| As the foundation and driving force of social economic growth,energy is an important part of China’s development.Inefficient energy efficiency leads to waste of resources and is accompanied by a certain degree of environmental pollution.Green finance is a key link in carbon neutrality and even carbon peaking,which can guide the flow of funds to green industries,promote the ecological evolution of industrial structure,and stimulate green technology innovation,thereby improving energy efficiency.At present,the development level and energy efficiency of green finance in China are generally poor,and the distribution level between different regions is very different.Based on this,in order to promote the regional coordination of energy efficiency and green finance in China,improve energy efficiency,accelerate green transformation,study the spatial spillover of green finance development on energy efficiency and the relationship between the two in different regions,and explore the factors affecting energy efficiency and their mechanisms.Starting from theory,combined with empirical analysis,this paper selects 30 provinces,municipalities and autonomous regions in China from 2006 to 2019 as the framework of panel data according to the principle of data availability,selects total factor energy efficiency to represent energy efficiency level,uses data envelopment analysis method and entropy value method to measure the development level of green finance and total factor energy efficiency,selects seven control variables such as financial development level,technical level and industrial structure optimization degree,and examines the impact of regional green finance on energy efficiency.By calculating the Moran’I.index,the spatial distribution law of energy efficiency and regional green development level is investigated,the spatial Dubin model is used to investigate the impact of green finance on energy efficiency and the spatial spillover effect of various variables,and China is divided into eight major economic regions to further study the geographical bias of green finance and energy efficiency,and further analyze the impact mechanism of green finance and per capita GDP on energy efficiency.The study finds that,on the whole,the development level of green finance and energy efficiency in China is low,and there are serious regional differences,and the whole country presents obvious characteristics of "high-high agglomeration,low-low agglomeration".Spatially: China’s regional green finance has a positive spillover effect on the energy efficiency of the local region and a negative spillover effect on the energy efficiency of adjacent areas.The degree of financial development,human capital investment,government intervention,and per capita GDP level promote the improvement of energy efficiency in neighboring regions,and the degree of industrial structure optimization inhibits the growth of energy efficiency in neighboring regions.In terms of mechanism: there is a threshold effect on the impact of green finance and GDP per capita on energy efficiency.Finally,this paper puts forward reasonable policy suggestions on how to improve China’s energy efficiency,especially how to improve energy efficiency through green finance,and promote the comprehensive and balanced development of green finance and energy efficiency in China. |
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