes the impact of the development of the three major financial industries on the green total factor productivity of manufacturing,and puts forward the research hypothesis of this thesis based on the existing literature;According to the existing data,bank credit is still the main financing channel for manufacturing enterprises,the securities industry plays an increasingly important role in alleviating financing constraints,and the development level of the insurance industry is still relatively low.Limited,from the perspective of financial policies introduced in recent years,it has always focused on giving play to the role of financial support and continuously improving the accuracy and effectiveness of financial services.Appropriate input-output indicators,using the method of combining data envelopment analysis(DEA)and Malmquist index method to measure the green total factor productivity of manufacturing in 30 provinces(cities)in China,and analyze the results from the overall,provincial,The analysis is carried out from three angles of the region.On the whole,there are few years of growth,and there is still a large gap in the level of green productivity of the manufacturing industry in various provinces.Only the eastern region has achieved growth,and the task of achieving green and efficient development of the manufacturing industry is still very arduous;Chapter 6 is based on the 2010-2019 my country Using the data of 30 provinces(cities),the systematic GMM method is used to empirically test the difference in effect and impact path of the development of different financial industries on the green total factor productivity of the manufacturing industry,and the samples are grouped by geographical location and public support for environmental protection.The impact of different regional development environments on the role of finance.Chapter 7 puts forward corresponding countermeasures and suggestions based on the research conclusions of this thesis.According to empirical research,it is found that: first,the development of the banking industry and the securities industry can improve the green total factor productivity of the manufacturing industry,the effect of the banking industry is more significant,and the development of the insurance industry has an opposite hindering effect;There are also differences in the impact paths of industrial green TFP.Specifically,the development of the banking industry plays a role in promoting the green total factor productivity of the manufacturing industry by promoting the green technology progress and efficiency improvement of manufacturing enterprises,while the development of the securities industry and the insurance industry only affects the technological progress of the manufacturing industry;third,where Geographical location and public support for environmental protection will affect the role of finance,which in turn affects the level of green total factor productivity in regional manufacturing.According to the research conclusions of this thesis,the following countermeasures and suggestions are put forward: the banking industry should adhere to the principle of differentiated credit,and increase medium and long-term credit support;develop the securities market,especially the construction of the Science and Technology Innovation Board;innovate insurance products,and promote the insurance industry to cooperate with banks.The coordinated development of the securities industry;promote the coordinated development of regional finance,especially the construction of the financial system in the western region;manufacturing enterprises should not only focus on technological research and innovation,but also on the digestion and absorption of technology,and promote the transformation of innovation achievements;Supervisory role in the financial industry.