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Spatial impact of green finance reform and innovation pilot zones on industrial structure upgrading in China

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  • Zhang, Xingyan
  • He, Yu

Abstract

This study applies a multiperiod spatial difference-in-differences approach to explore the Green Finance Reform and Innovation (GFRI) pilot zones’ effect on industrial structure upgrading (ISU) with a provincial level panel data during 2012-2022. The Dagum Gini coefficient reveals the spatiotemporal pattern of ISU. Benchmark analysis demonstrates that the GFRI directly and indirectly promotes pilot and nonpilot zones’ ISU. Besides, additional tests reveal that: a) the GFRI promotes ISU through technological innovation; b) regional financial development has a pronounced moderating effect on how the GFRI affects ISU; c) establishing pilot zones in different regions has heterogeneous effects on ISU.

Suggested Citation

  • Zhang, Xingyan & He, Yu, 2026. "Spatial impact of green finance reform and innovation pilot zones on industrial structure upgrading in China," Finance Research Letters, Elsevier, vol. 92(C).
    • Handle: RePEc:eee:finlet:v:92:y:2026:i:c:s1544612326001388
    DOI: 10.1016/j.frl.2026.109607
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