金融学院知识库

  促进地区产业结构优化升级是实现“双碳”目标的内在要求，也是实现经济高质量发展的重要驱动力。近年来，绿色金融对产业结构优化转型的促进作用日益凸显。绿色金融将环境效益纳入日常的金融服务，可以引导绿色资金向环保产业倾斜，增强企业绿色技术创新能力，从而促进传统产业的转型升级和新兴环保产业的快速发展。2017年6月开始，我国分三批次先后将广东、浙江、江西、贵州、新疆、甘肃以及重庆七省十地设为绿色金融改革创新试验区。自此，我国绿色金融建设开始进入落地实践阶段，各试验区结合自身区位条件和产业基础探索各具特色的绿色金融“试验田”发展模式。此举旨在合理配置信贷资源，引导资金流向绿色环保项目，同时增加重污染企业的融资约束，倒逼“两高”企业研发绿色技术、优化内部生产流程，以实现转型升级。当前，优化产业结构是实现高质量发展亟待解决的难题，科学地测度和评价绿色金改试验区对产业结构调整的政策效应，对进一步优化产业结构和实现高质量发展具有重要的指引作用。

  本文运用理论分析与实证检验，探讨绿色金融改革创新试验区政策对地区产业结构优化的具体影响。在理论研究部分，分析了绿色金改试验区政策通过影响高耗能产业和绿色产业的差异化资本形成、传递发展绿色经济的信号并引导企业公众、促进产业整合并实现规模效应、提升微观层面的信贷资源配置效率、激励技术创新等机制影响产业结构优化。在实证研究部分，将2017年推行的绿色金融“试验田”政策视为一项准自然实验，用双重差分法实证检验设立绿色金改试验区对产业结构高度化、合理化和生态化三个方面的影响。研究表明：绿色金融“试验田”的设立能够显著影响地区产业结构高度化和生态化，该结论在通过平行趋势检验和安慰剂检验后依然稳健；但短期内并未促进产业结构向着更合理的方向发展。进一步研究发现，绿色金融改革创新试验区试点政策对中西部城市产业结构高度化和生态化的政策效应更显著；对老工业基地城市的产业结构高度化和非老工业基地城市的产业结构生态化影响更显著。最后结合实证分析结果，提出了五方面的政策建议。

  Promoting the optimization and upgrading of regional industrial structure is not only an inherent requirement for realizing the goal of "double carbon", but also an important driving force for achieving high-quality economic development. In recent years, green finance has played an increasingly prominent role in promoting the optimization and transformation of industrial structure. By incorporating environmental benefits into daily financial services, green finance can guide green funds to the environmental protection industry and enhance the green technology innovation ability of enterprises, thus promoting the transformation and upgrading of traditional industries and the rapid development of emerging environmental protection industries.Since June 2017, China has set Guangdong, Zhejiang, Jiangxi, Guizhou, Xinjiang, Gansu and Chongqing as green finance reform and innovation pilot zones in three batches. Since then, the construction of green finance in China has begun to enter the practical stage. Each pilot zone explores the development mode of green finance "pilot field" with its own characteristics based on its location conditions and industrial base.The move aims to rationally allocate credit resources, guide funds to green projects, increase the financing constraints on heavily polluting enterprises, and force the "top two" enterprises to develop green technologies and optimize internal production processes to achieve transformation and upgrading. At present, the optimization of industrial structure is an urgent problem to be solved to achieve high-quality development. Scientifically measuring and evaluating the policy effect of green gold reform pilot zone on industrial structure adjustment has an important guiding role in further optimizing industrial structure and achieving high-quality development.In the empirical research part, the green finance "pilot field" policy implemented in 2017 is regarded as a quasi-natural experiment, and the influence of setting up green finance reform and innovation pilot zone on industrial structure upgrading, rationalization and ecologicalization is tested empirically with the method of differential analysis.

  This paper uses theoretical analysis and empirical test to discuss the specific impact of green finance reform and innovation pilot zone policies on regional industrial structure optimization. In the theoretical research part, the paper analyzes the influence of the green gold reform pilot zone policy on the optimization of industrial structure by influencing the differentiated capital formation of high energy consumption industries and green industries, transmitting the signal of developing green economy and guiding the enterprise public, promoting industrial integration and achieving scale effect, improving the micro-level credit resource allocation efficiency, encouraging technological innovation and other mechanisms.The results show that the establishment of green finance "experimental field" can significantly affect the regional industrial structure of the high level and ecological, this conclusion is still robust after passing the parallel trend test and placebo test. However, it did not promote the development of industrial structure towards a more reasonable direction in the short term. Further research shows that the pilot policy of green finance reform and innovation pilot zone has more significant effect on the industrial structure of central and western cities. Of the old industrial base the city's industrial structure and the industrial structure of the old industrial base city for empirically ecological impact is more significant. Finally combining the empirical analysis result, and puts forward the policy Suggestions on the five aspects.