| In the past 40 years of reform and opening up,China’s economic development has made great achievements,the total economic ranked second in the world,but China’s long-term and high-speed economic growth is based on high pollution,high-energy and extensive development model,with the level of industrialization and energy consumption per capita increasing,China has become the world’s largest energy consuming and energy importing country,the external dependence is increasing and the contradiction of energy supply and demand is becoming more and more prominent,the national energy security of China is facing great threat.At the same time,under the thinking of "first destruction,then protection,first pollution,then governance",China’s ecological environment is becoming more and more serious.and the national haze is becoming increasingly severe.Under the dual restriction of energy and environment,it is necessary to reduce energy consumption intensity and improve energy efficiency in order to keep the high speed development of the economy.The functions of financial development in resource allocation,information transmission and transaction brokering can,on one hand,ease the financial constraints of enterprises in production intensification and upgrading and provide financial support for medium-and long-term green projects in order to achieve technological progress,on the other hand,they can reduce information asymmetry and transaction costs among enterprises and improve the efficiency of enterprises in production.Therefore,it is of great theoretical and practical significance to discuss the role and impact of financial development on energy efficiency in achieving the goal of energy conservation and emission reduction in China.Based on the panel data of 1997-2015 years of 29 provinces and municipalities in China,the first chapter of this thesis summarizes the existing research at home and abroad.On this foundation,the second chapter tries to establish the impact mechanism of financial development on energy efficiency,and analyzes the impact of financial development on energy efficiency from the direct and indirect angles.The third chapter describes the current situation of financial development in China,and selects appropriate indicators for measurement analysis.The fourth chapter analyzes the situation of energy utilization in China,and calculates the total factor energy efficiency of provinces and municipalities by using the DEA model with undesirable output.The fifth chapter selects the appropriate variable index to establish the Tobit model which includes two indicators of financial development scale and financial development efficiency,and analyzes the influence of financial development on the change of energy efficiency from the point of view of the national and regional perspectives.The sixth chapter puts forward corresponding policy recommendations based on the results of previous studies.The empirical results show that the expansion of the scale of financial development has a catalytic effect on the improvement of energy efficiency in China,but there are differences in different regions.The expansion of the scale of financial development contributes to the improvement of energy efficiency of all factors in the eastern and western regions,but it will hinder the central region;the efficiency of financial development,as represented by the proportion of non-state-owned partial loans to GDP,hinders the improvement of energy efficiency of all factors to the increase of energy efficiency of financial development of financial institutions.Such results indicate that financial development through its intermediary role can effectively ease the financial constraints of enterprises,promote the improvement of the technological level of enterprises,enterprises to achieve high efficiency of green production,but financial institutions in the expansion of credit to SMEs,at the same time,need to restrict the use of funds to promote SMEs to change the mode of development. |
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