Green Finance, Industrial Structure Upgrading, and High-Quality Economic Development–Intermediation Model Based on the Regulatory Role of Environmental Regulation

Green finance, as a major policy innovation under the guidance of high-quality economic development, can optimize the economic development mode and structure through green investment to enhance the rationalization and advanced level of industrial structure, and ultimately enhance the level of high-quality development of China’s economy. Based on the panel data of 30 provinces and cities in China from 2009–2019, this study examines the impact of green finance on economic high-quality development and its transmission path using the intermediary model. Based on this, a model with moderated intermediation effects is constructed to explore the mechanism of green finance on an economic high-quality path based on the intermediation path of industrial structure advancement and industrial structure rationalization and the moderated effect of environmental regulation. Finally, regional heterogeneity analysis is conducted. The study found that, firstly, green finance significantly contributes to high-quality economic development, and there is a positive mediating effect of both advanced and rationalized industrial structure. Secondly, environmental regulation positively regulates the positive impact of green finance development on industrial structure upgrading and strengthens the role of industrial structure upgrading in promoting economic quality development, as well as playing a significant positive regulating role in the direct effect of green finance on economic quality development. Finally, there are regional differences in the impact of green finance on high-quality economic development.