TITLE:
Can Synergy Effect Exist between Green Finance and Industrial Structure Upgrade in China?
AUTHORS:
Ruixiong Qi, Long Qi
KEYWORDS:
Green Finance, Synergy Effect, Grey Relational, Industrial Structure Upgrade
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.8 No.8,
August
21,
2020
ABSTRACT: The semi-annual data are selected from 2013 to 2018 for empirical research on the relationship
between China’s green finance and industrial structure as well as the effect of
green finance supports industrial structure upgrading. By establishing grey
relational and time series dynamic models, conclusions as following: 1) Green
finance has a strong grey relational with the three industrial structures; there is a close synergy effect; 2) The second industry has the strongest
correlation, followed by the tertiary industry; green
finance is of great significance to promote the upgrading; 3) Three industrial
structures have positive correlation with green finance development and can
promot it conversely; the second and the tertiary industry are of high significance level; 4)
Green finance can support industrial structure upgrading effectively; green
credit and green securities as the leading force have a significantly positive
correlation with the upgrading of the industrial structure. Compared, green
credit is more obvious and green securities space is still large; 5) Because of
cumulative effect and lag effect, previous industrial structure upgrading has a
driving effect on the current; lag
period is half a year; 6) Increasing R&D investment and reducing the “two
high and one surplus” industries credit scale have a positive effect on
upgrading China’s industrial structure.