Green Financial Policies, Environmental Regulation Intensity, and Green Transformation of Industrial Structure: Mechanism Testing and Regional Comparison

Huiheng  Zhang; Xiaofan  Yu

doi:10.54691/mzzt0k72

Authors

Huiheng Zhang
Xiaofan Yu

DOI:

https://doi.org/10.54691/mzzt0k72

Keywords:

Green Finance; Environmental Regulation; Industrial Structure Upgrading; Heterogeneity Test.

Abstract

This paper examines how green finance and environmental regulation jointly promote the green transformation and upgrading of industrial structure. Based on data from 31 provinces during 2014–2023, the results show that both green finance and environmental regulation significantly drive the greening of industrial structure, and environmental regulation plays a mediating role in their relationship. The study also finds that the impact of green finance is more pronounced in western and northeastern regions, while it is relatively moderate in eastern and central regions. This paper provides implications for policy-making, suggesting the enhancement of green finance support and optimization of environmental regulation, as well as the formulation of differentiated policies according to regional heterogeneity.

Downloads

Download data is not yet available.

References

[1] Zhang Zhenhua, Chen Xi, Wang Jing, et al. The Impact of Green Finance Reform and Innovation Pilot Zone Policy on Carbon Emissions——A Quasi-Experimental Study Based on Panel Data of 282 Cities[J]. China Population, Resources and Environment, 2024, 34(02): 32-45.

[2] Li Su, Zhao Jun, Da Tanfeng. An Empirical Test of the Impact Mechanism of Green Finance on Industrial Green Development[J]. Statistics & Decision, 2024, 40(14): 137-143.

[3] Li Chenggang. Heterogeneity Study on the Impact of Green Finance on High-Quality Economic Development[J]. Journal of Guizhou Normal University (Social Sciences Edition), 2025, (04): 65-75.

[4] Ganesh L, Kusuma S, Radhakumari D, et al. Financing a Greener Future: Analyzing the Integral Role of Green Finance in Environmental Protection [J]. MATEC Web of Conferences, 2024, 392: 01046.

[5] Ding Ning, Gao Jing, Wu Xiao. Research on the Environmental Governance Effect of Green Finance——Empirical Evidence from Chinese Cities[J]. Journal of Business Economics, 2025, (04): 87-100.

[6] Zhan Shuke, Wang Renzeng, Liu Yaobin. The Impact of the Coordination between Fintech and Green Finance on Industrial Structure Upgrading——From the Perspective of Heterogeneous Environmental Regulation[J]. China Population, Resources and Environment, 2023, 33(11): 152-162.

[7] Hou Jianming, Zhu Kefei, Wang Shanzhu. The Impact Mechanism of Green Finance on the Development of Ecological Urbanization in China[J]. China Population, Resources and Environment, 2024, 34(11): 23-35.

[8] He Guosheng, Liu Rongbing. Research on Regional Differences and Influencing Factors of Green Finance Development in China[J]. Journal of Guangxi University (Philosophy and Social Sciences Edition), 2024, 46(05): 100-112.

[9] Li Yangyang. Research on the Impact of Environmental Regulation on China's High-Quality Economic Development[D]. Jilin University, 2023.

[10] Sun Jingbing, Meng Yuling. Research on the Spillover Effect of Heterogeneous Environmental Regulation on Regional High-Quality Economic Development[J]. Statistics & Decision, 2022, 38(13): 122-126.

[11] Tian Shuying, Guo Hao. The Impact and Mechanism of Different Environmental Regulation Tools on Carbon Emission Performance[J]. Journal of Natural Resources, 2025, 40(03): 812-832.

[12] Yang Yanfang, Cheng Xiang. Research on the Impact of Environmental Regulation Tools on Corporate Green Innovation[J]. China Soft Science, 2021, (S1): 247-252.

[13] Yue Wei. Research on the Impact of the Coordination between Green Finance and Environmental Regulation on the High-Quality Development of the Manufacturing Industry[D]. Dongbei University of Finance and Economics, 2024.

[14] Li Jiajia, Li Siyuan. The Impact of Heterogeneous Environmental Regulation on the Green High-Quality Development of Transportation Enterprises[J]. China Population, Resources and Environment, 2025, 35(04): 122-134.

[15] Dai Xiang, Hua Xiaoye, Lin Jinguan. Environmental Regulation, Green Total Factor Productivity and Economic Growth——The Economic Logic of Harmonious Coexistence between Man and Nature[J]. Economic Review, 2025, (03): 66-86.

[16] Liu Rongzeng, He Chun. Research on the Threshold Effect of Environmental Regulation on Urban Residents' Income Inequality[J]. China Soft Science, 2021, (08): 41-52.

[17] Shen Kaiyan, Shi Bingchen, Fu Dajun. The Impact of Environmental Regulation and Tax Incentives on the Innovation Efficiency of China's New Energy Vehicle Enterprises[J]. Journal of Beijing Institute of Technology (Social Sciences Edition), 2024, 26(06): 84-97.

[18] Hu Jianbo, Xiang Gang, Chen Xing. Environmental Regulation, Green Technology Innovation and Carbon Emission Efficiency in the Yangtze River Delta Urban Agglomeration[J]. Journal of Soochow University (Philosophy and Social Sciences Edition), 2024, 45(06): 42-54.

[19] Guo Anhui, Han Limin. The Impact of Environmental Regulation and Industrial Agglomeration on the Green Innovation Efficiency of High-Tech Industries[J]. Statistics & Decision, 2025, 41(02): 173-178.

[20] Yu Xulan, Zhou Ying. Green Credit Policy and Green Transformation of High-Pollution Enterprises: From the Perspective of Emission Reduction and Development[J]. Journal of Quantitative & Technical Economics, 2023, 40(07): 179-200.

[21] Li Hang. Research on the Impact of Green Finance Development on the "Greenwashing" Behavior of Heavy-Pollution Enterprises[J]. Scientific Decision-Making, 2024, (09): 80-96.

[22] Meng Dabin, Li Xinyu, Li Lei. Green Finance Policy and Financing Costs of "Two High" Enterprises——The Intermediary Response of Green Innovation under Signaling Game[J]. Science & Technology Progress and Policy, 2024, 41(18): 23-32.

[23] Su Chong. Green Finance Development, Financing Costs and Corporate Green Innovation[J]. Communication of Finance and Accounting, 2024, (10): 57-62.

[24] Hu Jie, Zhang Xue'er. The Impact of Green Finance Development on Green Technology Innovation of Industrial Enterprises——An Empirical Study Based on Listed Companies[J]. Science and Technology Management Research, 2025, 45(06): 185-196.

[25] Zhao Zeyue, Cui Jianjun. How Does Green Finance Dynamically Empower Agricultural Green Innovation in China?[J]. Journal of Northwest A&F University (Social Sciences Edition), 2025, 25(04): 127-135.

[26] Liu Guangyong. Research on the Impact of Green Finance on the Technological Innovation Efficiency of the Manufacturing Industry[J]. Journal of Technology Economics and Management Research, 2023, (12): 81-85.

[27] Li Chunsheng, Lu Lile. Digital Economy, Factor Substitution Elasticity and Industrial Structure Upgrading[J]. Statistics & Decision, 2025, 41(09): 117-122.

[28] Li Jianming, Wang Dandan, Liu Yuncai. Has the Construction of High-Speed Railway Network Promoted the Upgrading of China's Urban Industrial Structure?[J]. Industrial Economics Research, 2020, (03): 30-42.

[29] Wang Wenjie, Kang Yumei. The Impact of New Quality Productivity and Industrial Structure Upgrading on Common Prosperity[J]. Statistics & Decision, 2024, 40(18): 10-15.

[30] Ma Dongdong, Cai Yuying, Li Guifang. Environmental Regulation, Digital Economy and Green Total Factor Productivity——Empirical Evidence from the Central Plains Urban Agglomeration[J]. Ecological Economy, 2025, 41(04): 169-176.

[31] Wen Zhonglin, Ye Baojuan. Mediation Effect Analysis: Methods and Model Development[J]. Advances in Psychological Science, 2014, 22(05): 731-745.

[32] Sheng Qiaoyan. Green Finance Innovation Empowers High-Quality Development of the Real Economy: Impact Effects and Mechanisms[J]. Statistics & Decision, 2024, 40(24): 122-126.