IMPACTS OF PILOT ZONES FOR GREEN FINANCE REFORM AND INNOVATION ON TRANSFORMATION & UPGRADE OF RESOURCES-BASED MANUFACTURING INDUSTRY

doi:10.13776/j.cnki.resourcesindustries.20250901.009

Abstract

Abstract: Resources-based manufacturing industry is a critical pillar of China's industrial economy. Its transformation & upgrade is closely related to economic structural optimization, low carbon and high-quality development, which can be boosted by green finance reform innovation. This paper uses DEA-Malmquist to measure the transformation & upgrade of resources-based manufacturing to study impacts of pilot zones for green finance reform and innovation on transformation and upgrade of resources-based manufacturing industry. It applies the panel data of provincial resources-based manufacturing industry from 2011 to 2020 and synthetic control method to verify the effectiveness of and heterogeneity of pilot zone policies on transformation & upgrade of resources-based manufacturing industry, and employs spatial econometric model to test the spatial spillover effect, which are further verified by mediation effect and moderation effect models. Pilot zone policy of green finance reform and innovation largely improves the transformation & upgrade of resources-based manufacturing industry, verified by DID estimates, placebo test and ranking test. Heterogeneity results show that Guizhou's policy works best, followed by Guangdong, Jiangxi, Zhejiang and Xinjiang. Spatial spillover effect shows the pilot zone policy has “local-neighborhood” effect on transformation & upgrade of resource-based manufacturing through economic correlation, demonstration and competition effects, not only promoting the local manufacturing's transformation & upgrade, but also driving the neighboring manufacturing industry. Pilot zone policy can increase green technical innovation through positive stimulation, external capital driving, innovation compensation, and optimize the finance allocating resources through supervision, environmental information and markets, and improve the energy use efficiency through green tool supports, enterprise structural optimization and green equipment. Governmental supports can strengthen the impact. This paper provides policy references for resources-based manufacturing industry's transformation & upgrade.

Key words: pilot zones for green finance reform and innovations, trial policy, resources-based manufacturing, transformation &, upgrade

摘要： 资源型制造业作为我国工业经济的重要支柱，其转型升级进程直接关系到经济结构优化、绿色低碳发展以及高质量发展战略的推进，绿色金融改革创新是助力资源型制造业转型升级的重要手段，而绿色金融改革创新试验区的设立为探索绿色金融改革创新提供了重要政策试验平台。为了研究绿色金融改革创新试验区对资源型制造业转型升级的影响，首先使用DEA-Malmquist方法测算资源型制造业的转型升级水平；其次基于2011—2020年省级层面资源型制造业行业类别的面板数据,采用合成控制法实证检验绿色金融改革创新试验区试点政策对资源型制造业转型升级的影响效果及异质性影响效应；最后使用空间计量模型检验空间溢出效果，并进一步运用中介效应和调节效应模型进行机制检验。研究发现：1）绿色金融改革创新试验区政策显著促进了资源型制造业转型升级，且通过了DID估计、安慰剂检验和排序检验等稳健性检验。异质性分析表明贵州的政策效果最显著，其次是广东、江西、浙江、新疆。2）空间溢出效应表明绿色金融改革创新试验区政策对资源型制造业转型升级具有“本地-邻地”效应，该政策通过经济关联效应、示范效应、竞争效应等多种效应的发挥，不仅促进了本地区资源型制造业的转型升级，对周边地区资源型制造业的转型升级同样具有拉动作用。3）机制分析表明，绿色金融改革创新试验区政策可以通过政策正向激励、外部资金驱动、创新补偿溢价等方式提高资源型制造业的绿色技术创新水平；可以通过强化全面监督、环境信息传导、市场正向筛选等途径优化资源型制造业的金融资源配置；还可以通过绿色工具支持、企业结构优化、绿色设备引进等措施提升其能源利用效率，从而促进了资源型制造业转型升级；政府支持力度的加大能强化绿色金融改革创新试验区政策对资源型制造业转型升级的影响效果。本文研究的绿色金融改革创新试验区对资源型制造业的外生冲击为完善绿色金融改革创新试验区政策和推动资源型制造业转型升级提供了政策启示。

关键词: 绿色金融改革创新试验区, 试点政策, 资源型制造业, 转型升级

CLC Number:

F205

ZHU Qiaoqiao, WU Qiaowen, PEI Haoyuan, LI Xinran. IMPACTS OF PILOT ZONES FOR GREEN FINANCE REFORM AND INNOVATION ON TRANSFORMATION & UPGRADE OF RESOURCES-BASED MANUFACTURING INDUSTRY[J]. Resources & Industries, 2025, 27(5): 20-35.

朱俏俏, 伍乔文, 裴浩元, 李欣然. 绿色金融改革创新试验区对资源型制造业转型升级的影响研究[J]. 资源与产业, 2025, 27(5): 20-35.

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