The impact of green financial policies on industrial structure transformation and upgrading:A quasi-natural experiment based on green finance reform and innovation pilot zone
CHAI Shanglei
ZHOU Qianqian
WEI Wei
Abstract：Green finance reform and innovation pilot zone has become an important vehicle for financial instruments to promote high-quality economic development in China.Based on the panel data from 31 provincial administrative regions in China from 2009 to 2022,this paper uses green finance reform and innovation pilot zone as a quasi-natural experiment,and employs the time-varying difference-in-differences method to examine the impact and mechanisms of green financial policies on industrial structure transformation and upgrading.The findings reveal several key points.Firstly,green financial policies can promote the industrial structure transformation and upgrading in pilot areas.Secondly,heterogeneity analysis shows that in the eastern region with a better economic foundation,the western region with more favorable policies and the regions with greater financial support,green finance policies have a more significant role in promoting the industrial structure transformation and upgrading.Finally,mechanism analysis indicates that green financial policies promote the industrial structure transformation and upgrading by accelerating the low-carbon transition of energy structure and enhancing regional innovation capability.
Keywords：green finance reform and innovation pilot zoneindustrial structureenergy structureregional innovation capabilitytime-varying difference-in-differences method
Publication Date：2025-03-28
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：11( 67-77 )