The mechanism and effect research of green finance enhancing the resilience of manufacturing industry
In the context of the"dual carbon"goals and high-quality development,it is of great significance to explore how green finance can enhance the resilience of the manufacturing industry.Based on the provincial panel data from 2012 to 2021,the study has investigated the mechanism and effect of green finance enhancing the resilience of manufacturing industry.The research results show that green finance can significantly enhance the resilience of manufacturing industry,that the positive impact of green finance on the resilience of new energy manufacturing industry is greater than that of high pollution and high energy consumption manufacturing industry,and that the positive effect on the resilience of manufacturing industry in the eastern region is stronger than that in the central and western regions.The quantile regression results suggest that with the improvement of the resilience level of the manufacturing industry,the impact of green finance on it shows a fluctuating inverted U-shaped feature.The intermediary mechanism test finds that green finance can indirectly enhance the resilience of the manufacturing industry by expanding green consumption,promoting industrial upgrading,and accelerating industrial agglomeration.And the regulatory mechanism test reveals that government subsidies and technological innovation can strengthen the promoting effect of green finance on the resilience of the manufacturing industry,and the strengthening effect of both on the resilience of the new energy manufacturing industry is more significant.The findings provide important implications for enhancing the empowerment of green finance and enhancing the resilience of manufacturing.
green financemanufacturing resiliencemediation effectregulatory effect
NETL
NSTL
万方数据
