Abstract: To realize the dual goals of reducing carbon emissions and improving energy efficiency, the roles of financial support and technological progress are worth exploring. The paper uses Spatial Dubin model to analyze the relationship among financial support, technological progress and energy efficiency under the constraint of carbon emission. The results show that in terms of direct effect, bank credit has a positive effect on technological progress, the stock market shows a negative effect,the insurance market has no significant effect; the effect of technological progress on the enhancement of energy efficiency is negative; loans, stock market and financial expenditure on science and technology play a positive role in enhancing energy efficiency, and insurance market shows significant negative role in enhancing energy efficiency. Therefore, under the constraint of carbon emission, financial support has ineffective indirect effect in improving energy efficiency through technological progress, but has significantly direct promoting role.

Key words: constraint of carbon emission ；financial support ；technological progress, energy efficiency； Spatial Dubin model