Research On The Impact Of Technological Progress And Environmental Regulation On Energy Price Distortion

Under the “new normal”,China's economic growth mode is facing a transition from extensive to intensive mode.In the field of production factors,energy use has increased significantly,which has exceeded labor and capital factors.Under the government intervention,China's energy market is relatively lagging behind.And imperfect,leading to distortions in energy prices.Among them,technological progress and environmental regulation are the most important factors affecting energy price distortion.The development of the national economy is closely related to technological progress,while technological advancement needs to increase investment,so that the increase in energy consumption may aggravate the distortion of energy prices.Environmental regulation can control the input of energy consumption and alleviate the distortion of energy prices.Under the combined effect of the two,the impact on energy price distortion is the main body of this study.Other factors such as industrial structure and economic level also have an effect on the improvement of energy price distortion.In this paper,the total factor productivity is measured by the DEA-Malmquist index method.The results show that the total factor productivity of China in the past decade is greater than or equal to 1,and is in a rising stage.The eastern region is the region with the fastest economic opening in China and has a high level of total factor productivity.The energy resources in the central and western regions are relatively abundant,especially in the western region.It is a holy land for resource development and an important field for technological development in China.The results of environmental regulation show that China's environmental regulation intensity is generally declining,indicating that the government has not paid enough attention to environmental regulation,and the strength needs to be strengthened.First,we measure the relative price distortion of energy and the distortion of energy relative to labor price.It can be seen from the trend graph that energy price distortion is second only to capital,indicating that there is a clear distortion of energy prices in China.In terms of regions,China's energy price distortion is east > middle > west,and China's energy price distortion has declined in the past decade.The variable of the interaction analysis in the construction of the measurement model represents the effect of the combination of technological progress and environmental regulation on the distortion of energy prices.In order to enhance the persuasiveness of the empirical results,the measurement model of this paper adopts fixed effect panel regression and one-step SYS-GMM model regression,and the static regression results are taken as a reference,and the dynamic panel results are combined for analysis.The results show that at the national level,technological progress has exacerbated energy price distortions,and environmental regulation has alleviated energy price distortions,but the dual role of both has mitigated energy price distortions.From a regional perspective,the dual role of technological progress and environmental regulation in the eastern and western regions can alleviate energy price distortions.The interaction between the two regions in the central region has a “U”-type effect on energy price distortions,that is,technological progress in the central region.Under the combined effect of environmental regulation,energy price distortions will be alleviated in the short term,but in the long run,energy price distortions will be aggravated.Finally,this paper proposes reasonable suggestions for eliminating energy price distortions based on empirical results.