Development of Green Finance and Improvement of Energy Efficiency:Theory and China Experience
Based on panel data from 273 prefecture-level and above cities from 2007 to 2020,this study constructs a spatial Durbin model to empirically investigate the impact of green finance on energy efficiency.The findings indicate that the development of green finance can significantly enhance local energy utilization efficiency but may lead to a decline in energy utilization efficiency in neighboring areas.The positive impact of green finance on energy efficiency primarily stems from optimizing industrial structure and promoting green innovation,while the transfer of polluting industries is the main factor contributing to reduced energy efficiency in neighboring areas.The regulatory mechanism suggests that improving fi-nancial markets,strengthening financial supervision,and developing financial technology will help reinforce the positive impact of green finance on energy efficiency.Additionally,the implementation of heterogeneous environmental regulation can help mitigate the negative spillover effects associated with the development of green finance.
green financeenergy utilization efficiencyspatial overflowindustrial structuregreen innovation
NETL
NSTL
万方数据
