Research on the impact of green financing on the high-quality development of urbanization—based on the intermediary effect of industrial structure upgrading
Green financing is an important path to promote green and low-carbon development of urbanization.Based on the panel data from provinces,autonomous regions and municipality directly under the Central Government at the total of 30 in China's mainland from 2005 to 2020,this paper measures the index of green financing and high-quality development of urbanization,establishes the panel error correction model and the intermediary effect model to empirically analyze the direct effect of green financing on the high-quality development of urbanization and the intermediary effect played by the industrial structure upgrading.The relevant findings of this paper are as follows:Firstly,from the perspective of the impact mechanism,China's green finance has a significant role in promoting the high-quality development of urbanization,and the level of openness,government intervention and information can also promote the high-quality development of urbanization.Secondly,from the perspective of impact paths,China's green financing can evidently promote the high-quality development of urbanization.The level of opening-up,the degree of the government's intervention and the state of informationalization can facilitate the high-quality development of urbanization.(2)From the perspective of the impact paths,China's green financing can indirectly boost the high-quality development of urbanization by fostering the industrial structure upgrading.(3)Heterogeneity analysis shows that,from the perspective of classification of resource-based regions and non-resource-based regions,the promotion effect of green financing on the high-quality development of urbanization is inversely related to the level of regional resources,and the intermediary effect of the industrial structure upgrading in the non-resource-based regions is higher than that of the intermediary effect;from the perspective of classification of the four major regions of the East,Middle East,West,and Northeast,the effect of green financing on enhancing the high-quality development of urbanization is the most obvious in the East,and the intermediary effect of industrial structure is also the most significant in the East,while it is not significant in the Northeast.The effect of high-quality development is the most obvious,and the mediating effect of industrial structure is also the most significant in the eastern region,while it is not significant in the northeast.Accordingly,countermeasures for the development of green financing to stimulate the high-quality development of urbanization are proposed.
green financinghigh-quality development of urbanizationindustrial structure upgradingintermediary effectregional differences
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