Abstract:

In the global transition towards carbon neutrality, the role of green finance in the capital allocation of the photovoltaic (PV) industry has become increasingly prominent. Based on panel data of Chinese cities from 2010 to 2022, and utilizing the green finance pilot program as a quasi-natural experiment, this study systematically examines the heterogeneous impacts and transmission mechanisms of green finance on the scale of PV power plants. The findings reveal that, at the aggregate level, the“screening function”of green finance is significantly stronger than its“capital infusion function.”Through a risk-screening mechanism, green finance curbs the blind expansion of low-quality projects, thereby driving the PV industry toward“quality enhancement and scale control.”Regarding regional heterogeneity, the“capital infusion function”dominates in developed regions, empowering the scale expansion of high-quality distributed PV projects. Conversely, in less developed regions, the“screening function”prevails, compelling low-quality centralized PV projects to improve quality and restrict scale. Mechanism tests confirm that differences in the adaptability of the“PV industry characteristics-financial development level-regional supporting environment”nexus serve as the core source of these divergent effects.

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