| In recent years,China’s economy is turning to high-quality development from high-speed development,and the coordinated development of environment and economy has become the key condition under the new growth mode.The development of green economy is of great significance to accelerate the transformation of new and old kinetic energy,promote the construction of ecological civilization and promote the sustainable development of economy.Among them,total factor energy efficiency is one of the important indicators to measure the level of green development,and its improvement reflects the dual growth of environmental governance and economic benefits in China.Since the 18th National Congress of the Communist Party of China,the ecological and environmental problems have received unprecedented attention in our country.The government has issued a series of policies to regulate the environment,through a large number of regulatory means to encourage green production and reduce environmental pressure.On the one hand,the state limits the damage of high energy consumption and high pollution enterprises to the environment by means of administrative punishment,and encourages the growth of environmental protection enterprises by means of subsidies;on the other hand,the government speeds up the construction of the green financial system to provide the source power for enterprises’ green production and energy conservation and emission reduction.In particular,the emergence of green insurance,green credit and other financial products provides a new direction for China’s industrial restructuring and economic transformation.As an important means to promote scientific and technological progress,promote industrial transformation and achieve sustainable development,finance affects the improvement of total factor energy efficiency.Therefore,it is of great significance to analyze the impact of financial development level on total factor energy efficiency for promoting green production and realizing regional sustainable development.This paper selects the panel data of 30 provinces and autonomous regions(except Tibet Autonomous Region,Taiwan Province,Hong Kong and Macao Special Administrative Region)from 2001 to 2017 as the research sample.Firstly,the global Malmquist Luenberger index is calculated based on Data Envelopment Analysis(DEA),and the total factor energy efficiency(GTFP)and its four decomposition indexes are obtained,and its development characteristics are summarized.Then,the spatial weight matrix is constructed to empirically analyze the impact of financial development level on provincial total factor energy efficiency at the national and regional levels.The empirical results show that the total factor energy efficiency in China has a significant negative spatial correlation.In other words,the improvement of total factor energy efficiency in this region will inhibit the improvement of total factor energy efficiency in its adjacent regions,and from the regression results of different regions,it also has similar characteristics in the eastern,central and western regions.The impact of financial development on total factor energy efficiency is complex.Among them,the expansion of banking credit scale will reduce the improvement of total factor energy efficiency,while the expansion of capital market scale and the adjustment of financial structure will promote the improvement of total factor energy efficiency.In addition,in addition to financial development,the upgrading of industrial structure,the degree of opening to the outside world,and the level of scientific and technological innovation are also conducive to the promotion of total factor energy efficiency.Further through the test results of different regions,we can see that the impact of financial development on total factor energy efficiency of the three major regions in China is significantly different.Indirect financing(proportion of deposits,proportion of loans and proportion of deposits and loans)will promote the improvement of total factor energy efficiency in the eastern region,while direct financing will play a restraining role.In the indirect financing dominated by banks in the central region,the increase in the proportion of loans to GDP will promote the improvement of regional total factor energy efficiency,while direct financing will play a restraining role.On the basis of theoretical analysis and empirical research,this paper puts forward relevant policy suggestions on improving total factor energy efficiency from the perspective of financial development. |
