| Recent years from the anti-globalization "black swan" incident,th e Sino-US trade dispute,the shale gas revolution in the United States,the huge volatility of oil prices to the now raging outbreak of COVID-19,the uncertainty events always shock on the global markets.Meanwhile,the world’s economy is in deep adjustment,and major structural reform of economy is also developed in China.Because of the particular characteristics,the traditional energy industry is not only affected by the new economy,but also gradually taken hostage by the uncertain market.Furthermore,energy,is regarded as the basis of economuc development and the key factor for the country to revitalize the economy,and the improvement of energy efficiency is also the vital meaning of high-quality economic development.The carbon neutral goal from the energy perspective requires "more optimized economic structure,more obvious innovation-driven guidance,green development has become internal requirements,and open sharing has become normal".Based on this,a new interpretation of industrial structure,technological innovation and open investment is given under the background of high uncertainty.Under this scenario,it is very urgent and important to study the mechanism and path research of economic policy uncertainty and energy efficiency.However,previous studies only discussed the impacts of economic policy uncertainty on the main operation of energy market,energy price and so on,and paid less attentions to the perspective of energy efficiency.Therefore,this paper takes China’s energy market as the research sample,under the situation of rapid development of economic policy uncertainty.We also combine green development theory with energy economy,and try to investigate how economic policy uncertainty shocks the China’s energy market,and discuss the respolnse of high uncertainty energy market and energy efficiency improvement issue as well.Our research,builds the theoretical framework of economic policy uncertainty affecting energy market,broadens the application scenario of China’s energy market,and provides theoretical reference and practical guidance for the government to deal with energy market risks under high uncertainty.The research takes primary attentions on the listing three issues:① How to calculate the energy efficiency using city sample in China?②How does economic policy uncertainty affect the energy efficiency of Chinese cities?And discuss what the reasons are between the relationship.③What are the indirect transmission mechanisms of the industrial structure,technological innovation(R&D investment and invention patent)and two-way FDI(inward foreign direct investment and outward foreign direct investment)in the nexus between economic policy uncertainty and energy efficiency?The research tries to investigate the issues above.It also shows dynamic co-movement when economic policy uncertainty shocks the energy market in China,through advanced empirical research methods to validate the research hypothesis.According to the research,we hope to enrich the economic policy uncertainty and energy related research,promote the government adjusting economic policies,energy enterprises under high uncertainty carrying out more appropriate investment decisions,ease the contradiction between supply and demand of government energy products,and provide direction guidance and reference on how to improve urban energy efficiency.In the sub-research ①,In order to measure the energy efficiency of cities in China,this paper builds the Super-SBM energy efficiency measurement model,combining the characteristics of urban haze pollution in China,then adds the air quality index in the unexpected output.Through the sample,we use cities and regions analyses to find energy efficiency develops differently in eastern,central and western cities,and analyze the conclusion.Meanwhile,combined with the reality of domestic energy policy development and the transformation of economic development,we verify the energy efficiency model is effective,and the Chinese energy efficiency has an increasing trend.Finally,this paper presents the key points of sample cities according to different levels of energy efficiency,and provides useful implications of energy consumption and environmental protection for the government policy adjustment and enterprise investment behaviors.In the sub-research②,in order to test the effect of economic policy uncertainty on energy efficiency of cities in China,our research utilize the basic regression and quantile regression and mediating effect model to verify the relationship between economic policy uncertainty and energy efficiency.The results tell us economic policy uncertainty has a significant negative effect on city energy efficiency,which is most obvious in western cities,followed by central and eastern cities.Moreover,whether full sample detection or regional verification,high energy efficiency quantiles always correspond to lower economic policy uncertainty shocks,but low energy efficiency quantiles are greatly impacted by uncertainty.The results show a decline from low to high trend.In the sub-research③,under the carbon neutrality target,this research focuses on the intermediary effects of industrial structure,technology innovation and two-way FDI on the nexus of economic policy uncertainty and energy efficiency.Among them,technological innovation is divided into research and development investment and invention patent,two-way FDI includes inward foreign direct investment and outward foreign direct investment.Furthermore,we analyze the characteristics of eastern,central and western cities,and examine the different mediation effects of various factors affecting energy efficiency in detail.Finally,the focus direction of regional economic development and the enlightenment of high uncertainty are derived.The innovations of this study are as follows:① We discuss the fluctuation problem of Chinese energy market from the perspective of economic policy uncertainty,and form a theoretical analysis model of the relationship between energy efficiency and economic policy uncertainty.We provide a new research perspective for the research of uncertainty factors in energy market,makes up for the lack attentions to economic policy uncertainty and energy efficiency related research in previous studies,and enriches the multi-angle channels of energy efficiency path affected by economic policy uncertainty.It is also a reference for China’s energy market to expand and judge the path of uncertainty.② This paper verifies the economic performance and effectiveness analysis of uncertainty factors,and clarifies the expression form of economic policy uncertainty substitution variables,and expands the advantages and disadvantages of the existing index system through global events.It enriches the mechanism of uncertainty factors on economic policy,and also provides theoretical support for the study of economic policy uncertainty affecting energy efficiency.Besides,some studies have clarified the confusion of the basis of economic policy uncertainty measurement,and our study can be a subdivision,supplement and optimization of the previous economic policy uncertainty research.③ We build an energy efficiency measurement framework,including the primary air pollutants and green sustainability theories,and the scope of research in the economy,environment and energy markets has been expanded.Besides,our research makes up for the existing research field only focus on economic output or traditional pollutants emissions,ignoring the important impact of the primary air pollutants,and provides a practical analysis framework for energy efficiency measurement of cities in China.Furthermore,our research also opens the new perspectives of the energy market participants handling pollutant emissions,and presents directional guidance for the energy enterprise investment activities.④It validates the intermediary influences of industrial structure,technological innovation and two-way FDI between the nexus of economic policy uncertainty and energy efficiency,and enriches the multi-angle path research of economic policy uncertainty affecting energy efficiency,which provides directional guidance for the research of economic policy uncertainty and energy efficiency.This idea complements and improves the energy efficiency research in academic,and also provides useful implications for Chinese cities policy formulation and market participants. |
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