| Efficiency of resource has always been the core proposition since the economics was generated. Different from the general resources, loans is a financial resource which has an integrated process from generation to use, that is, labors, capital, land and other production factors are used by banks to produce loans, and then loans are allocated to various regions to promote economic development. Therefore, all process links the corresponding efficiency which not only determines the amount of loans, but also directly impact on a country's economic development. Since the middle of 80s of the last century, the amount of loans has been effectively increased because of reform of the financial system, which promotes rapid economic growth in China. But it is a fact that as a developing country based on credit economy, China faces the problem of resources shortage and the big gap of loans demand and supply, while, loans play a limited role in Chinese economic development so that its multiplier effect is not fully effective. In particular, the financial crisis fused U.S. subprime mortgage crisis sweeps the globe.Countries in the world are trying to loan to promote economic development. The same as China. It puts forward the higher demands to loan amount and loan efficiency.Therefore, the paper systematically studies the efficiency of China's loans, and explores all aspects of loan efficiency as well as the ways to enhance them, which is of great significance to sustained and healthy development of Chinese economy and financial resources.Based on expounding the theory and analyzing the present situation of loans in China? the paper linking with process from generation to use of loans, combines the empirical analysis, normative analysis and the principles such as finance, microeconomics, macroeconomics, development economics, technical economics and so on, to analyze the loan efficiency in China. From the complete perspective of micro, macro, meso, the paper making output efficiency, function efficiency and allocation efficiency of loans into a unified study system, systematically studies the efficiency of china's loans and its impact factors, and proposes some countermeasures to improve loan efficiency. This paper consists of seven chapters, the main contents and conclusions are as follows.The first chapter is the introduction. This chapter begins with issues based on the reality of China's economic development and research significance. Secondly, it is the literature review which not only summarizes the relevant domestic and foreign research, but also conducts a brief evaluation. Thirdly, it details research ideas, structural framework, technical route, research methods of the dissertation. Finally, it summarizes review of this dissertation, including possible innovations and shortcomings in the dissertation. This chapter is a bird view of the whole dissertation.The second chapter is the theoretical basis of the paper and definition of important concepts. First, the chapter describes and evaluates efficiency theory from the classical school to the modern economics school. And then, starting from the theory of financial development, it reviews the relevant theory to financial efficiency. After that, it defines loan efficiency and scope of the study. This chapter is a theoretical support and research start of the whole dissertation.The third chapter describes status of loans in China in detail, which provides China's overall impressions on loans. The chapter is a reality-base for the entire research. First of all, it analyzes scale of loans from the perspective of stock and increment. After that, it discuss the loan structure from four aspects that is loan period, market share, regional and industry distribution. At last, this chapter goes objective description about China's loan quality. Through study, this chapter founds that along with economic growth in China, the number of China's loans and new loans shows growth trends, the same as the loans in various sectors, regions and loan period which display different growth rate. So it shows different structural characteristics to China's loans. At the same time, non-performing loan ratio and non-performing loans achieving double down, and the structure of non-performing loans showing clear improvement, China's loan quality has been significantly improved.The forth chapter provides a micro impression on China's loan efficiency, that is, to investigate output efficiency of bank loans in china. First of all, based on analysis of sources of loan growth, this chapter uses SMB model of DEA approach to estimate the technical efficiency of loan output, discussing its mode of temporal evolution and features of various banks. And then, Adopting tobit regression model, the chapter makes a positive analysis of influence factors on loan technical efficiency. After that, it applies malmquist productivity index to measure and decompose the loan's Total Factor Productivity of China banking in time and bank level through the non-parameter analysis framework of DEA, and examines the convergence of loan's TFP based on economic convergence model. This chapter founds that technical efficiency of China's loans output fluctuates upward since 1996, which is mainly caused by change of scale efficiency. And there is a big gap of technical efficiency among banks. Loan technical efficiency is not only related to ability of collecting deposits, loan quality, ownership structure of banks, but also affected by the country's macroeconomic situation and monetary policy. The chapter also believes that TFP growth rate of China's loans is not high, and its driven source is technical efficiency improvements, without growth effect of technological progress. Despite the big TFP gap among banks, they appearσconvergence andβconvergence, namely, the gap will be narrowed and TFP will eventually stabilize at the same level.The fifth chapter probes into function efficiency of China's loans based on the relationships between economic development and loans, providing a China's macro impression of loan efficiency. Based on CC-LM mode, the chapter analyzes the mechanism of loans pushing economic growth. And then, using time series analysis method, the chapter calculates the overall function efficiency and dynamic impact of loans to economic growth. Finally, it estimates function efficiency of short-run loans, long-run loans based on period structures as well as function efficiency of loans in three major industries based on industrial structure. The conclusion of this chapter is that there is stable interaction between loans and economic growth in long-run in China, but attraction of GDP to loans is much larger than pulling of loans to GDP, that is, function of loans is less efficient. From the perspective of term structure, short-term loans and long-term loans can both promote the growth of GDP, however, the short-run loans is more efficient and contributable, and the contribution of long-term loans increases progressively. From industry perspective of loans, The tertiary industry loans is the most efficient, and the first industries loans is the least efficient and negative, while contribution rate of the second industry loan to economic showing an increasing trend.The sixth chapter examines allocation efficiency of china's loans among industries and regions in mesoscopic view. Based on discussing the role of loan allocation to economic growth, the chapter evaluates allocation efficiency of loans among industries, the regions and industries of 31 provinces in China applying variable coefficient model, combined model and the Jeffrey Wurgler's equation. After that, using the GMM estimates, the chapter seeks after its influencing factors from four aspects, including changes in the financial system environment, monetary policy changes, the process of market and changes in financial structure. The study founds that loan shows high sensitivity to industry with high ability to create value as well as to areas with high economic growth, however, inter-provincial differences in allocation efficiency is large and lack of regularity. The growth of industrial output value of 31 provinces has not been effective in attracting loans, and the whole allocation efficiency of loans is low, which means that China's economic growth is driven by the number of loans and belong to type of extensive growth. Empirical analysis also shows that market-oriented and Liberalization of financial system promote credit allocation efficiency in China, while tight monetary policy plays the opposite role. In addition, the proper control of government on bank property and credit can improve allocation efficiency of loans.The seventh chapter draws basic conclusions and policy recommendations. This chapter summarizes the findings of previous chapters and proposes the targeted policy recommendations from the following aspect, such as technological progress and scale control of banks, the process of China's market, reform of financial system, credit control, banking supervision, agricultural development and so on.
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