The Research On Financial Influence On The Energy Industry Development

With an in-depth development of industrialization, the contradiction betweensupply and demand of world energy has become increasingly acute. The governmentsof developed countries have the energy security ascended to the national strategiclevel, and actively introduce policy incentives for new energy industry developmentto optimize the structure of the energy industry. China is relatively energy-shortagewith per capita energy possessed a low level in the world. As China’s industrializationand urbanization into the accelerated development stage, China’s energy consumptionhas soared, which leads to external dependence gradually improving and energysecurity risk increasing. Meanwhile, our country is rich in renewable energy resource,but its development and utilization level is low. It is an important issue for China tooptimize its energy industry structure and reduce the external dependence, whichfinancial support is indispensable to break the subject. Therefore, in this context, thatthe study of financial support for the mechanism of the energy industry development,measure the contribution of finance to the development of energy industry, diggingthe core issue in the development of China’s energy industry, and put forward China’sfinancial support for energy industry development strategy, has a very importantsignificance.This paper, firstly integrated existing energy finance research, defined the energyindustry connotation from the definition of industry, and constructed a measurestandard of the energy industry to evaluate its development level in China. Secondly,it had an analysis of the specific of energy industry and its development strategicsignificance based on the characteristics of energy attribute, the relationship betweenthe energy industry and the financial industry by making use of the industry symbiosistheory; it expounded the mechanism of financial impact on the energy industrydevelopment from the financial function view theory.Thirdly, this paper tookadvantage of the Granger causality test to verify the symbiosis of energy industry andfinancial industry, and used a VAR model to measure the degree of influence and itsdynamic effect process of the financial on the development of energy industry withrelevant data from the year of1990to2009.Finally, the paper put forward appropriatepolicy recommendations to better promote financial services in the energy industry.