| Energy is an important strategic resource for social production,and its consumption has great strategic significance for economic development.With a large base of total energy consumption in China,it is necessary to discuss energy consumption from the dual perspectives of environmental regulation and green finance.In this context,the research firstly concludes the literature information related to environmental regulation,green finance and energy consumption,and roughly clarifies the current academic situation and development trends of the three.Secondly,it analyzes the current development situation of environmental regulation,green finance and energy consumption in China.Thirdly,it discusses the mechanism of environmental regulation and green finance on energy consumption,including direct and indirect effects,and puts forward several research hypotheses based on their mechanism.Finally,it uses China’s inter-provincial panel data from 2003 to 2017 as a sample to empirically test the research hypotheses based on the ordinary panel model,the panel threshold model,and the spatial measurement model.Through the test,the following conclusions can be drawn:(1)The relationship between environmental regulation and energy consumption is "inverted U-shaped".Only when environmental regulation is within a reasonable range can energy consumption intensity be significantly reduced.(2)Environmental regulation can indirectly reduce energy consumption intensity through intermediary variables such as technological innovation and industrial structure upgrading,and there is a threshold effect when intermediary variable technological innovation affects energy consumption.(3)Environmental regulation has significant negative spatial spillover effects.(4)Green finance can significantly reduce energy consumption intensity,and there is a structural mutation,that is,the higher the level of green finance,the more obvious its effect in reducing energy intensity.(5)Energy intensity can be indirectly dragged down by green finance,and its indirect action variable are innovation and industrial structure upgrading.Technology innovation and industrial structure both have threshold effects.(6)The spatial spillover effect of green finance is not significant yet.From the conclusion,we can give some possible advice: First,further improve China’s environmental regulatory system,while focusing on the coordinated development of formal and informal environmental regulation.Second,vigorously develop green finance and open up more green finance products.Third,strengthen the synergy among environmental regulatory policies,green financial policies,technology policies and industrial policies,build supporting policies to achieve win-win cooperation between policies. |
