The Impact of Green Finance on the Ecologicalization of Urban Industrial Structure—Based on GMM of Dynamic Panel System

Abstract

Although a number of studies have been published in the general area on various factors affecting the ecologicalization of urban industrial structure, little work has been carried out for empirical studies quantitatively analyzing the relevance between green finance development and the ecologicalization of urban industrial structure. Therefore, based on a comprehensive index of green finance development, this research employs panel data of target cities1 for the period 2012–2020 to explore the influence of green finance on the ecologicalization of urban industrial structure. The empirical results show that green finance development significantly improves the ecologicalization level of urban industrial structure. In addition, it is found that green finance plays a stronger role in promoting the ecologicalization of industrial structure in economically developed regions than in economically underdeveloped regions. The research results can provide a valuable policy reference for urban green financial market planning and green product innovation.