Synergistic Impacts of Energy Rights Trading Systems and Green Finance on Energy Efficiency

实施用能权交易制度与绿色金融对于提高能源效率、实现能耗总量和强度“双控”目标具有重要的意义。本文基于2011~2022年30个省份的面板数据，构建双重差分模型探讨了用能权交易制度与绿色金融对能源效率的协同影响。研究发现，用能权交易制度与绿色金融对能源效率的提升效应显著。机制检验表明，用能权交易制度与绿色金融可以通过提高绿色技术创新水平与推动产业结构升级来提高能源效率。在经过平行趋势检验、PSM-DID、安慰剂检验以及其他稳健性检验后，研究结论依旧成立。由此得出，应进一步扩大和深化绿色金融与用能权交易制度试点范围，充分发挥政策手段的激励作用。在实施各类绿色发展政策时，高度重视政策间的协同配合，形成一套行之有效的政策组合拳，以实现能源效率的最大化提升。The implementation of energy right trading system and green finance is of great significance in improving energy efficiency and realizing the goal of “double control” of total energy consumption and intensity. Based on the panel data of 30 provinces from 2011 to 2022, the article explores the synergistic effects of energy trading system and green finance on energy efficiency by using the double-difference method. The empirical study finds that the synergistic effect of energy use rights trading system and green finance on energy efficiency is significant. The mechanism test shows that the energy rights trading system and green finance mainly improve energy efficiency by promoting green technology innovation and industrial structure upgrading. After the parallel trend test, PSM-DID, placebo test and other robustness tests, the findings still hold. It is concluded that the pilot scope of green finance and energy right trading system should be further expanded and deepened to give full play to the incentive role of policy instruments. When implementing various green development policies, great importance should be attached to the synergy between the policies to form a set of effective policy combinations in order to maximize the improvement of energy efficiency.