Author(s)

Wang Xinyue ¹

Affiliation(s)

¹ School of Statistics, Jilin University of Finance and Economics, Changchun, Jilin, 130117, China

Corresponding Author

Wang Xinyue

ABSTRACT

In the context of energy consumption or urgent economic development, it is necessary to explore the factors that affect the energy consumption of a country. Shandong Province is a major energy consuming Province in China. This paper takes its data from 2000 to 2020 as an example. The index system is established from the three dimensions of economy, society and energy. Firstly, the stepwise regression method is used to screen the indicators, and four significant impact indicators are obtained: output value of secondary industry, per capita consumption expenditure of urban residents, energy consumption per unit GDP and output value of tertiary industry. After establishing the multiple regression model, according to the path analysis method, the indirect influence between the indexes is obtained, and the models pass the test. Finally, it puts forward the policy suggestions that Shandong Province needs to further optimize the industrial structure, improve energy efficiency and enhance consumers' awareness of saving consumption.

KEYWORDS

Energy consumption in Shandong Province, Influencing factors, Stepwise regression, Path analysis method

CITE THIS PAPER

Wang Xinyue, Empirical Analysis of Influencing Factors of Energy Consumption in Shandong Province based on Stepwise Regression and Path Analysis. Financial Engineering and Risk Management (2022) Vol. 5: 129-136. DOI: http://dx.doi.org/10.23977/ferm.2022.050316.

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