Research On Financial Development Affecting Industrial Energy Efficiency In China

With the rapid development of China's industrialization,the total energy consumption is increasing.At present,there is still a serious problem of energy shortage in China,and the energy consumption of industry accounts for a large proportion in the total energy consumption.The increasing gap between energy supply and demand is not conducive to the stable growth of industrial output and the sustainable development of the economy.One of the important reasons for energy shortage is the low level of energy efficiency,in this context,improving industrial energy efficiency and optimizing industrial energy consumption structure are important ways to save energy,reduce emissions and solve the problem of energy shortage.The financial industry is an important part of producer services.Can financial development become a key factor in promoting industrial energy efficiency? What is the path of influence? This is a problem that requires in-depth study.The main innovation of this article: when studying the impact of financial development on energy efficiency,the selected research object is industry rather than overall energy efficiency.The conclusion of the study has reference significance for the improvement of industrial energy efficiency and the improvement of overall energy efficiency in China.First,sort out the relevant research literature and define the concepts involved in the research,and combining related theories,the influence way of financial development on industrial energy efficiency is analyzed,and analyzed the intermediary role of technological innovation.Reviewed the history and current situation of China's financial development,calculated and counted the changes and current status of financial development and industrial energy efficiency,and with the help of charts and geographic analysis software for horizontal and vertical comparison.Then,on the basis of theoretical analysis and current situation analysis,empirical test of the impact of financial development on industrial energy efficiency: using panel data of some provinces and municipalities in China from 2005 to 2016,common panel data and intermediary effects are empirically tested,on this basis,the provinces and cities in China are divided into three areas for empirical testing.Finally,according to the conclusions,relevant policy recommendations were put forward.The results of current situation analysis show that: China's Yangtze River Delta and Pearl River Delta's financial industry is far ahead in value added,the scale of financial development has shown an increasing trend in recent years,the spatial distribution shows that China's financial development level is high in the east and low in the west;the energy consumption gap keeps widening,and the proportion of industrial energy consumption in the total energy consumption increases first and then decreases,the proportion of industrial energy consumption is still relatively high,statistics and spatial distribution maps show that there is also a regional gap in China's industrial energy efficiency,it is worth noting that the gap between the energy efficiency of the western region and the national average of energy efficiency is expanding;Comparing the financial development level and energy efficiency of our country with those of other countries and regions,it is found that there is still room for improvement of energy efficiency.Empirical analysis results prove that: the high level of financial development is conducive to the improvement of industrial energy efficiency,and the effect is high in the east and low in the west;financial development will have a positive effect on industrial energy efficiency through technological innovation activities,but there are regional differences in the effects.