The Driving Effect of Carbon Financial Mechanism Innovation on the Optimization and Upgrading of Industrial Structure: A Data Analysis Based on Provincial Panels

Jiawen Cheng; Manyu Wei; Shicheng Zhang; Wenjie Zhao

doi:10.62051/ijgem.v6n2.15

Authors

Jiawen Cheng
Manyu Wei
Shicheng Zhang
Wenjie Zhao

DOI:

https://doi.org/10.62051/ijgem.v6n2.15

Keywords:

Carbon finance, Panel data, Empirical analysis

Abstract

The purpose of this research project is to deeply analyze how the innovation of carbon finance mechanism drives the optimization and upgrading of China's industrial structure to a more low-carbon, environmentally friendly and efficient mode at the provincial level. Under the new situation of global climate governance, carbon finance, as an innovative financial instrument and institutional arrangement, helps China's economy to develop in a green and sustainable way by guiding and allocating financial resources through the market mechanism. The project adopts provincial panel data analysis methods and double difference models to systematically examine the innovative practices of various carbon financial products (e.g., green credit, green bonds, carbon emissions trading, etc.) and their impacts on regional industrial structure. Specifically, we will explore how the carbon financial mechanism can effectively mobilize social capital to invest in the fields of clean energy, energy saving and consumption reduction, and circular economy, accelerating the development and growth of emerging industries; at the same time, we will analyze how it can act on the traditional high-carbon industries through price signals, motivate enterprises to increase technological research and development, reduce the intensity of carbon emissions, and promote the transformation and upgrading of traditional industries. In addition, the project will also assess the interaction between government carbon emission reduction policies and carbon financial mechanisms, as well as the differences and effectiveness of different provinces in using carbon financial tools to promote the optimization and upgrading of industrial structure, so as to provide strong data support and theoretical basis for the formulation of scientific and reasonable carbon financial policies and industrial restructuring strategies in various regions of China.

Downloads

Download data is not yet available.

References

[1] YANG Daguang, LIU Jiafu. Impact of carbon finance on industrial structure and energy consumption structure in China--an empirical study based on CDM perspective [J]. Journal of Social Sciences of Jilin University, 2012(5).

[2] Yijun Yuan, Ronghui Xie. Research on the industrial restructuring effect of environmental regulation--an empirical test based on Chinese provincial panel data [J]. China Industrial Economy, 2014(8).

[3] Zhou Peng. Research on the impact of carbon finance on China's industrial structure adjustment [D]. Lanzhou University of Finance and Economics, 2015:1-43.

[4] Du Li, Li Bo. Utilizing Carbon Financial System to Promote the Adjustment and Upgrading of Industrial Structure [J]. Economist, 2016(6).

[5] LI America, XU Aihuan, DENG Weiping. The main practices of U.S. state governments in supporting the development of green finance and the inspiration for China [J]. Southwest Finance, 2017(3).

[6] Li Miaomiao, Xiao Hongjun, Zhao Shuang. A study on the relationship between financial development, technological innovation and economic growth - based on provincial and municipal panel data in China [J]. China Management Science.

[7] SHAO Hanhua, LIU Yaobin. Research on the nonlinear relationship between financial development and carbon emission--an empirical test based on panel smoothing transformation model [J]. Soft Science, 2017.

[8] Wang Yujing, Jiang Hangxiang. Path analysis of boosting the development of low-carbon industry with green finance [J]. Wuhan Finance, 2017(4).

[9] Wu Tingting, Xiao Xiao. Research on the construction of China's green financial system under the perspective of supply-side structural reform [J]. Southwest Finance, 2018(1).

[10] Yan Chengliang, Li Tao, Lan Wei. Financial Development, Innovation and CO2 Emissions [J]. Financial Research, 2016(1).

[11] ZHANG Guoxing, ZHANG Zhenhua, LIU Peng, LIU Mingxing. Operation mechanism and prediction of carbon emission growth rate in China [J]. China Management Science, 2015(12).

[12] ZHU Fenglin, GUO Chen. Path choice of green financial development in China--a combination of "top-down" and "bottom-up" [J]. Hainan Finance, 2018(8).

[13] YU Zhi-Hui, FENG Yi-Qiang. Research on the Efficiency of Green Finance Development in Anhui Province Based on Stochastic Frontier Analysis (SFA) [J]. Journal of Xihua University: Philosophy and Social Science Edition.

[14] Sichuan Society of Finance Research Group. Exploration of the Development Path of Green Finance in China--Taking Sichuan Province as an Example [J]. Southwest Finance, 2018(4).

[15] Xiao Chengzhi, Zhao Shuxia. Reflections on the development of green finance in China under the new mode of new industry [J]. Regional Financial Research, 2017(6).

[16] ZHONG Yongfei, SUN Hui, GUO Hai. Simulating the impact of green transition on regional economy under carbon emission reduction target - A study based on DSGE model [J]. Shanghai Finance, 2017(7).

[17] Du Li, Li Bo. Utilizing the carbon financial system to promote the adjustment and upgrading of industrial structure [J]. Economist, 2016(6).

[18] LI America, XU Aihuan, DENG Weiping. The main practices of U.S. state governments in supporting the development of green finance and the inspiration for China [J]. Southwest Finance, 2017(3).

[19] LI Miaomiao, XIAO Hongjun, ZHAO Shuang. A study on the relationship between financial development, technological innovation and economic growth - based on provincial and municipal panel data in China [J]. China Management Science. 2015(2).

[20] SHAO Hanhua, LIU Yaobin. Research on the nonlinear relationship between financial development and carbon emission--an empirical test based on panel smoothing transformation model [J]. Soft Science, 2017.

[21] Wang Yujing, Jiang Hangxiang. Path analysis of boosting the development of low-carbon industry with green finance [J]. Wuhan Finance, 2017(4).

[22] Palencia, Juan C. Gonzalez, Takaaki Furubayashi, Toshihiko Nakata. Analysis of CO2 emissions reduction potential in secondary production and semifabrication of non-ferrous metals [J]. Energy Policy, 2013, 52.

[23] Sheinbaum, Claudia, Belizza J. Ruiz, Leticia Ozawa.

[24] Energy consumption and related CO2 emissions in five Latin American countries: changes from 1990 to 2006 and perspectives [J].

[25] Zhou, P., F. Wu, L. W. Fan, D. Q. Zhou, Industrial energy efficiency with CO2 emissions in China: A nonparametric analysis [J]. Energy Policy, 2012(49).

[26] B. F. Cai, J. N. Wang. Analysis of the CO2 emission performance of urban areas in Yangtze River Delta Region [J]. China Population, Resources & Environment, 2015(10).

[27] PENG Fang. Discussion on environmental Problems in the Process of new energy transformation and development based on perspective of full life cycle [J]. Journal of Anhui Agricultural Sciences, 2013(26).