Business School, Ningbo University, Ningbo 315211, China.
Yangming College, Ningbo University, Ningbo 315211, China.
Int J Environ Res Public Health. 2022 May 9;19(9):5759. doi: 10.3390/ijerph19095759.
Energy efficiency and energy intensity are gradually gaining attention, and it is now an important proposition to reconcile financial marketization, fiscal decentralization, and regional energy intensity. Using Chinese mainland provincial panel data (except Tibet) from 2007 to 2019, this study applied the dynamic panel system generalized method of moments model, the spatial Durbin model, and the panel threshold model to investigate the mechanisms of financial marketization and fiscal decentralization on regional energy intensity. The study found that financial marketization can play a significant role in suppressing regional energy intensity, while fiscal decentralization promotes energy intensity. Meanwhile, financial marketization in one province can have a negative spatial transmission effect on energy intensity in other provinces, while fiscal decentralization in one province has a negative spatial spillover effect on energy intensity in other provinces. Based on the analysis of the moderating and threshold effects, financial marketization not only moderates the negative externality of fiscal decentralization, making it inhibit energy intensity in the opposite direction, but also gradually increases the moderating effect on fiscal decentralization as the degree of financial marketization increases, showing a nonlinear inhibiting effect on regional energy intensity.
能源效率和能源强度逐渐受到关注，协调金融市场化、财政分权和区域能源强度现在是一个重要的命题。本文利用中国内地 2007 年至 2019 年的省级面板数据（西藏除外），采用动态面板系统广义矩估计模型、空间杜宾模型和面板门槛模型，探讨了金融市场化和财政分权对区域能源强度的影响机制。研究发现，金融市场化可以显著抑制区域能源强度，而财政分权则促进能源强度。此外，一个省份的金融市场化对其他省份的能源强度具有负向的空间传递效应，而一个省份的财政分权对其他省份的能源强度具有负向的空间溢出效应。基于调节和门槛效应的分析，金融市场化不仅调节了财政分权的负外部性，使其对能源强度产生抑制作用，而且随着金融市场化程度的提高，对财政分权的调节作用逐渐增强，对区域能源强度呈现出非线性抑制效应。
