Financial Pull and Administrative Push in Green Finance: Evidence from China’s Green Finance Pilot Policy
グリーンファイナンスにおける金融的プルと行政的プッシュ：中国グリーンファイナンスパイロット政策からのエビデンス (AI 翻訳)
Jincheng Li, Zhihua Chen
🤖 gxceed AI 要約
日本語
本研究は中国のグリーンファイナンス改革・革新パイロットゾーンを準自然実験として、段階的DIDを用い、グリーンファイナンス政策が産業構造の高度化を有意に促進することを示した。メカニズム分析では、グリーンクレジット強度が仲介チャネルとして機能し、環境規制が正の調整効果を持つ「プッシュ・プル」動態を確認。政策は資源依存地域や革新能力の低い地域で特に有効。
English
Using China's Green Finance Reform and Innovation Pilot Zones as a quasi-natural experiment, this study employs a staggered DID framework to show that green finance policy significantly promotes industrial structure upgrading. Mechanisms include green credit intensity as a mediating channel and environmental regulation as a positive moderator. The policy is particularly effective in resource-dependent and less innovative regions.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国のグリーンファイナンス政策の実証分析は、日本における同様の政策設計やSSBJ開示との連携に示唆を与える。金融的プル（グリーンクレジット）と行政的プッシュ（環境規制）の組み合わせは、日本のGX実現に向けた政策ミックスにも参考となる。
In the global GX context
This study provides robust empirical evidence on how green finance policies can drive industrial upgrading, contributing to the global discourse on transition finance. The dual push-pull mechanism offers insights for policymakers designing integrated financial and regulatory approaches to decarbonization.
👥 読者別の含意
🔬研究者:Researchers can learn from the rigorous DID methodology with a comprehensive industrial upgrading index and mechanism analysis.
🏢実務担当者:Practitioners can understand how green credit and environmental regulation can be combined to support green transition.
🏛政策担当者:Policymakers can draw lessons on designing green finance pilot zones and coordinating financial incentives with environmental oversight.
📄 Abstract（原文）
Green finance has emerged as a crucial instrument for driving the macroeconomic transition toward a low-carbon economy, yet its specific transmission mechanisms warrant deeper empirical scrutiny. Leveraging China’s Green Finance Reform and Innovation Pilot Zones as a quasi-natural experiment, this scientific study employs a staggered difference-in-differences (DID) framework using provincial panel data from 2009 to 2023. To overcome the limitations of unidimensional metrics, we developed a comprehensive Industrial Structure Upgrading Index (ISUI) that integrates structural rationalization, advancement, and greening. The empirical findings reveal that the green finance pilot policy exerts a significant and positive impact on the ISUI. This core result remains robust under a series of rigorous checks, including the Callaway and Sant’Anna (CS-DID) estimator. Mechanism analyses demonstrate a dual “push–pull” dynamic: Green Credit Intensity (GCI) acts as the primary mediating channel by directing targeted financial resources (financial pull), while stringent environmental regulation positively moderates this effect (administrative push). Furthermore, the moderating role of digital finance is statistically non-significant, underscoring the policy’s broad inclusiveness and its independence from regional digital infrastructure. Heterogeneity estimations identify a clear structural catch-up effect, with more pronounced benefits observed in resource-dependent regions and areas with historically lower innovation capacities. Ultimately, these findings indicate that coordinating targeted financial incentives with environmental oversight can effectively drive multidimensional industrial upgrading, providing valuable evidence for sustainable transition strategies.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.3390/su18062933first seen 2026-05-14 21:25:49
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