The Non-Linear Effect of Chinese Financial Developments on Energy Supply Structures
The Non-Linear Effect of Chinese Financial Developments on Energy Supply Structures
复制标题
中国金融发展对能源供应结构的非线性影响
DOI：
10.3390/su8101021
复制
发表时间：
2016-10
期刊：
影响因子：
3.9
通讯作者：
Wang Shouyang
中科院分区：
文献类型：
--
作者：
Chai Jian;Xing Limin;Lu Quanying;Liang Ting;Lai Kin Keung;Wang Shouyang
目前，中国煤炭和煤电供过于求，to.energy结构优化和减排提出了巨大挑战。然而，能源行业与金融业密切相关。鉴于此，采用非线性面板平滑过渡回归。本文运用PSTR模型，考察了2000-2014年中国17个能源供应省份的金融发展对能源供应结构的门槛效应。主要结果如下：(1)煤炭供给比（LCSR）指标是一个以金融业增加值/GDP（LFIR）为阈值变量的四态PSTR模型。LFIR与LCSR呈现正相关关系，弹性系数在0.02 ~0.085之间变化;机构贷款余额/GDP（LLAN）对LCSR的影响呈现先正后负，以2008年金融危机为转折点再正的倒U型曲线;（2）火力发电比（LTPG）指标呈现以煤炭行业投资/GDP（LCIR）为阈值变量的两体制PSTR模型。of.financial结果表明，LFIR对LTPG有负影响，在低区系数为0.344%，然后逐渐降低到高区的0.051%。在金融危机之前，LLAN对LTPG的影响是正向的，而在金融危机之后，LLAN对LTPG的影响是负向的。外商直接投资占GDP比重的影响。(LFDI金融开放程度）对LCSR和LTPG的影响均为负值。因此，政府在制定节能政策和调整高耗能产业结构的过程中，应充分考虑金融发展的影响。
Currently, oversupply coal and coal-based power in China poses a great challenge to.energy structure optimization and emissions reduction. The energy industry, however, is closely.linked to the financial sector. In view of this, using a non-linear Panel Smooth Transition Regression.(PSTR) model, this paper examines the threshold effects of financial developments on energy supply.structures for 17 energy supply provinces in China observed over 2000–2014. The main results are:.(1) The ratio of coal supply (LCSR) specification is seen to be a four-regime PSTR model with added.value in the financial industry/GDP (LFIR) as the threshold variable. The LFIR and LCSR show.a positive correlation, and the elastic coefficients change between 0.02 and ~0.085; the impact of.financial institutions’ loan balance/GDP (LLAN) on LCSR takes on an inverse U-shaped curve: first.positive, then negative, and again positive with the financial crisis in 2008 as the turning point; (2) The.ratio of thermal power generation (LTPG) specification is seen to be a two-regime PSTR model with.investment in the coal industry/GDP (LCIR) as the threshold variable. Results show that LFIR has.a negative effect on LTPG, and the coefficients in the low regime tend to be 0.344%, then gradually.decrease to 0.051% in the high regime. The influence of LLAN on the LTPG is positive before and.negative after the financial crisis. The influence of the foreign direct investment GDP proportion.(LFDI, the degree of financial openness) on the LCSR and LTPG both remain negative. Therefore,.in the process of formulating energy conservation policies and adjusting energy-intensive industrial.structures, the government should fully consider the effect of financial developments.
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影响因子：
9
作者：
Sadorsky, Perry
通讯作者：
Sadorsky, Perry
影响因子：
4.5
作者：
Chang, Shu-Chen
通讯作者：
Chang, Shu-Chen
影响因子：
4.1
作者：
KING, RG;LEVINE, R
通讯作者：
LEVINE, R
影响因子：
2
作者：
Deidda, L;Fattouh, B
通讯作者：
Fattouh, B
DOI：
10.1111/j.1468-0149.1982.tb01895.x
发表时间：
--
期刊：
--
影响因子：
--
作者：
Leora F. Klapper;Allen Berger;Zsuzsanna Fluck;William Greene;J. Kallberg;Richard Rosen;Anthony Saunders;Greg Udell;Larry
通讯作者：
Leora F. Klapper;Allen Berger;Zsuzsanna Fluck;William Greene;J. Kallberg;Richard Rosen;Anthony Saunders;Greg Udell;Larry