金融学院知识库

在世界生态环境挑战日趋严重的情况下，推动经济实现清洁化、绿色化发展已经成为国际社会的广泛共识。我国旨在2030年实现碳达峰，2060年前达到碳中和，并明确指出“要加快发展方式的绿色转型，实施全面节约战略”。工业，作为经济增长的引擎，同样是能源使用与污染物排放的主要源头，因此，实现工业的绿色转型对于达成我国的环境保护目标具有至关重要的意义。在此背景下，绿色金融作为连接环境保护与经济发展的关键纽带，其通过多层面、多角度的作用机制，为工业绿色转型提供了强有力的金融支持和服务。因此，深入探究绿色金融对工业绿色转型的作用效果以及内在机制，对于应对生态环境挑战和促进我国经济的持续高质量增长具有重要意义。
本文首先归纳了绿色金融与工业绿色化转型的文献成果，明确了考察视角。接下来，结合有关理论，厘清绿色金融与工业绿色化升级的内在联系，并提出研究假设。然后，建立涵盖资源消耗强度、污染治理强度、产业结构升级、全要素生产率提升等四层面的综合评价体系以测算工业绿色转型的综合指数，并建立涵盖绿色信贷、绿色证券、绿色投资以及碳金融的四个领域综合测算体系以确定绿色金融发展指数，进而根据测算结果，对我国各地区的绿色金融进展和工业绿色转型现状进行分析。最后，文章以我国30个省市为研究样本，构建双固定效应模型，实证检验绿色金融对工业绿色转型的直接作用效果与间接影响机制。
结果表明：绿色金融在推动我国工业向绿色转型方面起到了明显的促进作用；中介效应检验发现，绿色金融主要通过促进工业产业结构转型、激发绿色技术创新以及降低资源消耗强度这三条渠道来推动工业绿色转型；异质性分析发现，绿色金融对工业绿色转型的作用效果和影响机制在自然资源禀赋和金融资源不同的地区存在明显差异，并且不同类型的绿色金融工具对地区工业绿色转型的作用效果也是不同的。基于上述结论，本文从政府、金融机构和工业企业三个角度出发，针对绿色金融顶层设计、环境信息披露机制、绿色金融产品创新以及工业企业转型方向等领域，给出了一系列的策略和意见，旨在为我国完善绿色金融机制体制，以助力工业绿色升级提供有价值的参考与启示。
 

With the increasingly severe ecological and environmental issues, the achievement of economic green and sustainable development has become a global consensus. China aims to achieve carbon peak by 2030 and carbon neutrality by 2060, and clearly pointed out that "it is necessary to accelerate the green transformation of the development mode and implement a comprehensive conservation strategy." Industry, as an engine of economic growth, is also the main source of energy consumption and pollutant emissions. Therefore, industrial green transformation is essential for achieving my country's environmental goals. In this context, Green Finance, as an important tool to connect environmental protection and economic development, has provided strong financial support and services for industrial green transformation through a multi-level and multi-angle mechanism. Therefore, in-depth exploration of the effects and internal mechanisms of green finance on industrial green transformation is of great significance for solving ecological and environmental problems and promoting the sustained and high-quality development of our country's economy.
This paper first reviews the literature on green finance and industrial green transformation, and clarifies the research perspective. Secondly, combining relevant theories, explain the mechanism of the impact of green finance on the green transformation of industry, and propose research hypotheses. Then, a comprehensive index system is constructed, including four dimensions: resource consumption intensity, pollution control intensity, industrial structure upgrading, and total factor productivity improvement, to calculate the comprehensive index of industrial green transformation. A four-dimensional evaluation index system is also established, including green credit, green securities, green investment, and carbon finance, to determine the green finance development index. Subsequently, based on the calculated results, analyze the development level of green finance and the current state of the green transformation of industry in our country. Finally, this paper takes 30 provinces and cities in China as research samples to construct a double fixed effect model to empirically test the direct effect and indirect impact mechanism of green finance on industrial sustainable development reform.
The study findings are as follows: Green finance has a significant promotional effect on the green transformation of industry; the intermediary effect test finds that green finance mainly promotes industrial green upgrading by promoting the optimization of industrial structure, stimulating green technology innovation, and reducing resource consumption intensity; heterogeneity analysis shows that there are obvious differences in the effects and mechanisms of green finance on industrial green transformation in different regions with natural resource endowments and financial resources, and the effects of different types of financial instruments on regional industrial green upgrading are also different. Considering the previously mentioned findings, this paper puts forward corresponding solutions and measures from the perspectives of the government, financial institutions and industrial enterprises, focusing on the top-level design of green finance, the innovation of green financial products, the transformation direction of industrial enterprises, and the promotion of regional coordinated development, in order to provide relevant reference and enlightenment for China to further deepen the progress of green finance and realize the green upgrading of industry.