Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development pro...Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.展开更多
Green finance,as an important policy to promote high-quality economic development,has become a focus of attention in the academic and policy circles for its promotion of industrial structure optimization.Based on the ...Green finance,as an important policy to promote high-quality economic development,has become a focus of attention in the academic and policy circles for its promotion of industrial structure optimization.Based on the data of six provinces in Central China from 2010 to 2023,this paper constructs a comprehensive index of green finance development by using entropy value method and empirically analyses the impact of green finance on industrial structure optimization.The results show that the level of green finance development has a significant contribution to the optimization of the industrial structure in the central region.Accordingly,this study provides suggestions for deepening green finance reform and accelerating industrial transformation and upgrading.展开更多
基金supported by Hebei Province Philosophy and Social Science Project (Grant No.HB22YJ021)Hebei Province Social Science Development Research Project (Grant No.20220202156)。
文摘Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.
基金Project of Hunan Federation of Social Sciences,“Research on the Coupling Coordination Relationship between Green Finance and Industrial Structure Optimization in Hunan Province”(Project No.:XSP2023GLC027)。
文摘Green finance,as an important policy to promote high-quality economic development,has become a focus of attention in the academic and policy circles for its promotion of industrial structure optimization.Based on the data of six provinces in Central China from 2010 to 2023,this paper constructs a comprehensive index of green finance development by using entropy value method and empirically analyses the impact of green finance on industrial structure optimization.The results show that the level of green finance development has a significant contribution to the optimization of the industrial structure in the central region.Accordingly,this study provides suggestions for deepening green finance reform and accelerating industrial transformation and upgrading.
