绿色产业政策与制造业绿色技术创新.

Green industrial policy refers to the combination of various strategies formulated by the central or local governments, using green policy tools as a means to promote the green transformation and upgrading of industries. Green industrial policies encourage green innovation in enterprises and emphasize innovation-driven approaches to achieve high-quality development of the manufacturing industry. However, there are serious gaps in the evaluation studies on the implementation effects of China' s green industrial policies. The article considered the green financial reform and innovation pilot zone approved by the State Council in 2017 as an exogenous shock, and empirically examined the impact of pilot zones on green technological innovation in the manufacturing industry and its mechanism using the difference-in-differences method based on panel data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2019. It was found that the establishment of the green finance reform and innovation pilot zones promoted green technology innovation in the manufacturing industry overall by alleviating financing constraints compared with non-pilot zone enterprises. Meanwhile, the credit resource allocation effect generated by green finance helped to guide the flow of financial resources from heavy polluting industries to green and clean industries, which not only alleviated the financing constraints of non-polluting enterprises in the pilot zones, but also aggravated the financing costs of polluting enterprises and pushed polluting enterprises to adopt green transformation. After introducing the dynamic perspective of enterprise life cycle, the results showed that the establishment of pilot zones was more likely to induce green technological innovation among mature enterprises in the manufacturing industry, and the impact on startups and declining enterprises was not significant. Furthermore, the heterogeneous effects of green finance were explored from the perspectives of regional market environment and enterprise ownership, and it was found that the innovation incentive effects of green finance were more significant in the sub-regions with higher factor market development and among state-owned enterprises. Based on the evaluation results of the above policy effects, the current regional green industrial policies formulated by the Chinese government with green finance as the main instrument can realize the green transformation and upgrading of manufacturing industries under the condition of internalizing the cost of environmental externalities. However, in the future, it is necessary to precisely promote the green finance reform and innovation pilot zones and continuously enrich the green finance products and tools in the pilot zones. This study provides rich theoretical and empirical evidence for green finance to gain a place in the environmental pollution control standards and governance system, and provides feasible ideas based on the perspective of green industrial policy to achieve the goals of carbon peak and carbon neutrality. [ABSTRACT FROM AUTHOR]