| Since 1980 s, with the frequent outbreak of international financial crisis, financial risks in our country emerge gradually. Most of the financial risk is an all-round reflection and embodiment of the economic operation risks since China’s reform and opening up. In the process of using financial resources for economic growth, people have begun to realize the importance on coordination of financial security and financial efficiency. In the traditional theory, the research on financial field mostly focus on its own mechanism and risk elements, ignores lots of the important external factors. So frontier electron theory puts forward the concept of ―financial ecology‖ based on A.G.Tansley‘s concept of ―ecological system‖. ―The financial ecology system mainly consists of financial principal and financial environment, which relied on each other and affect each other mutually‖. By analyzing the external environment such as politicsã€economicsã€culture, financial ecology discusses the relationship of financial principal and financial external environment.Financial ecology is a very special concept with Chinese characteristic which could help to analyze Chinese financial system problems. In China the financial principal is different in system, scale, management and performance. There are obvious differences in the regional financial environment. Therefore, differences in the regional financial ecology are the focus of our research. So the paper evaluates financial ecology of cities which have clear boundary and can identify their own form.According to GDP contribution,cities carry the main parts of China‘s economy, so the evaluation of cities‘ financial ecology has greater practical significance.Based on the above background, the paper begins with evaluating financial ecology of 286 cities, describes the actual situation and performance characteristics of financial ecology, realizes its comprehensive level, its coordination level, its operational efficiency. The paper analyses the elements of financial ecology, reveals the relationship between the elements and its impact on financial ecology system‘s efficiency and coordination, in order to find out how to improve the quality and efficiency of financial ecology.The paper uses a lot of official and primitive data to ensure authenticity and authority. The official data mainly include China statistical yearbook, China city statistical yearbook, China statistical yearbook for regional economic, Finance yearbook of China, Finance and Banking yearbook of China, China insurance yearbook, China industrial economic statistical yearbook, statistical yearbook of provinces and cities, statistical bulletin, government work reports, financial operation reports, CEIN database, etc. Domestic research institutes related data and results include, related data and results of 《China’s financial ecology environment evaluation》and《China’s regional financial ecological environment evaluation》which are published by Financial research institute in Chinese Academy of Social Science.Urban economic,social related evaluation results of 《 Urban competitiveness report》 published by the institute of Finance & Trade Economics, related research results of《Regional marketization progress report》 published by National Economic Research Institute, etc.In research methods, this dissertation lays stress on the combination of theoretical analysis and empirical analysis. The paper tracks the latest international research achievement of financial ecology, clarifies connotation and basic characteristics of financial ecology, explores financial ecological environment elements‘ impacting mechanism on finance ecology and the coordinated development problems. At the same time, this dissertation introduces the most popular structural equation model, coupling coordination degree model, SBM model, Super efficiency SBM model, Malmquist index, Random Forest, Tobit model of panel data to the empirical research and tries to conduct a more scientific and reasonable statistics analysis framework for the empirical research on financial ecology‘s evaluation, coordinated development and operational efficiency.In the course of the study, this dissertation puts 286 cities‘ financial ecology running state as entry point, takes the financial ecology‘s evaluation, coordinated development, operational efficiency and influence factors as the main tread. Firstly, the paper reviews the related theories, combs and studies systematically the domestic and foreign research results, makes the statistical description about developing situation of financial ecology. Then based on financial ecology‘s evaluation, the paper measures the coupling coordination degree of finance ecological system, measures the operational efficiency from the view of static state and dynamic state, finds out the main influence factors on efficiency. Finally, the paper provides advices for financial ecosystem development. The structures are as follows:Introduction.This chapter analyses realistic background and theoretical background of study on financial ecology. This part summarizes and classifies the existing literature on financial ecology issues, then points out its advantages and disadvantages, In the following, this part introduces the logical structure, the main perspective, data, methods and innovations.Chapter 1, Research basis of financial ecology.This chapter explains theoretical foundation and foundation of financial ecology research methods. In theoretical aspect, firstly this part introduces its concept, elements and characteristic. Secondly, this part summarizes domestic and overseas related theories, analyzes its influence mechanism. In methods aspect, firstly this part introduces the alternative financial ecology‘s evaluation methods and structural equation model. Secondly, this part explains analytical framework of SBM-RFA-Tobit, introduces static efficiency measure—SBM model, dynamic efficiency measure—Malmquist index, Random Forest, Tobit model of panel data.Chapter 2, Status analysis of China’s financial ecology.This chapter conducts the statistical description about developing situation of financial ecological principal and financial ecological environment. This part analyzes financial ecological environment for 286 cities, from the aspects of economic base, government services and social honesty culture. In the aspect of financial ecological principal, this part describes financial institutions and financial markets. This part summarizes its status, characteristics and development trend.Chapter 3, Evaluation of financial ecology in China.This part puts forward structural equation model for financial ecology‘s evaluation. Firstly, this part builds the initial index system. Based on the system, this part builds measuring equation which includes nine latent variables and forty-seven observable variables. Then this part proposes the general structural equation model and evaluation model for financial ecological principal and financial ecological environment which could make contrastive analysis and dynamic analysis of 286 cities. We can realize its comprehensive level, the strengths.weaknesses and location in the national financial ecological development.Chapter 4, Empirical analysis on financial ecology‘s coordinated development. This part analyzes the degree of coordinated development in financial ecological principal and financial ecology environment which based on related theory of coordinated development. Firstly this part introduces the calculation method of coupling coordination degree and the judging standard. Then, this part measures the coupling coordination degree of finance ecological system and makes contrastive analysis and dynamic analysis of 286 cities‘ coupling coordination degree.Chapter 5, Efficiency measure and influence factors analysis of financial ecology. This part analyzes financial ecology‘s operating efficiency and influencing factors. Based on analytical framework of SBM-RFA-Tobit, this part adopts SBM model,super SBM model, Malmquist index to measure the operational efficiency and finds out development trend during the periods from 2006 to 2012 in the view of static state and dynamic state. This part finds out main influence factors on static and dynamic efficiency, adopts Random Forest to compute importance of the variables, adopts Tobit model to measure the direction and contribution degree of the influence factors. This can reveal the deep-seated reasons which affect the efficiency and intensity change.Chapter 6, Research findings and policy recommends. Based on the previous theoretical research and empirical analysis, this chapter gives the policy recommends.The main conclusions are as follows:1.Statistical description of financial ecology‘s development status. With the speeding up of urbanization process, the regional differences between big cities and small cities are becoming more and more apparent. In the aspect of financial ecological environment, municipalities and provincial capital cities take the leading position in economic base, government services and social honesty culture. Small and mid-sized cities‘ developing speed have obvious upward trend, take the leading position in developing speed. In the aspect of financial ecological principal, municipalities and provincial capital cities take the leading position in financial institutions scale, financial depth, premium income and insurance density. Provincial capital cities take the leading position in financial asset allocation efficiency. Relationship between financial asset allocation efficiency and financial institutions scale, economic base is undefined. Because municipalities are swimming in spare financial resources, small and mid-sized cities‘ financial institutions scale relatively small, the combined impact of external environment and inherent deficiencies lead to financial assets allocation‘s low efficiency.2.Evaluation of financial ecology in China. Beijing, Shanghai are the top tiers, belong to most mature financial ecological environment and financial ecological principal. The Yangtze delta economic zone take the leading position in financial ecology, the pearl river delta economic zone take the second, the circum-Bohai Sea economic zone varied widely within cities. On the other hand, potential and inferior ones are usually located in midwest regional cities. During the periods from 2006 to 2012, Beijing, Shanghai, Guangzhou, Shenzhen?s financial ecology are stable, because they have higher level in all aspects, create a virtuous cycle. In the aspect of financial ecological environment, Dalian, Zhongshan, Foshan‘s fluctuating range are relatively great. In the aspect of financial ecological principal, Chongqing, Suzhou, Jinan‘s fluctuating range are relatively great.3.Empirical analysis on financial ecology‘s coordinated development. Results show the overall situation is not good, about 35% of the cities belong to barely coordination or above type,40% of the cities belong to the moderately imbalanced type, 25% of the cities belong to serious imbalance type. The Yangtze delta economic zone take the leading position in coordinated development, the pearl river delta economic zone take the second, 65% of the circum-Bohai Sea economic zone cities belong to barely coordination or above type. During the periods from 2006 to 2012, Beijing, Chongqing, Wuhan‘s coordinated development degree continue to rise, Shenyang, Jinan‘s coordinated development degree reduce greatly. Shanghai, Shenzhen?s coordinated development degree are stable and keep in good coordination type, because they have higher level in financial ecological environment and financial ecological principal.4.Financial ecological efficiency measure. Static efficiency measure shows that less than 40% of the cities have operational efficient financial ecosystem, a very large proportion of the cities don‘t have operational efficient financial ecosystem. Relationship between static efficiency and economic base is undefined. Some cities with advanced economy don‘t have operational efficient financial ecosystem, such as Suzhou, Hangzhou, Nanjing, etc. Some cities with low-level economy have operational efficient financial ecosystem, such as Haikou, Lanzhou, Nanning, etc. Cities with low-level economy can have higher efficiency, if they choose a optimum mode of financial ecological principal development. Dynamic efficiency looks at improvement status of financial ecosystem. Results show that the main cause of efficiency improvement is technical progress. From 2007 to 2008, the biggest increase of financial ecological dynamic efficiency is 12%, 83.57% of the cities have operational efficient financial ecosystem. During the periods from 2010 to 2011ã€from 2011 to 2012, financial ecological dynamic efficiency declines narrowly, negative growth are 3% and 1%.5.Influence factors analysis of financial ecology. During the periods from 2006 to 2012, results indicate that factors have the same direction of financial ecological effect in short-term and long-term models. Factors as the level of financial development and the status of economic development are positively acting component, give the biggest share, the long-term effect is greater than the short-term impact. Government interference factor is negative and non-significant in short-term model, but the factor is negative and significant in long-term model. Factors as the degree of opening-up, institutional environment and educational environment are positively acting components, the short-term effect of the opening-up degree is greater than the long-term impact, the long-term effect of institutional environment and educational environment is greater than the short-term impact.The innovations of this paper are mainly as follows:Firstly, this paper puts forward structural equation model for financial ecology‘s evaluation. The paper builds measuring equation and proposes the general structural equation model and evaluation model for financial ecological principal and financial ecological environment, in order to conduct empirical study of financial ecological key factors and make evaluation of financial ecology in China.Secondly, this paper puts forward analytical framework of SBM-RFA-Tobit for efficiency measure and influence factors analysis of financial ecology. The paper adopts SBM model, super SBM model, Malmquist index to measure the operational efficiency from the view of static state and dynamic state, adopts Random Forest to compute importance of the influence factors, adopts Tobit model of panel data to measure the direction and contribution degree of the influence factors. This can broaden financial ecosystem‘s measurement and benefit financial ecosystem‘s self-improvement.Thirdly, associating with financial ecosystem theory, this paper discusses 286 cities‘ financial ecology‘s development status, influence factors of financial ecology and optimization countermeasures from the view of financial ecological environment, financial ecological principal, evaluation, operational efficiency,coordinated development, etc, in order to conduct detailed analysis, in-depth field research and comprehensive system study on financial ecology. Particularly, this paper makes contribution to provide in-depth analysis for cities‘ operational efficiency and coordinated development which are less concerned aspects in similar studies.
|
PDF Full Text Request