Green finance,carbon trading and industrial performance:Influencing mechanism and evidence from the 7 pilot projects of China
Nowadays the cognition and expectation of the impact of green finance&carbon trading on industry performance is still vague or insufficient.Based on the actual development process and objective demands,the improved C-D production function is reconstructed and an empirical research using panel data is conducted to explain dynamic mechanisms of green finance and carbon trading affecting industry performance.Research has shown that:(1)In terms of direct impact,the introduction of green finance and carbon trading will temporarily hinder the improvement of industrial performance,but after crossing the"turning point",they can significantly promote the high-quality industrial development.(2)In terms of indirect impact,there is an optimal time period for promoting either green finance or carbon trading,during which they can use the production factors as a medium for influencing the industrial performance not only,but also promote the steady transition of industrial structure from"labor intensive"to"capital intensive plus energy intensive".(3)At present,the mutual influence between green finance and carbon trading is not symmetrical.Of note,a scientific summary on the successful experience of the"Pilot Construction"can lay a solid foundation for the"Nationwide Promotion".
improved production functionnonlinear relationshipsdirect and indirect impactsmediating effectmoderating effect
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