| Improving energy efficiency is not only a necessary condition for achieving green and high-quality economic development,but also one of the main objectives of the14 th Five Year Plan period.Green finance is an important means to coordinate financial development and environmental quality.A series of environmental regulation measures formulated by the government to improve environmental quality can not only provide policy guarantee for the development of green finance,but also provide policy support for energy technology.Therefore,it is necessary to study the relationship between green finance and energy efficiency,and analyze the mechanism of heterogeneous environmental regulation on the interaction mechanism between them.Based on the theoretical analysis of the current situation and relationship of green finance,energy efficiency and environmental regulation,this paper uses the stochastic frontier method to measure the energy efficiency of 30 provinces in China from 2008 to 2018,and uses the entropy method to calculate the development level of green finance in each province.After determining that both energy efficiency and green finance index have significant spatial spillover effects,this paper uses spatial Dubin model to make an empirical analysis.The results show that,at the national level,green finance can not only promote the improvement of energy efficiency of the province,but also positively drive the energy efficiency of neighboring provinces.Both types of environmental regulations hinder the improvement of energy efficiency in the province and neighboring provinces,but positively regulate the promotion of energy efficiency by green finance in the province.Only market incentive environmental regulations positively regulate the energy-saving effect of green finance in neighboring provinces.At the regional level,the relationship between green finance,environmental regulation and energy efficiency varies greatly among different regions.The impact of green finance on the energy efficiency of the province is positive in the eastern,central and western regions.The impact of green finance on the energy efficiency of neighboring provinces is positive only in the central and western regions and negative in the eastern;The regulatory effects of the two types of environmental regulations on the province and neighboring provinces are positive in the eastern and western region,negative in the middle,and more complex in the northeastern regions.Through empirical analysis,this paper puts forward some suggestions to improve energy efficiency from the perspectives of green financial development,environmental regulation policy-making and regional cooperation.Firstly,a perfect green financial system should established as soon as possible to strengthen its energysaving and emission reduction effect;Secondly,it is necessary to strengthen environmental supervision and punishment,improve the transparency of environmental information,and select different combinations of environmental regulation policies according to the development characteristics of each region;In addition,due to the spatial spillover effect of energy efficiency and green finance,it is necessary to enhance regional cooperation in energy conservation and environmental protection and improve the interregional joint prevention and control mechanism. |
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