国际经济与贸易学院知识库

党的二十大报告中提出，要“加快发展方式绿色转型。推动经济社会发展绿色化、低碳化是实现高质量发展的关键环节”。但目前我国资源利用效率较低以及存在严重的环境污染等问题，都在一定程度上制约了我国经济的健康发展。因此，在迈向高质量发展的道路上，我国必须调整经济结构和转变发展方式，走绿色可持续发展道路。产业作为经济系统的核心，对经济发展过程中生产要素的配置具有重要的影响。加快产业结构升级，推动我国从制造业大国向制造业强国的转变，是实现我国经济高质量发展的必由之路。同时，金融作为经济发展的血脉，为经济发展提供了重要的支撑。为贯彻落实“新发展理念”，我国自2017年起逐步推行绿色金融改革试验区，旨在完善绿色金融体系，增加绿色金融供给，发挥金融在供给侧结构性改革中的作用。绿色金融可以通过一系列金融工具的实施来控制资金流向，将资金从污染产业引导流向环保产业，提高绿色产业的占比，优化产业布局，进而激励产业结构实现升级。因此，本文从绿色金融视角出发，探讨其对产业结构升级的影响，对促进我国经济高质量发展具有重要的意义。

本文采用固定效应模型，选取绿色信贷、绿色证券、绿色保险和绿色投资四个次级指标构建指标体系对绿色金融发展水平进行衡量，选取产业结构合理化、产业结构高级化两个二级指标对产业结构升级水平进行测算。利用2008-2020年的省级面板数据，实证研究绿色金融对产业结构升级的影响以及其作用渠道，并得出以下结论：从全国层面来看，绿色金融对产业结构合理化和高级化的质和量均有显著的促进作用，这一结论在经过一系列稳健性检验后依旧成立；从地区视角来看，绿色金融对产业结构升级的影响具有区域异质性，对东部地区省市影响最为明显，西部次之，对中部影响最小。同时，绿色金融对高金融发展水平省份产业结构升级的促进作用大于低金融发展水平省份；从机制分析结果来看，绿色金融对产业结构升级的作用是通过影响绿色技术创新水平、信贷资源配置效率这两个渠道发挥作用。最后基于研究结论本文提出了一些建议：第一，创新绿色金融发展形式，拓宽其发展模式。第二，扩宽绿色创新技术支持渠道。第三，提升信贷资源配置效率。第四，因地制宜推动绿色金融发展，协同推进产业结构升级。

According to the Report to the 20^th National Congress of the Communist Party of China, “We must accelerate the transition to a model of green development. A green and low-carbon economy and society are crucial to high-quality development.”. However, the low efficiency of resource utilization and severe environmental pollution in China currently constrain the healthy development of the economy. Therefore, on the path towards high-quality development, China must adjust its economic structure and transform its development pattern, taking the path of green and sustainable development. Finance is the lifeblood of economic development, which provides important support for economic development. In 2017, China successively implemented green finance reform pilot zones to implement the “New development concept” by building a green finance system and increasing the supply of green finance, and give play to the role of financial services in the supply side structural reform. In the meanwhile, General Secretary Xi Jinping emphasized that “we must effectively upgrade and appropriately expand China’s economic output”. The distribution of production components during the process of economic development is greatly influenced by industry, which forms the backbone of the economic system. The only path to high-quality economic development in our nation is to expedite the upgrading of the industrial structure and support China's transition from a big manufacturing nation to a manufacturing powerhouse. Green finance controls the flow of funds through the implementation of a series of financial instruments, guiding funds from pollution-generating industries to environment-friendly industries, and making it easier for the industrial structure to be upgraded. Thus examined in this article from the standpoint of green finance, which is crucial for advancing China's high-quality economic development.

This article uses a fixed utility model to choice two sides—rationalization and high polarization—to measure the upgrading level of industrial structure and four secondary indicators—green credit, green securities, green insurance, and green investment—to developing a framework to guage the progress. It specifically adopts a dual-perspective metric involving the industrial structure’s optimization and modernization to assess the enhancement of configuration, its action channels is experimentally investigated in this study using panel data collected at the province level between 2008 and 2020. The investigation leads to the following conclusions: Based on the analysis results of intermediary effects, from a different perspective, it can be seen that green finance exert affect on the escalate of industrial structure in two channels: the level of green technology innovation and the efficiency of credit resource allocation. At the national level, green finance plays a significant driving role in the quality and rationalization and high polarization, which still holds after a series of robustness tests; at the regional perspective, the affect shows regional dissimilarity, with the most noticeable disparities occurring in the urban and provincial areas of the east, followed by the western region, and the least in the central region. Finally, based on the conclusions drawn in this article, some suggestions are proposed: Firstly,We need to innovate the development forms of green finance and broaden its development patterns. Secondly,We need to expand channels for green innovation technology support. Thirdly, It’s imperative that we enhance the effectiveness of how credit resources are distri buted.Fourthly,In order to coordinate the upgrading of the industrial structure and encourage the development of green financing, we need adjust to the local conditions.