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Existing studies have focused on the negative impact of inefficient resource allocation on energy performance in China, but neglected to explore the underlying reason for this phenomenon from the perspective of market segmentation. To fill this research gap, the epsilon-based measure model is used to estimate energy efficiency, and the measurement method of market segmentation is improved in this paper. On the basis of a theoretical hypothesis, we use fractional regression models to conduct empirical research. The results show that market segmentation has a significant negative effect on China's energy efficiency. Additionally, this inhibitory effect is robust but heterogeneous. The impact mechanism test indicates that energy price distortion, enterprise technology innovation, and industrial agglomeration are three intermediate influence channels. Based on these analyses, we suggest that China should accelerate market-oriented reform and eliminate market segmentation in pursuit of energy-saving and emission-abating goals. Keywords: Energy efficiency, Market segmentation, Factor market, EBM model, FRMs, 1. INTRODUCTION Since launching its open-door policy and economic reforms in late 1978, China has experienced spectacular economic growth. In this course, China has been heavily dependent on dirty-burning coal [...]

Global climate change has become one of the core issues of world governance. Many countries have put forward the goal of carbon neutrality one after another, leading to the intensification of international low-carbon economy competition. To assess the current low-carbon competitiveness among countries, this article constructs an evaluation index system of international low-carbon economy development, and obtains the scores and rankings of countries in energy, society, economy and environment, as well as overall. Taking 20 countries with the highest carbon emissions in the world in 2019 as samples, starting from the concept of low-carbon economy and five evaluation principles, this article selects 40 low-carbon evaluation indicators from five aspects, including economy, society, science and technology, environment, and energy structure. By using the principal component factor analysis method to calculate and test, the four factors, energy factor, society factor, economy factor, and environment factor, are finally extracted to construct the evaluation index system. Results show that South Korea, France, China, Canada, and Germany are among the world’s top five low-carbon economies. The overall competitiveness of China’s low-carbon economy is in a relatively favorable position (3rd overall), with the most outstanding performance in terms of economic strength (1st), but poor performance in terms of social development (9th) and environmental carrying capacity (9th), and the biggest disadvantage in terms of energy structure (13th).