HAO Tongyu    School of Finance and Trade

Abstract: In September 2020, the 75th session of the United Nations General Assembly was held in New York, where the Chinese delegation announced its intention to accomplish carbon peaking by 2030 and carbon neutrality by 2060. This once again puts the environment as an important event that needs to be urgently solved in the current economic development, which will be a systemic change in the economy and society. In the process of economic development, we need pay attention to environmental problems. The time for economic development at the expense of environmental destruction and pollution is over, and adding environmental protection to economic development is the requirement of today's development, and it is in this context that the green economy was conceived. It is a new economic form based on traditional industry, market-oriented, with the goal of economic and environmental harmony, and is a state of development to meet the needs of human environmental protection and health. Back in 2015, the concept of green development was put forward at the Fifth Plenary Session of the 18th Party Central Committee, and over the years, China has continued to implement the concept of green development and continuously promote the process of ecological civilization, and it is against this backdrop that green finance, as the mainstay of the green economy, has emerged. Green finance controls the quantity and orientation of funds through the allocation of financial instruments such as green credit and green bonds, and flows funds from polluting enterprises to environmentally friendly enterprises, thereby stimulating enterprises to optimize and upgrade, and thus promoting the structural optimization and upgrade of industries. Therefore, it is significance to research the impact of green finance on industrial structure optimization to change China's economic development pattern and promote green economic development.

The essay first conclusion the relevant literatures on green finance and industrial structure optimization, and then conducts a theoretical analysis, including the introduction of related concept, theoretical basis and mechanism of green finance on industrial structure optimization. Next, it discusses its development status and measurement methods. This paper first collates date from 30 provinces, cities and autonomous regions of China (except Tibet Autonomous Region) from 2008-2021, and then calculates the level of industrial structure optimization by using the entropy weight method. Finally, based on the measured level indicators, a general panel date model was established and the impact of green finance on industrial structure optimization was examined by testing the selection of the fixed-effects model from the random- effects, mixed OLS-effects and fixed-effects models, and further analyzes the specific effect of financial instruments in green finance on industrial structure optimization for examination. Finally, the country is divided into eastern, central and western regions according to geographical location and level of economic development, as a way to examine whether green finance is heterogeneous for industrial structure optimization.

The empirical results show that, firstly, the development of green finance in China has a positive impact on the optimization of industrial structure. Second, the impact of different businesses in green finance on the optimization of industrial structure is inconsistent, among which green credit has the strongest promotion effect on industrial structure optimization, green securities have the second strongest effect, and green insurance has an insignificant effect. Third, China's industrial structure optimization and upgrading has regional differences, and the effect of green finance on industrial structure optimization is best in the eastern region, intermediate in the central region, and worst in the western region. Finally, the corresponding solution measures are proposed according to the corresponding conclusions.

Read the article here:     绿色金融对产业结构优化影响研究.pdf