How Do Green Finance and Green Technology Innovation Impact the Yangtze River Economic Belt’s Industrial Structure Upgrading in China? A Moderated Mediation Effect Model Based on Provincial Panel Data

Zhang, Ning; Sun, Jinhua; Tao, Yu; Zhang, Jianqun; Boamah, Valentina; Tang, Decai; Zhang, Xiaoxue

doi:10.3390/su15032289

Cited by 21 publications

(9 citation statements)

References 42 publications

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“…It indicates that a large number of enterprises suffer from a low level of green innovation. Among the control variables, the mean and median of the enterprise fundamental variables, such as listed years and property rights, are similar to the statistical results of most existing related studies(Zhang et al, 2022;Zhang et al, 2023;Zheng et al, 2022).…”

supporting

confidence: 79%

Green finance policy and enterprise green development: Evidence from China

Lyu

Bai

Zhang

2023

Corp Soc Responsibility Env

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Global environmental issues are becoming increasingly prominent, and green finance may play a key role in achieving sustainable development. This study takes the “Green Financial Reform and Innovation Pilot Zone” policy as a quasi‐natural experiment. The Difference‐in‐Difference model and Propensity Score Matching‐Difference in Difference model are applied to examine the direct effect of green finance policy on the green development of enterprises. A mechanism test model is used to investigate its indirect transmission mechanism. Then several heterogeneity analyses are performed from five perspectives. The results show that green finance policy considerably promotes enterprise green development and the conclusion is supported by a series of robustness tests. The mechanism analyses show that financing constraints and green innovation are the two transmission channels for green finance policy affecting enterprise green development. The heterogeneity analyses indicate that the policy effect is more significant among enterprises those are non‐state‐owned, have managers with a financial background, operate in regions with high marketization, belong to industries with low monopoly, and locate in poilt zones of Zhejiang, Guangdong, and Guizhou. Based on the above findings, policy suggestions are made to establish a win‐win scenario for the economy and the environment.

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supporting

confidence: 79%

Green finance policy and enterprise green development: Evidence from China

Lyu

Bai

Zhang

2023

Corp Soc Responsibility Env

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“…Additionally, environmental regulation can also indirectly speed up industrial restructuring and transformation by setting technological progress as a mediating variable [4]. The research also finds that the growth and progress of green technology have played, to a certain degree, an intermediary role in the process of GF influencing ISU [30]. Relevant scholars believe that only when the financing scale and subsidy ratio of enterprises in the environmental protection industry exceed a certain critical value, technological progress can play an intermediary role in the process of GF affecting industrial restructuring and transformation [31].…”

Section: The Mediating Role Of Technological Innovationmentioning

confidence: 85%

Research on Green Finance, Technological Innovation, and Industrial Structure Upgrading in the Yangtze River Economic Belt

Tang,

Yan,

Sheng

et al. 2023

Sustainability

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Along with the fact that China is in a critical period of economic structural transformation, industrial structural upgrading and transformation are imminent. The empirical research in this paper mainly constructs four groups of fixed effects models. The purpose is to investigate the impact mechanisms of green finance (GF), technological innovation (TI), and industrial structure upgrading (ISU) in 11 provinces (cities) along the Yangtze River Economic Belt (YREB) from 2011 to 2020. Based on the research method of the fixed effects model, this paper can analyze the association between GF, TI, and ISU in a more concise and intuitive way. The research conclusions mainly include the following three points. Firstly, both GF and TI are able to significantly contribute to the ISU of the YREB. Furthermore, GF can also promote TI to a certain extent. Second, TI serves as a partial intermediary in the process of GF’s favorable contribution to the ISU. In other words, green finance can act as an intermediary by enhancing technological innovation capacity so as to effectively accelerate the ISU of the YREB. Thirdly, this paper finds that there exists a degree of regional heterogeneity in the process of GF and TI affecting ISU in the YREB. For one thing, GF in the eastern part of the YREB can strongly accelerate the ISU. However, there is no obvious impact effect in the central and western regions. For another, TI in the eastern part of the YREB has, likewise, contributed positively to the ISU. In comparison, TI in the central region has a clearly negative effect on the ISU while there is no significant influence effect in the western region. In conclusion, this paper innovatively integrates GF, TI, and ISU into a framework for research. This paper not only widens the theoretical research domain of industrial structure upgrading but also provides practical guidance for the restructuring and transformation of industries in the YREB.

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“…The relationship between green innovation, environmental regulation, and GTFP has attracted increasing attention from scholars who are devoting themselves to studying this field [7,8]. According to the existing literature, environmental regulation and green innovation have a significant impact on the macro economy.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Impact of Environmental Regulatory Types and Green Technological Innovation on Green Total Factor Productivity in Polluted Areas of China

Sun,

Zhao

2024

Sustainability

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Compared to regions with lighter pollution, the areas heavily affected by pollution in China face more severe environmental problems due to rapid economic growth, which creates a greater urgency for government and corporate environmental requirements. This study innovatively applies mediation and threshold models to explore the potential correlation between green technology innovation, types of environmental regulation, and provincial-level green total factor productivity (GTFP). Additionally, it examines inter-regional differences, determines threshold effects, and introduces regional heterogeneity and mediator variables. The research findings demonstrate that progress in green technology innovation significantly impacts the improvement of provincial-level GTFP. Further mechanism analysis reveals the crucial role of environmental regulation in facilitating sustained enhancement of GTFP through green technology innovation. The promotion of GTFP is more pronounced in eastern and central provinces compared to western regions, and the positive influence of green technology innovation varies significantly among provinces. By investigating the regional differences of polluted areas and introducing mediating variables, this paper explores the environmental regulation mechanism, which has important guiding significance for formulating more effective environmental regulation policies, promoting green technology innovation, and improving GTFP.

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How Do Green Finance and Green Technology Innovation Impact the Yangtze River Economic Belt’s Industrial Structure Upgrading in China? A Moderated Mediation Effect Model Based on Provincial Panel Data

Cited by 21 publications

References 42 publications

Green finance policy and enterprise green development: Evidence from China

Green finance policy and enterprise green development: Evidence from China

Research on Green Finance, Technological Innovation, and Industrial Structure Upgrading in the Yangtze River Economic Belt

Impact of Environmental Regulatory Types and Green Technological Innovation on Green Total Factor Productivity in Polluted Areas of China

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