Abstract
Technology development can help improve energy efficiency and achieve “peak carbon and carbon neutrality.” In contrast to the existing studies on technological innovation and energy efficiency, this is the first discussion based on technology market development and energy efficiency to the best of our knowledge, which provides a new point for ways to improve energy efficiency. A significant positive spatial correlation was found between technology market development and energy efficiency. Technology market development can effectively improve “local-neighborhood” energy efficiency. This finding holds after the endogeneity test of GS2SLS and transformed spatial matrix robustness test. In particular, this study puts forward the impact of technology market development on the energy efficiency improvement of a specific path. The results show that different technology market characteristics affect energy efficiency differently. Market fluency had the largest moderating effect on local energy efficiency improvement, followed by market health. Market depth is the least impact, with a significant negative spillover effect on energy efficiency because of the siphoning effect. So, from the positive externality of technology market development on energy efficiency enhancement, local governments should formulate relevant policies through local legislation. The heterogeneity test indicates that the local region should also improve relevant legislation to increase market depth, fluency, and security protection of technology markets.
Published Version
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