Subscribe Now Subscribe Today
Science Alert
 
FOLLOW US:     Facebook     Twitter
Blue
   
Curve Top
Journal of Applied Sciences
  Year: 2013 | Volume: 13 | Issue: 24 | Page No.: 5700-5707
DOI: 10.3923/jas.2013.5700.5707
 
Facebook Twitter Digg Reddit Linkedin StumbleUpon E-mail
Efficiency of Financial Development on Improving Technological Innovation: Interactions with Carbon Markets
Li Zhou, Qing-Yi Chen and Ning Zhang

Abstract:
Along with the global climate warming and the arrival of the energy crisis, low-carbon economy got more concerns from people. Previous studies showed that financial development will promote enterprise technological innovation and industrial upgrading; enterprises can increase the investment in R and D sector by financial support and this action will finally improve the production efficiency. By constructing the endogenous growth model, it proved that technological innovation is the basic reason to promote the low-carbon economy. In addition, by building the vector auto regression model to analyze the relationship between financial development and energy efficient, the result shows that: First, financial development is the granger reason to energy efficient increased; Second, there exists a long-term equilibrium relationship between financial development and energy efficiency; Third, variance decomposition also shows that financial development can certain explain the improvement of energy efficiency, the contribution degree of financial development to energy efficiency is about 30-40% in the all time period. To sum up, financial development is the main factor to improve energy efficiency.
PDF Fulltext XML References Citation Report Citation
How to cite this article:

Li Zhou, Qing-Yi Chen and Ning Zhang , 2013. Efficiency of Financial Development on Improving Technological Innovation: Interactions with Carbon Markets. Journal of Applied Sciences, 13: 5700-5707.

DOI: 10.3923/jas.2013.5700.5707

URL: https://scialert.net/abstract/?doi=jas.2013.5700.5707

 
COMMENT ON THIS PAPER
 
 
 

 

 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 

       

       

Curve Bottom