By focusing on the innovation activity of enterprises, this paper constructs an endogenous growth model with emphasis of financial development and describes how enterprises take advantage of the improvingfinancing condition and increase inputs of R&D. Financial development will directly lead to an increase of gross outputcoupled with an increase of gross energy consumption, but will also benefit the innovation activity which improves energy efficiency, thus the total effect of financial development on energy consumption depends on the relative magnitude of these two mechanisms. The empirical study based on the data from 30 provinces in China between 2004-2015 shows an inverted-U shape relationship between financial development and energy consumption, as well as the regional imbalances among east, middle and west part of China. To improve the financial circumstance, R&D situation of enterprises, regional coordination and industrial structure, and to enhance the process of new-type urbanization will be the major consideration of current policymaking due to the conclusion of this paper.%从企业的技术创新过程入手, 借助包含金融发展水平的内生增长模型, 阐述企业如何利用金融发展带来的融资条件改善而增加研发投入, 并最终影响能源消费的机制.金融发展会促进经济增长并提升能源消费水平, 同时也会促进技术创新而有利于降低总体能耗, 因此综合效应取决于这两种机制的相对大小.模型分析揭示了金融发展与能源消费之间非线性的倒U型关系, 并对我国30个省级地区2004—2015年面板数据进行了SYS-GMM估计, 结果表明这种关系确实存在.而在东、中、西部的分样本回归中, 影响能源消费的部分变量显示出地域之间的不平衡性.因此, 鼓励企业技术创新、改善金融环境、促进区域间协调发展和产业结构均衡、推进新型城镇化建设, 应当成为现代化经济体系框架下理解能源消费问题的突破口和政策着力点.
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