School of Economics, Central South University of Forestry and Technology, Changsha, China.
School of Business, Central South University of Forestry and Technology, Changsha, China.
Environ Sci Pollut Res Int. 2021 Sep;28(34):47474-47491. doi: 10.1007/s11356-021-13944-0. Epub 2021 Apr 24.
Industrial transformation and upgrading is an important step for China to carry out cleaner production and achieve the goal of carbon neutrality. With the help of green finance, we can optimize the allocation of financial resources and promote the optimization and upgrading of industrial structure. In order to explore the impact efficiency and policy effect of green finance on industrial transformation and upgrading in China, through the establishment of VAR model and super-efficiency DEA model, the relationship between green finance and industrial transformation and upgrading and its impact on efficiency are studied. In addition, the Tobit regression model is used to empirically test the impact of public environmental demands, government regulations, and their interaction terms on the efficiency of green finance in promoting industrial transformation and upgrading. The results show that the overall efficiency of green finance in promoting industrial transformation and upgrading is high, but it shows a downward trend, which may be due to the unbalanced development of the green financial system, information asymmetry, and the absence of enterprises from regulation. The impact coefficient of input-oriented government regulation is significantly negative, which indicates that increasing the investment in pollution control may encourage polluting enterprises' emission behavior to obtain benefits. The impact of performance-oriented government regulation and public environmental demands on efficiency is not significant, which indicates that the supervision and binding force of enterprises are insufficient. Public environmental demands and input government regulations have significant synergistic governance advantages, indicating that the government should enhance the regulatory intensity of differentiated policies. The study provides a reference for the government to enhance the intensity of policy regulation and establish a diversified environmental governance system.
产业转型升级是中国开展清洁生产、实现碳中和目标的重要步骤。绿色金融可以帮助优化金融资源配置，促进产业结构优化升级。为了探索绿色金融对中国产业转型升级的影响效率和政策效果，通过建立 VAR 模型和超效率 DEA 模型，研究了绿色金融与产业转型升级的关系及其对效率的影响。此外，还使用 Tobit 回归模型实证检验了公共环境需求、政府监管及其交互项对绿色金融促进产业转型升级效率的影响。结果表明，绿色金融促进产业转型升级的整体效率较高，但呈下降趋势，这可能是由于绿色金融体系发展不平衡、信息不对称以及企业不受监管所致。投入型政府监管的影响系数显著为负，这表明增加污染控制投资可能会鼓励污染企业的排放行为以获取利益。绩效型政府监管和公共环境需求对效率的影响不显著，这表明企业的监管和约束力不足。公共环境需求和投入型政府监管具有显著的协同治理优势，这表明政府应加强差异化政策的监管强度。本研究为政府加强政策监管强度和建立多元化环境治理体系提供了参考。
