Research On The Spatial Effect Of Green Finance On Total Factor Energy Efficiency

With the rapid development of economy and the continuous progress of society,sustainable development has gradually become the development concept of all countries in the world.The proposal of the domestic "double carbon" goal has set off a green revolution in terms of lifestyle transformation,financial transformation,energy transformation,industrial transformation,etc.Under this background,developing green finance and improving energy efficiency has become one of the focuses of economic reform.Green finance can protect the environment through financing,create a favorable financial environment for the rapid optimization and adjustment of the industrial structure of highly polluting and energy consuming enterprises,and thus promote the efficiency of energy use.At present,scholars at home and abroad have conducted in-depth discussions on the implementation effect of green finance policies,improving energy efficiency and other issues,while the research on the spatial effect of green finance on regional energy efficiency is relatively small.Therefore,this paper aims to explore the impact of green financial development on energy efficiency,and analyze the spillover effect of regional green financial development on energy efficiency from a spatial perspective.This paper builds a green finance indicator system based on the data from 2011 to2020,measures the development level of green finance in each province using entropy method,and measures China’s total factor energy efficiency using super SBM model.Finally,a spatial measurement model is built to study the spatial relationship between green finance and total factor energy efficiency.The results show that,from a national perspective,green finance has significant direct and spatial effects on total factor energy efficiency under the adjacency matrix,geographical distance matrix and economic distance matrix.Among them,the spatial spillover effect under the economic distance matrix is the largest,indicating that green finance can not only promote the improvement of total factor energy efficiency in the region,but also have a positive spatial spillover effect on total factor energy efficiency in neighboring regions,And it has the largest positive effect on the economic neighboring areas;From the regional perspective,as far as the direct effect is concerned,green finance plays a significant role in promoting total factor energy efficiency in the eastern and central regions,and the central region plays the largest role in promoting total factor energy efficiency,while the western region plays a restraining role,but it is not significant.From the perspective of indirect effect,the spatial spillover effect of green finance on total factor energy efficiency is positive in the three regions,but the significance is different.In the central region,green finance in this region can promote the improvement of total factor energy efficiency in neighboring regions,and green finance in the central region has the largest and most significant impact on total factor energy efficiency.In the eastern and western regions,The regional green finance also has a positive spatial spillover effect on total factor energy efficiency,but the significance is not high and the correlation is not strong.Finally,according to the research results,this paper puts forward policy recommendations from four aspects: improving the development level of green finance,adapting measures to local conditions,differential management,strengthening inter regional cooperation,and promoting coordinated development.Figure [6] Table [14] Reference [85]...