Research on the impact of green finance on energy efficiency in different regions of China based on the DEA-Tobit model

Abstract

In this study, the DEA model was selected to evaluate China's regional energy efficiency; then, the Tobit model was used to analyze the impact of green finance on energy efficiency. The following conclusions were drawn: (1) From a national perspective, although the average level of energy efficiency is low, it shows a trend of continuous improvement during the study period. From a regional perspective, the development of energy efficiency in different regions is significantly unbalanced, being highest in the east and lowest in the west. (2) For the whole country, green finance has not significantly forced the improvement in energy efficiency; however, the eastern region's green finance policy has improved energy efficiency, but that of the central region has inhibited energy efficiency. In the west, green finance has almost no relationships with energy efficiency. (3) Considering the country as a whole, the level of marketization has no significant relationships with energy efficiency in the central and western regions but has a promoting effect on energy efficiency in East China. Technological progress has obvious positive effects on energy efficiency in China in the three major regions; foreign direct investment has a negative effect in the western region and positive effect in the eastern and central regions but no effect on the whole country. Energy consumption structure has negative relationships with energy efficiency in all regions; energy prices have a promoting effect in the eastern region and a positive effect in the central and western regions, and no significant impact on the whole country.