Studing On The Optimization Of Rural Financial Ecological Environment In The Perspective Of Financial Efficiency

A sound rural finance ecological environment is a basic precondition to increase the rural financial efficiency and promote the development of rural finance and economy. However, currently rural finance ecological environment such as the weak rural economical basis, unsound social credit environment, twisted activities of local government and incomplete systems relevant to rural finance, has caused a low rural financial efficiency, which has become the bottleneck of the development of China's rural economy, and even the national economy. Therefore, it has become the urgent problem that needs to be solved in the theories and practices of rural finance that how to increase the efficiency of rural finance and exert the promoting effect of rural finance on the economy through the cultivation and optimization of rural financial ecological environment. The existing relevant research findings of the financial ecological environment are mostly done from the financial security point of view, and there lacks researches of the optimization of financial ecological environment at the level of rural area and in the viewpoint of financial efficiency. For this reason, the article chooses rural finance, the weakest field in China's financial industry, as the object of study, and tries to conduct a systematic and deep study aiming at the ways to improve China's rural financial ecological environment, with the increase of rural financial efficiency being both the starting point and destination, thus providing references for the optimization of China's rural financial ecological environment in respect of theory and decision making.On the basis of the theories such as the new institutional economics theory, law and finance theory and financial development theory, the article first analyzes the mechanism of action of rural financial ecological environment on the financial efficiency in aspects of rural financial system environment, economic environment, financial development environment and social and cultural environment. In the background of the above theoretic analysis, the article utilizes a mass of systematic data and the descriptive statistical analysis method to analyze the current state of China's rural financial ecological environment and financial efficiency in detail. The analysis findings are as follows:firstly, China's rural financial ecological environment is at a low level due to the weak basis of rural economy, lagged development of rural finance, imperfect rural systems in respect of financial property rights, laws and supervision, unsound rural social credit culture and strong interference on rural finance by local government; secondly, the macroscopic efficiency, microscopic efficiency and financial market efficiency of rural finance are all at a low level. The article constructed two evaluation index system of rural financial ecological environment which consists of three layers and 33 indices and rural financial efficiency which consists of three layers and 20 indices, and then expectively conducts comprehensive evaluation of the using BP artificial neural network model and fuzzy comprehensive evaluation method. The results of the evaluation are:the level of China's rural financial ecological environment is "relatively poor", and the level of China's rural financial efficiency is "relatively low" in general.Then, the article utilizes canonical correlation analysis method and Granger causality test method to verify the correlation between China's rural financial ecological environment and financial efficiency in search for the degree of influence of various elements of China's rural financial ecological environment on the financial efficiency, and therefore providing a basis for the selection of the routes of the construction and optimization of rural financial ecological environment. The results of the verification indicate that:Firstly, the rural economic environment is the basis of rural financial ecological environment. The development level of rural economy, optimization of industrial structure and economic activeness all contribute greatly to the rural financial ecological environment. Secondly, the development level of rural economy is in positive correlation to the mobilization of rural savings, conversion efficiency from savings to investment, efficiency of investment and the degree of realization of rural financial market. Thirdly, the rural industrial structure is in positive correlation to the rural macroscopic financial efficiency index. Fourthly, the rural financial system environment and social and cultural environment play a decisive role in the rural financial ecological environment and have an important protective effect on the profitability and financial efficiency of rural financial institutions. Fifthly, government action is in negative correlation to the development of rural finance.According to the results of the above study, the article systematically proposes the main approaches for optimizing China's rural financial ecological environment through the improvement of financial efficiency:Firstly, the article studies the influence of local government on the rural financial ecological environment and the approach of optimization. The analysis believes:the twisted behaviors such as gambling relations between the local government and the superior government, the competing behavior among local governments of the same level and the opportunism of local government are largely embodied by the contention for the controlling rights of rural financial resources and/or the interference on rural financial institutions. However, under the arrangements of the current system, the contention for financial resources by local government is a rational choice with low cost and high return. Therefore, according to the mechanism design theory and the institution change theory of the new institutional economics, the article puts forward the four institutional innovations in respect of administration, finance, investment and financing, designs the motivating, regulating and coordinating mechanisms for the local government behavior, and defines the boundaries of local government behavior, in order to create a better environment for the development of rural finance service, rural finance supervision and rural financial industry.Secondly, an effective way to create a good rural credit environment is to construct a sound rural social credit system. The article proposes the approaches such as establishing a strong credit investigation industry, expanding the scope of credit investigation, enriching the rural credit investigation products and services, completing the credit regulations system, and constructing a multilayered rural morality and credit education system that is constituted by propaganda education, school education and vocational training, designs the four types of rural credit information sharing mechanisms which are voluntary sharing mechanism, compulsory sharing mechanism, mutually beneficial sharing mechanism and market shearing mechanism, and puts forward the concept of heterogeneity index of financial demand subject. And then, in the background of above proposals, the article constructs a financing model of rural microscopic financial demand subject under the information sharing mechanism, providing an effective approach to realize the balance between rural financial supply and demand. On the basis of game theory and mechanism design theory, the article designs the motivating and regulating mechanisms of the credit information sharing activities among rural financial institutions. The article incorporates the social capital of individual peasants into the credit evaluation system, establishing a credit evaluation model of individual peasants that is based on the combination of Fuzzy Pattern Recognition (FPR) and Uncertain Type Analysis of Hierarchy Process (UTAHP).Thirdly, the article puts forward several ways to optimize the rural economic environment:adjusting rural economic structure, enhancing the industrialization and scale of agriculture, accelerating the development of non-agriculture industries in rural area, emphasizing on the two key points --- rural private economy and high technologies, forming a good trend of coordinated development of the primary, secondary and tertiary industries, transforming the ways of rural economic development, realizing the agricultural product of scale and organized agriculture operation, enhancing the construction of agricultural infrastructures with emphasis on agriculture irrigation works, and accelerating the marketized process of rural economy.Fourthly, in respect of the optimization approach of rural financial basic system and policy environment, a clear, secure and diversified rural financial property system should be constructed. The rural financial legal system construction should not only reform the basic legal system concerning financial activities and normal financial laws that are applicable for rural finance, but should also construct a special legal system dedicated for rural finance. Furthermore, reform of rural justice administration and improve the efficiency of law enforcement. The design of rural financial supervision system includes establishing multilayered supervisory framework, and conducting supervision over the full process from market entry to market operation and market exit. By utilizing the co-integration analysis method and building an error correction model, the article makes empirical study of the long-term and short-term relationship between macro-economic policies and rural financial ecological environment. On the basis of the empirical results, the article puts forward the detailed policy measures such as strengthening the agriculture-supporting strength in the financial and tax policies, and implementing differentiated monetary policies between cities and villages.