How Does Green Finance Affect the Optimization and Upgrading of China's Industrial Structure?
Abstract
China's economic development has shifted from the stage of high-speed development to the stage of high-quality development. In the context of green development, the research on the relationship between green finance and industrial structure is also in depth. This paper selects panel data of 30 Chinese provinces from 2005 to 2020, constructs a green finance indicator system, and empirically tests the impact of green finance on the optimization and upgradation of industrial institutions in China using a random effects model. The study shows that the development of green finance can significantly promote the optimization and upgradation of regional industrial structure, and this finding still holds in the robustness tests of the full sample and sub-samples. This paper enriches the research related to green finance and industrial structure, and provides theoretical basis and implementation strategies for it: it is necessary to fully mobilize the enthusiasm of all subjects, improve the green financial service system, innovative rate of financial products and services, improve green financial supervision, and grasp the golden period of green financial development, so as to better meet the requirements of industrial institution optimization and upgrading and achieve sustainable and healthy economic development.
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DOI: http://dx.doi.org/10.18686/fm.v8i3.7884
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