How Do Green Finance and Green Technology Innovation Impact the Yangtze River Economic Belt’s Industrial Structure Upgrading in China? A Moderated Mediation Effect Model Based on Provincial Panel Data

Ning Zhang, Jinhua Sun, Yu Tang (), Jianqun Zhang (), Valentina Boamah, Decai Tang and Xiaoxue Zhang
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Ning Zhang: School of Accounting and Auditing, Nanjing Audit University Jinshen College, Nanjing 210023, China
Jinhua Sun: School of Law and Business, Sanjiang University, Nanjing 210012, China
Yu Tang: Allbright Law Offices (Nanjing), Nanjing 210019, China
Jianqun Zhang: School of Languages and Communication Studies, Bejing Jiaotong University, Beijing 100044, China
Valentina Boamah: School of Management Science and Engineering, Nanjing University of Information Science and Technology, Nanjing 210044, China
Decai Tang: School of Management Science and Engineering, Nanjing University of Information Science and Technology, Nanjing 210044, China
Xiaoxue Zhang: School of Economics and Management, Heihe University, Heihe 164300, China

Sustainability, 2023, vol. 15, issue 3, 1-22

Abstract: Industrial structure upgrading is a huge driving force for China’s green economic development. The Yangtze River Economic Belt (YREB), a crucial component of China’s spatial economic pattern, is facing the dual pressure of economic development and environmental protection. Therefore, it needs to have its industrial structure upgraded immediately. This article measures the development levels of green finance using the entropy method and bases its analysis on the panel data of 11 provinces (municipalities) in the YREB from 2005 to 2019. A moderated mediating effect model is then built to thoroughly examine the influence paths of green finance and green technology innovation on industrial structure upgrading. According to the empirical findings, green finance and green technology innovation have a significant direct role in promoting the upgrading of industrial structures. They reflect significant regional disparities across the East, Midland, and West. Second, green technology innovation has an effective transmission mechanism in green finance, boosting industrial structure upgrading. Third, environmental regulations positively regulate green finance’s direct and indirect routes to support industrial structure upgrading. This study is the first to combine green finance, green technology innovation, environmental regulation, and industrial structure upgrading under one research framework, broadening the research scope of industrial transformation. These research findings provide theoretical and practical guidance for upgrading China’s Yangtze River Economic Belt’s industrial structure.

Keywords: green finance; green technology innovation; industrial structure upgrading; environmental regulation; the Yangtze River Economic Belt (YREB) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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