金融学院知识库

为了实现经济的迅速增长，我国在早期采取了大规模投入要素的发展方式，这样的发展方式容易导致能源利用效率低下和环境质量下降等问题。在新的发展形势下，我国开始不断探索经济增长与环境保护之间的平衡点，能源是经济发展的基石，这就对能源要素配置和利用效率的提升提出了更高的发展要求。自上世纪末，金融科技被首次提出以来就引领着金融领域发展的新方向。金融科技应用在能源领域，将在扩张资金规模和改善市场融资结构方面发挥关键作用，从而助力能源产业得到相应的资金支持，实现能源产业朝着绿色环保和高效利用的发展模式转型升级，并进一步提高全要素能源效率。

本文首先整理了金融科技影响全要素能源效率的相关理论，阐释了金融科技与全要素能源效率的概念，并分析了二者间的影响机制。然后明确了我国金融科技和能源发展的现状，运用文本挖掘法和DEA测算了金融科技指数与全要素能源效率值。接着以2012-2021年我国29个省份的面板数据为样本进行Tobit回归，通过异质性分析、稳健性检验和中介效应分析来研究金融科技对全要素能源效率的影响及传导路径，可得如下结论：第一，我国的金融科技与全要素能源效率的整体发展水平和表现欠佳。第二，根据回归结果可知我国金融科技对全要素能源效率整体呈现正向影响，而根据不同地区的情况分析，可以发现东部地区正向作用较为显著，而中部地区则具有负向影响，西部地区的影响并不显著。第三，金融科技能够通过金融规模和金融结构对全要素能源效率产生中介效应，扩大金融规模和优化金融结构能够提高全要素能源效率。最后对全文的研究进行总结，针对研究结论提出强化政府部门激励与监管、依托科技手段重塑能源金融与重视中西部金融科技与能源产业融合的政策建议，以期提高金融科技对全要素能源效率影响力。

In order to achieve rapid economic growth, China adopted the development mode of large-scale input factors in the early stage, which is easy to lead to problems such as low energy efficiency and environmental quality decline. Under the new development situation, China has begun to constantly explore the balance between economic growth and environmental protection. Energy is the cornerstone of economic development, which puts forward higher development requirements for the improvement of energy factor allocation and utilization efficiency. Since the end of last century, financial technology has led the new direction of development in the financial field since it was first proposed. The application of fintech in the field of energy will play a key role in expanding the scale of funds and improving the market financing structure, so as to help the energy industry get the corresponding financial support, realize the transformation and upgrading of the energy industry towards the development mode of green environmental protection and efficient utilization, and further improve the total factor energy efficiency.

Firstly, this paper sorts out the relevant theories of the impact of financial technology on total factor energy efficiency, explains the concepts of financial technology and total factor energy efficiency, and analyzes the impact mechanism between them. Then the current situation of China's financial technology and energy development is clarified, and the financial technology index and total factor energy efficiency are calculated by using text mining method and DEA. Then, Tobit regression is conducted on the panel data of 29 provincial administrative units in China from 2012 to 2021. The impact and transmission path of fintech on TFE are studied through heterogeneity analysis, robustness test and intermediary effect analysis. The following conclusions can be drawn: first, the overall development level and performance of fintech and TFE in China are not good. Second, according to the regression results, China's financial technology has a positive impact on total factor energy efficiency as a whole. According to the analysis of the situation in different regions, it can be found that the positive effect in the eastern region is more significant, while the negative effect in the central region, and the impact in the western region is not significant. Third, fintech can mediate total factor energy efficiency through financial scale and financial structure. Expanding financial scale and optimizing financial structure can improve total factor energy efficiency. Finally, a summary of the entire research is provided, and policy recommendations are proposed to strengthen government incentives and regulation, reshape energy finance through technological means, and emphasize the integration of financial technology and energy industry in the central and western regions, in order to improve the impact of financial technology on total factor energy efficiency.