Study on Green Finance Promotes Industrial Restructuring
|Keywords||green finance industrial restructuring sustainable development energy saving and reduction|
Green finance is the financial sectors actively and autonomously make the basic national policy of environmental protection into their daily business which are the investment and financing decisions by the guidance of national economic policy of environmental protection. Current industrial structure is mainly in the Industry and Service in China. In the intra-industry, the high-energy, high-pollution industries have relatively larger proportion in GDP, such as steel, cement, glass, while the energy saving and environmental industry is relatively smaller. The industrial structure does not match with the requirements of our energy reduction. If this industrial structure continues to develop, energy will eventually deplete, the environment is also difficult to bear. So it is necessary to adjust industrial structure, to rationalize the industrial structure, to be in line with requirements of sustainable development.Green finance provides a variety of means to address the financing of energy saving and environmental industry, on the contrary, it also curbs high-energy, high-pollution industry to blindly sprawl. It promotes the adjustment of industrial structure. This article defines the green finance and industrial restructuring in reference to the predecessors’ research of the relationship between traditional finance and industrial restructuring, green finance theory and industrial restructuring theory. It analyzes the mechanism that green finance promotes industrial restructuring: capital formation mechanism, capital-oriented mechanism, industry consolidation mechanism, information transmission mechanism and risk allocation mechanism. This article begins with the model and indicators selection, data collection and processing, and then proves that it is the most relevant between green credit rate and the proportion of the Industry in GDP, following by relevance between green credit rate and the proportion of the Service in GDP, and its weakest relevant between green credit rate and the proportion of the Agriculture in GDP. So it can conclude that the proportion of the Industry and Service in GDP will increase, when green credit and its rate increase. According to the general law of evolution of industrial structure, the optimal adjustment of industrial structure which is characterized by the proportion of the Industry and Service in GDP rising, therefore it proves green finance can promote industrial restructuring by empirical analysis. The article shows current development of China’s green finance promotes industrial restructuring, and then it points out its problems. Finally, it proposes some recommendations about developing green finance to promote industrial restructuring.