The Influence Of Financial Development On The Green Efficiency Of Power Industry

The power industry is an important foundation of the national economy.The large amount of energy consumed by electric production and distribution is also the main source of pollutant emissions.The construction of socialist ecological civilizations the foundation of the country in report of the 19 th National Congress of CPC.Therefore,the green development of the power industry is the most important part of the harmonious coexistence of economy and environment.The power industry is a technology-intensive industry that requires a lot of money to support technology introduction and innovation.Financial development,as an intermediary to integrate social capital,can integrate funds for the industry through the effective allocation of resources.It relieves the industry from raising financial constraints in the process of upgrading technology and management,and ultimately promotes the progress of industry efficiency.Many scholars have measured the green efficiency of the power industry and studied its impact from many perspectives.Less scholars study the impact of financial development on the green efficiency of the power industry.The panel data sample of 30 provinces and cities across the country from 2005 to2015 is used to in this paper to analyze the electricity green efficiency and the impact of financial development by using the DEA-SBM and Tobit model regression.The results show that:(1)The average GE of eastern power is 0.9730,0.9337 in the west and 0.8623 in the middle.The eastern GE is the best,the west is the second,and the central power has the worst GE.In the central part of the country,the GPTE is relatively low,and the GSE of the western region is low.(2)The gap between the GE and GPTE of the 30 provinces is far from 0.42 to 0.98,and the average GSE is between 0.76 and 0.98.The redundancy of carbon dioxide emissions leads to a decline in the ranking of GPTE and GSE.(3)At the national level,financial scale will inhibit the improvement of GPTE and GE,and financial efficiency will promote the development of the two.The impact of financial development on GSE is not significant.(4)On the regional level,the financial scale inhibits GE of the East and the west,and improves the GPTE in the central region.The financial efficiency promotes the GPTE in East and west regions.Based on the above conclusions,this paper puts forward some suggestions on how to promote the green efficiency of the power industry in financial development.