中国在“十三五规划”中首次将“绿色”作为五大发展理念之一，中国绿色发展的 一系列顶层设计和实践都在“十三五”期间获得迅速推进。近年来，中国绿色金融体系 建设不断完善，绿色金融产品不断创新，绿色金融发展取得丰硕的成果。新时代背景下， 中国经济聚焦高质量发展，产业结构转型升级成为必然途径之一。在大力倡导生态文明 和“美丽中国”建设背景下，绿色金融为节能环保产业、绿色产业的发展提供了重要支 撑，进而推动产业结构的不断升级，实现可持续发展。 首先，本文在梳理了国内外关于绿色金融和产业结构升级的文献基础上，对绿色金 融和产业结构升级的概念进行了界定，并分析了与本研究相关的理论基础，可持续发展 理论、环境库兹涅茨曲线理论和外部性理论；其次，分析了中国绿色金融的政策演变过 程、发展现状及绿色金融发展对产业结构升级的作用机制和效应，研究得出，中国绿色 金融政策演变可划分为三个阶段，起源阶段（1995~2008）、初步发展阶段（2009~2014） 和快速发展阶段（2015~至今）；从绿色信贷、绿色债券、绿色基金和绿色保险四个层 面揭示中国绿色金融发展特征；随后，从理论层面分析了绿色金融对产业结构升级的作 用机制，在此基础上，通过历史数据分析中国绿色金融在三次产业结构演进以及三次产 业内部结构变化中的作用效应；然后，选取 2009~2017 年的绿色金融指标与产业结构指 标数据，通过构建灰色关联模型进行实证研究，揭示绿色金融与产业结构升级之间的关 系。实证结果得出，（1）中国绿色金融与第一、二、三次产业的关联度大小分别为 0.6035， 0.6155 和 0.6694；（2）中国绿色金融发展水平与第三产业细分产业交通运输、仓储和 邮电通信业、批发和零售业、金融业和房地产业的关联度大小分别为 0.5888，0.6770， 0.6375 和 0.6315；最后，为进一步推动中国绿色金融促进产业结构升级，提出四点建议， 搭建绿色环保信息共享平台、衔接绿色金融与绿色产业政策、提高绿色科技创新发展水 平、探索可复制可推广的绿色金融发展模式。 关键词，可持续发展；绿色金融；产业结构升级；灰色关联模型II Abstract For the first time in the 13th Five-Year Plan, China regards green as one of the five development concepts. A series of top-level designs and practices of China's green development have been rapidly promoted during the 13th Five-Year Plan. In recent years, the construction of China's green financial system has been constantly improved, green financial products have been innovated, and the development of green finance has achieved fruitful results. In the context of the new era, China's economy focuses on high-quality development, and industrial restructuring and upgrading has become one of the inevitable ways. Under the background of vigorously advocating ecological civilization and the construction of beautiful China, green finance provides important support for the development of energy-saving and environmental protection industries and green industries, thus promoting the continuous upgrading of industrial structure and achieving sustainable development. Firstly, this paper defines the concepts of green finance and industrial structure upgrading on the basis of reviewing domestic and foreign literature on green finance and industrial structure upgrading, and analyses the theoretical basis related to this study: sustainable development theory, environmental Kuznets curve theory and externality theory; secondly, it analyses the evolution process and development of China's green finance policy. The present situation and the mechanism and effect of green financial development on industrial structure upgrading are studied. It is concluded that the evolution of China's green financial policy can be divided into three stages: the origin stage (1995-2008), the preliminary development stage (2009-2014) and the rapid development stage (2015-present); the green credit, green bond, green fund and green insurance are the four levels to reveal China's green. The characteristics of financial development; then, the mechanism of Green Finance on the upgrading of industrial structure is analyzed theoretically. On this basis, the role of green finance in the evolution of three industrial structures and the change of three industrial internal structures is analyzed through historical data analysis. Then, the data of green finance index and industrial structure index from 2009 to 2017 are selected to construct the grey relation. An empirical study was conducted to reveal the relationship between green finance and industrial structure upgrading. The empirical results show that: (1) the correlation degree between China's green finance and the first, second and third industries is 0.6035, 0.6155 and 0.6694 respectively; (2) the correlation degree between China's green finance development level and the tertiary industry subdivisions is 0.5888, 0.6770, 0.6375 and 0.6315, respectively. Then, in order to further promote China's green finance to promote the upgrading of industrial structure, four suggestions are put forward: building a platform for green environmentalIII protection information sharing, linking green finance with green industry policy, improving the level of green science and technology innovation development, and exploring a replicable and popularizable green financial development model. Key Words，Sustainable Development; Green Finance; Industrial Structure Upgrading; Grey Relational ModelIV 目 录 摘要I Abstract II 1 绪论 1 1.1 研究背景 1 1.2 研究目的和意义 2 1.2.1 研究目的 2 1.2.2 研究意义 2 1.3 研究内容与方法 3 1.3.1 研究内容 3 1.3.2 研究方法 4 1.4 本文创新点 4 2 文献综述 6 2.1 产业结构升级与可持续发展相关研究 6 2.2 绿色金融相关研究 7 2.3 金融发展与产业结构升级相关研究 11 2.4 相关文献评述 12 3 概念界定与相关理论基础 13 3.1 概念界定 13 3.1.1 绿色金融概念界定 13 3.1.2 产业结构升级概念界定 14 3.2 相关理论基础 15 3.2.1 可持续发展理论 15 3.2.2 环境库兹涅茨曲线理论 15 3.2.3 外部性理论 16 4 中国绿色金融发展及其对产业结构升级的作用分析 18 4.1 中国绿色金融政策演变及发展特征分析 18 4.1.1 中国绿色金融政策演变分析 18 4.1.2 中国绿色金融发展特征分析 22 4.2 绿色金融对产业结构升级的作用机制分析 29 4.2.1 资本积累机制 29V 4.2.2 资本导向机制 29 4.2.3 信用催化机制 29 4.2.4 产业整合机制 30 4.2.5 分散风险机制 30 4.3 中国绿色金融对产业结构升级作用效应分析 31 4.3.1 绿色金融促进三次产业结构高级化演进 31 4.3.2 绿色金融促进第一产业稳增式发展 32 4.3.3 绿色金融促进第二产业高端化发展 34 4.3.4 绿色金融促进第三产业融合式发展 35 5 绿色金融促进产业结构升级的实证研究 37 5.1 灰色关联模型的构建 37 5.2 指标确定与数据来源 38 5.3 实证分析 39 5.4 结果分析 42 6 结论与对策建议 46 6.1 研究结论 46 6.2 对策建议 46 6.2.1 搭建绿色环保信息共享平台 46 6.2.2 衔接绿色金融与绿色产业政策 47 6.2.3 提高绿色科技创新发展水平 47 6.2.4 探索可复制可推广的绿色金融发展模式 48 6.3 研究的局限性与展望 48 6.3.1 研究的局限性 48 6.3.2 研究展望 49