Research On The Dynamic Relationship Between Regional Financial Development And Energy Efficiency

After the remarkable development in recent 30 years,China has become the world's biggest emitter of carbon dioxide in 2009 with resource depletion and environmental pollution problems.However,the next 20 years will be a critical period of capital-intensive stage of industrialization and urbanization for China.The amount of energy consumption constraints constitute an important factor of sustained economic growth.Only by upgrading the industrial structure,strengthen technological innovation ability,building perfect carbon finance system and other measures can improve the efficiency of energy utilization and achieve the goals of energy conservation and emissions reduction at the same time.This process must break through the obstacles of economy,finance,system and other factors.At the same time,the economic growth and structural adjustment brought about by the improvement of energy efficiency will further stimulate the financial development of a region.The interaction relationship between the financial development and the energy efficiency of a region is also an issue of the relationship of the financial development and the pattern of economic development of a region.Whether the financial development plays a role of the "supply leading",using its own funds,endowment advantage such as market,credit,transforming the mode of capital flow and leading the regional technology innovation,industrial structure evolution and the transition of the economic development mode,or active transformations of the mode of economic development in a district give rise to the need for financial products and financial innovation and stimulate the regional financial development? The research on this issue is of great significance for improving the energy efficiency of China,promoting financial development and transforming the model of economic development.This article follows the "literature review-present situation description-mechanism analysis-empirical test-policy recommendations" logic,analyzing the level of financial development and regional energy efficiency in China from multiple dimensions,carding mechanism of the influence of financial development and regional energy efficiency,taking regional energy consumption intensity and the intensity of credit as the index of regional energy efficiency and the regional financial development respectively to build a PVAR model and exploring the dynamic relationship between the two.The research shows that the regional energy efficiency in China has some accumulation due to the influence of regional structural factors,and the energy efficiency gap in different regions is difficult to change in a short time.Banks of China has played a positive role in the improvement of regional energy efficiency,but the energy saving potential of our country fails to get into full play because that the energy conservation and environmental benefits cannot be fully reflected by the market.The new model of economic development brought by the improvement of regional energy efficiency can greatly promote local financial development.