The Non-Linear Effect of Chinese Financial Developments on Energy Supply Structures

doi:10.3390/su8101021

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	The Non-Linear Effect of Chinese Financial Developments on Energy Supply Structures
	Chai, Jian 1,2,3; Xing, Limin 1,3; Lu, Quanying 1,3; Liang, Ting 1,3; Lai, Kin Keung 1,3,4; Wang, Shouyang5
刊名	SUSTAINABILITY
	2016-10-01
卷号	8 期号:10 页码:21
关键词	financial development energy supply structure PSTR model regime switching
ISSN号	2071-1050
DOI	10.3390/su8101021
英文摘要	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 similar to 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.
资助项目	National Natural Science Foundation of China (NSFC)[71473155] ; Young Star of Science and Technology plan project of China's Shaanxi[2016KJXX-14] ; China Postdoctoral Science Foundation[2014T70130]
WOS研究方向	Environmental Sciences & Ecology
语种	英语
出版者	MDPI AG
WOS记录号	WOS:000389314600061
内容类型	期刊论文
源URL	[http://ir.amss.ac.cn/handle/2S8OKBNM/24368]
专题	系统科学研究所
通讯作者	Xing, Limin
作者单位	1.Shaanxi Normal Univ, Int Business Sch, Xian 710119, Peoples R China 2.Xidian Univ, Sch Econ & Management, Xian 710126, Peoples R China 3.Shaanxi Normal Univ, Inst Cross Proc Percept & Control, Xian 710119, Peoples R China 4.City Univ Hong Kong, Dept Management Sci, Hong Kong, Hong Kong, Peoples R China 5.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 10080, Peoples R China
推荐引用方式 GB/T 7714	Chai, Jian,Xing, Limin,Lu, Quanying,et al. The Non-Linear Effect of Chinese Financial Developments on Energy Supply Structures[J]. SUSTAINABILITY,2016,8(10):21.
APA	Chai, Jian,Xing, Limin,Lu, Quanying,Liang, Ting,Lai, Kin Keung,&Wang, Shouyang.(2016).The Non-Linear Effect of Chinese Financial Developments on Energy Supply Structures.SUSTAINABILITY,8(10),21.
MLA	Chai, Jian,et al."The Non-Linear Effect of Chinese Financial Developments on Energy Supply Structures".SUSTAINABILITY 8.10(2016):21.