Green Finance Policy,Corporate Behavior and the Asymmetric Transformation of Industry in China
Under the new industrialization path,China's industrial transformation emphasizes the synergy between the development of green industries and the transformation of polluting industries.Green finance policy asymmetrically change the financing environment of green and polluting industries,and whether its industrial transformation effects can fit the needs of China's industrial transformation remains to be tested.The industrial transformation effect of China's green finance policies is empirically investigated using the"progressive difference in difference"method with a sample of A-share industrial firms from 2015-2022 and quasi-natural experiments based on the pilot policy of China's Green Finance Reform and Innovation Pilot Zone,and the intrinsic mechanism from the level of micro-firms'behaviors is analyzed.Static regression analysis shows that there is an"asymmetric transition"effect of green finance policy,which generally increases the production efficiency of polluting industries and decreases the production efficiency of green industries.Mechanism analysis based on dynamic perspective shows that,for polluting industries,green finance policy forces enterprises to optimize factor allocation efficiency but inhibits their innovation behavior,resulting in a significant increase in production efficiency in the short term but a lack of growth impetus in the long term.For the green industry,the green finance policy obviously encourages the innovation input of enterprises but inhibits the optimization behavior of factor allocation,resulting in a decline in production efficiency in the short term,but a steady increase in the long term.Further analysis shows that the combination of green finance policy with pollutant discharge charging policy and R&D subsidy policy,can weaken the innovation inhibition effect of green finance policy on polluting industry and improve the factor allocation efficiency of green industry,thus alleviating the"asymmetric transformation"effect of green finance and promoting the balanced improvement of China's industrial production efficiency in the short and long term.The conclusions provide empirical evidence and policy enlightenment for the construction of green finance system from the perspective of industrial modernization in China.
green finance policycorporate behaviorpolluting industrygreen industrynew industrializationasymmetric transformation
万方数据
维普
