Does Green Finance Promote the Green Transformation of China’s Manufacturing Industry?

Abstract

The green transformation of the manufacturing industry is related to the low-carbon and green development of the economy. The study explored the impact mechanism of the implementation of green finance policy on the green transformation of China’s manufacturing industry from 2013 to 2021 from three aspects of capital formation and incentive, credit catalysis, integration and decentralization, and conducted a quasi-natural experiment using difference-in-difference (DID) model. Research finds that: (1) The implementation of green finance significantly promotes the green transformation of China’s manufacturing industry and has good sustainability. The mechanisms of fund formation and orientation, credit catalysis, integration and decentralization are the primary mechanism of green finance to promote the green transformation of the manufacturing industry, and the implementation effect of green finance has apparent heterogeneity; (2) The promoting effect of green finance on the green transformation of the manufacturing industry is solely vast in state-owned industries however now not enormous in non-state-owned industries; (3) The influence of green finance on the green transformation efficiency of manufacturing industry with a better information environment is more significant than manufacturing industry with a worse information environment; (4) Faced with the pressure of investing in green industries, the coping strategies adopted by enterprises in different industries are quite different. The promoting effect of green finance on the green transformation of the manufacturing industry is significant in low-competition industries but insignificant in high-competition industries. This study has enriched the research on the effect of green finance policies, explored solutions based on quasi-nature, and provided policy references for the green transformation of the manufacturing industry.

Environmental regulation, land use efficiency and industrial structure upgrading: Test analysis based on spatial durbin model and threshold effect

“…Based on the environment of green development[ 125 ], this paper focuses more on the quantitative description of environmental indicators[ 126 ]. The main significance of this conclusion is to promote the green transformation of key industries[ 11 ], strictly implement the dual control of energy consumption, resolutely curb the blind development of “two high” projects, promote the solution of the bottleneck problem of realizing the value of ecological products, comprehensively promote the optimization and upgrading of industrial structure, promote the upgrading of industrial foundation and the rationalization of industrial distribution, and shape the new advantages of innovation-driven development under the background of China 's environmental policy adjustment and optimization of energy structure [ 90 ].…”

“…Many governments have implemented a series of environmental regulatory policies[ 8 , 9 ]. They intervene in the upgrading of industrial structure by changing industrial development interventions such as management concepts, environmental management, competitiveness, and the potential for financial performance[ 10 , 11 ], as well as the demand for open space[ 12 ]. Environmental regulation will change the type of regional investment enterprises through the scale and layout of land marketization, and then regulate the upgrading of industrial structure.…”

Does Corporate Behavior Related to the Overseas Market Promote Enterprises’ Green Transformation?—Evidence from China

“…There has been some research focusing on corporate behavior under environmental regulation. Some previous studies were carried out from the perspective of the influence of environmental protection policies, while others examined regulations whose behavior is positively correlated [6] or negatively correlated [7] under different environmental regulation situations and environmental control intensities, and media attention [8], community pressure, and consumer pressure [9] also play an active role; some studies mainly analyzed the impact of mandatory action and policies in improving or inhibiting enterprises' green transformation through quasi-natural experiments, including cleaner production policies [10], environmental technical standards [11], environmental taxes [12], mandatory disclosure of CSR policies [13], green credit policies, and so on [14][15][16]. In recent days, many scholars are focusing on corporate governance, arguing that the disclosures from the government, the society, as well as the environment itself show the influence on the green innovation [17,18], which is conveniently beneficial for transformation.…”

Can Green Credit Policy Promote the High-Quality Development of China’s Heavily-Polluting Enterprises?

“…In 2012, the China Banking Regulatory Commission (CBRC) officially issued the "Green Credit Guidelines" (Guidelines), which require financial institutions to strengthen credit incentives for green enterprises with environmental protection, social, and governance as evaluation indicators, according to relevant national economic and industrial policies. By providing financial support and risk protection through green credit policy, enterprises can pursue transformation and upgrading, thereby fostering high-quality and sustainable development [5].…”

“…(4) This paper analyzes heterogeneity in terms of ownership, size, and region of enterprises, revealing the differences in the impact of green credit policies on different types of enterprises, which provides an important reference for the implementation of green credit policies. (5) To maximize the effectiveness of the policy, this study explores the role of human resource upgrading in the impact of green credit policy. This finding not only enriches the research in related fields but also promotes the improvement in human resource management by enterprises and enhances the quality of their development.…”