绿色金融如何赋能制造业绿色竞争力提升  

How Green Finance Enables Green Competitiveness of Manufacturing Industry

作　　者：孙英杰[1] 林春[1] SUN Ying-jie;LIN Chun(School of Finance and Trade,Liaoning University,Shenyang,Liaoning,110036)

机构地区：[1]辽宁大学金融与贸易学院,辽宁沈阳110036

出　　处：《深圳大学学报（人文社会科学版）》2023年第3期61-71,共11页Journal of Shenzhen University：Humanities & Social Sciences

基　　金：辽宁省社科基金青年项目“数字金融支持实体经济高质量发展研究”(L22CJL001)。

摘　　要：绿色金融是双碳背景下推动我国制造业绿色可持续发展的关键动力源泉。基于中国2011-2019年30个省(市、自治区)的面板数据,实证探讨绿色金融对我国制造业绿色竞争力的赋能效应,得出如下结论:(1)绿色金融对制造业绿色竞争力提升具有稳健的促进作用。(2)制造业结构高级化、合理化以及制造业绿色全要素生产率提升是绿色金融影响制造业绿色竞争力的重要作用渠道。(3)绿色金融对制造业绿色竞争力的影响存在结构异质性、区位条件异质性和融资特征异质性。结构异质性方面,在绿色金融的4个维度中,绿色证券、绿色信贷以及绿色投资对制造业绿色竞争力表现出显著的促进作用,而绿色保险则表现为抑制作用;在制造业绿色竞争力的4个维度中,绿色金融对绿色社会责任的促进作用最大,其次是绿色环境保护和绿色技术创新,最后是绿色经济支撑。区位条件异质性方面,只有北方地区的绿色金融对制造业绿色竞争力表现出显著的促进作用;高市场化水平地区的促进效果要优于低市场化水平地区。融资特征异质性方面,高融资成本组绿色金融的促进作用优于低融资成本组;信贷相对活跃组表现为促进作用,而股权相对活跃组则表现为抑制作用。Green finance is a crucial driving force behind the green and sustainable development of China's industrial sector in the context of dual carbon.Based on the panel data of 30 provinces(municipalities and autonomous regions)in China from 2011 to 2019,this paper empirically discusses the empowering impact of green finance on the green competitiveness of China's manufacturing industry,and draws the following conclusions:(1)Green finance plays a steady role in promoting the green competitiveness of manufacturing industry.(2)The enhancement of green total factor productivity,rationalization of manufacturing structures,and advancement of manufacturing structures are the significant ways via which green finance influences the green competitiveness of manufacturing industries.(3)The influence of green finance on the green competitiveness of manufacturing industry is heterogeneous in structure,location and financing characteristics.In terms of structural heterogeneity,green securities,green credit,and green investment exhibit significant promotion effects on the green competitiveness of the manufacturing industry,while green insurance exhibits an inhibiting effect.Of the four dimensions of the manufacturing industry's green competitiveness,green finance plays the biggest role in promoting green social responsibility,followed by green environmental protection and green technology innovation,and finally green economy support.In terms of locational heterogeneity,green finance significantly enhances the green manufacturing industry's competitiveness only in northern China;The promotion effect of high marketization level area is better than that of low marketization level area.In terms of financing characteristics heterogeneity,the promotion effect of green finance in the group with high financing cost is better than that in the group with low financing cost;The group with relatively active credit shows a promoting effect,while the group with relatively active equity shows an inhibiting effect.

关 键 词：绿色金融 制造业 绿色竞争力 转型升级 区位条件 融资特征 

分 类 号：F830.2[经济管理—金融学]