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Regional Science & Technology and Innovation

The Impact of Financial Support on Industrial Green Develop⁃ ment Within the Yellow River Basin 

Wang Haijie1 , Sun Dongyang1 , Yang Ming2 , Wang Wei1 

（1.School of Business, Zhengzhou University, Zhengzhou 450001, China; 2.Party School of CPC PuYang Munici⁃ pal Committee, Puyang 457000, China）

Abstract: The development of industrial enterprises is inseparable from effective financial  support.The green development of industrial enterprises in the Yellow River Basin is an important starting point to promote the two-wheel drive of domestic circulation and international circu⁃ lation and promote the high-quality economic development.A steady, continuous and sustain⁃ able financial support system is conducive to the healthy and orderly development of industrial  green development in the Yellow River Basin.The intensity and scope of financial support deter⁃ mine the efficiency and achievements of industrial green transformation and upgrading.Judging  from the existing literature, most of the existing studies on financial support and industrial green  development are based on the national and inter-provincial levels, lacking the mechanism analy⁃ sis to reveal the industrial green development in the Yellow River Basin from the perspective of  financial support, and have not yet pointed out the scientific path of financial support for green  development.This paper empirically analyzes the relationship between financial support and in⁃ dustrial green development in the Yellow River Basin from two dimensions: the structure and ef⁃ ficiency of financial support, which is of great significance to promoting high-quality economic  development in the Yellow River Basin. Based on the theory of financial support, this paper selects the sample data of nine prov⁃ inces in the Yellow River Basin from 2003 to 2017, constructs the industrial green development  index of the Yellow River Basin from the perspective of ecology and resources, and explores the  influence of financial support on the industrial green development level of the Yellow River Ba⁃ sin by using panel model and panel threshold model.It is found that the expansion of financial  structure and the improvement of financial efficiency in the Yellow River basin have a positive  effect on the green development of industry in this region.Comparatively speaking, financial effi⁃ ciency plays a more obvious role in supporting the level of industrial green development, which  requires the financial system in the Yellow River Basin to further enhance efficiency and im⁃ prove the green financing structure.At the same time, the influence of financial efficiency on in⁃ dustrial green development has nonlinear characteristics, which is characterized by a single  threshold with a threshold value of 0.868 6. Based on the actual situation, this paper puts forward the following relevant policy sugges⁃ tions from two financial support levels: financial structure and financial efficiency.First, steadily  promote the optimization and upgrading of financial structure, and actively use the positive driv⁃ ing effect of financial structure to support the green development of industrial enterprises in the  Yellow River Basin.Second, promote the improvement of financial efficiency and develop new fi⁃ nancial support products aimed at the characteristics of green industrial development in the Yel⁃ low River Basin.Third, according to the characteristics of green development of industrial enter⁃ prises in the Yellow River Basin, give full play to the linkage and coordination of financial struc⁃ ture and financial efficiency, and get rid of the vicious circle of relying on the increase of depos⁃ its and loans of financial institutions to improve financial efficiency.Fourth, break the restriction  of regional differentiation and improve the agglomeration efficiency of regional economic and in⁃ dustrial green development in the Yellow River Basin.Fifth, adhere to the orientation of financial  services for the green industrial transformation in the Yellow River Basin. 

Key words: Yellow River Basin; financial support; financial structure; financial efficiency; in⁃ dustrial green development