Factors Affecting The Development Of China Financial Research: Theoretical And Empirical

Due to the special status of the financial industry, and the inseparable links between financial development and economic growth, the study on financial development has important theoretical and practical significance. With the consensus on finance's pormotion effect on economic growth, the theoretical circles began to research a series of new questions, such as, what factors have further influce on the development of the financial system? what determines financial system functions and its evolution? How to ensure the financial development in in a healthy and stable way? The answer to these questions will be valuable in theoretical and practical, that it could help people make better policies and strategies of financial development to promote the delelopment of finance, to spur economic and to prevent financial crisis.At first, this thesis gave the concept explanation to financial development, and constructed the evaluation index for level of financial development. Based on China's hisorical background and financial practice, this thesis divided China's financial development process of peried between 1952 to 2009 into four stages. The stages division could make people more accurately understand characteristics of China's financial development in different periods, and lay the foundation of later study.Secondly, this thesis theoretically analized the possible factors on effect of China's finacial development, and established hierarchical effect structure of these possible factors, by the next step, found out the real influencing factors so as to give the evaluation of measure index for these factors.Thirdly, applied the endogenous financial development theory, this thesis brought both economic factors and institutional factors into a general analysis framework, and bulit an econometric model to empirically analyze by stage and stage.Fourthly, based on results of emprical anaysis, a further analysis on influencing factors'effect mechanism to China's financial development are conducted, in order to explore the ways and channels of effects on China's financial development by these factors.Finally, this thesis made comparative analysis to degree and pattern affecting on China's financial development by influencing factors in different stages, then found out the trends,as well as characteristics and main factors in different stages, drew some valuable conclusions and gave the corresponding countermeasures and suggestions.