Research On The Impact Of Financial Development On Total Factor Energy Efficiency

Since the reform and opening up,China's economy has developed vigorously.But it is obvious that most of this high growth is irrational and low-quality at the expense of energy waste and environmental damage.At present,international and domestic energy reserves are decreasing.The problem of environmental pollution caused by the development of high carbon economy is very serious.Haze weather is frequent,which has caused great distress to people's lives.How to improve the efficiency of energy use is particularly important for the long-term development of new energy development in the face of technological bottlenecks and slow development.In this regard,finance is an important means of resource allocation,which can guide the rational flow of funds,provide financial support for the development of energy technology,and then promote technological progress,and ultimately improve the efficiency of energy development.Research on the impact of financial development on energy efficiency,it can improve the existing theories,and put forward corresponding policy recommendations on the other hand,which has important practical significance.Based on this,a comprehensive analysis of the role of financial development on total factor energy efficiency is made by using the methods of literature research,qualitative and quantitative research,and the discussion is focused on whether technological progress is a mediator of financial development in total factor energy efficiency.First,the related literatures on the evolution of energy efficiency measurement methods,the specific factors and the impact of financial scale on energy efficiency are summarized,and the current research status of this problem is grasped.On this basis,the theoretical basis and mechanism of this article are put forward,and the theoretical framework of this article is laid.Secondly,we look at the relevant data,analyze the current situation of financial development and energy consumption from multiple perspectives,and use the multi-stage DEA model to calculate the total factor energy efficiency.Then,the article establish the panel Tobit model,quantitative analysison the relationship between financial development and total factor energy efficiency,that financial development has positive effect on the total factor energy efficiency,the mechanism,and the mediating effect model explore the role of financial development in energy efficiency : financial development can through technological progress as an intermediary variable,which is positive for total factor energy efficiency.Finally,the empirical results are analyzed,and the corresponding policy recommendations are put forward based on the results,including deepening the reform of financial institutions,building a diversified capital market financing system,and establishing the omnibearing risk compensation mechanism in three aspects.There are two main points of innovation in this paper.First,carbon emissions are processed through a certain way,which is incorporated into the calculation of total factor energy efficiency,making it more comprehensive and objective to reflect the reality of the development of energy efficiency.Second,the technological progress is selected as the intermediary variable.In the past literature,it was initially suggested that technological progress can play a role between them.However,empirical research shows that technological progress as a mediator variable is not perfect.This paper analyzes the effectiveness of technological progress as an intermediary variable through intermediary effect.