| Modern economy turns to be credit economy. Monetary and financial factors, along with the financial system, are more and more important to it's growth. Financial system development and its efficiency have been one of the most interesting and attracting research fields in macro finance, and it is an international frontier research task in finance too. As the essential concept and study purpose of this dissertation, the efficiency of financial system development is defined as the actual effect of the conduction mechanism from finance to growth.Based on the theory of the conduction mechanism from finance to growth, this dissertation devotes major efforts to the study on the efficiency of Chinese Financial System Development during transitional period (1978-2002). Firstly, the author summarizes the theory of finance-growth nexus, and concludes that financial development can promote economic growth, namely monetary and financial factors are"the first impetus"to modern economic growth. Secondly, the author adopts the most recent econometric method and uses the province dataset to examine the empirical relationship between financial development and economic growth during Chinese transition period. The mechanism is divided into two levels, macro-level and micro-level conduction mechanism. Specially, the author hopes to find whether the financial system development promotes the provincial per capita, the accumulation of provincial savings, the formation of provincial capital, the advancing of productivity, the bettering of industrial structure and the shaping of firms. Finally, according to the result of the empirical study, the author brings forward the Contradiction of Chinese Financial System Development during transition period. To explain the Contradiction, the author puts forward a hypothesis: time consistency and institution coupling of the optimal system arrangements. Within the hypothesis framework, the author analyses and explains the contradiction's essential, and seeks the reason of Chinese financial system development's path formation during transition period. After judging the efficiency of Chinese financial system development prudentially, the author gives his advices on how to drive Chinese financial system to the"Growth-Enhancing Financial System Development"path.The dissertation is divided into five chapters. It consists of as follows:Part I includes foreword and Chapter One"the review of financial development theory and literature". In foreword, the author expounds the fundamental definition and basic theory. In Chapter One, the author first analyses the"finance-growth"nexus in theory, and which constitutes the foundation of the concrete mechanism of finance affecting growth. Then the author looks back to the evolvement of financial development indicators. The indicator's constitution bases on the macro financial theory. It is critical to the creditability and robustness of the empirical results, whether the financial indicators are reasonable and representative. The author finally explores the method with which to assess the effect of the conduction mechanism from finance to growth in China.Chapter Two and Chapter Three compose part II. In this part, the author turns attention to Chinese provinces'financial development and economic growth. At the same time, based on the data about different provinces collected by himself, the author assesses the relationship between finance and growth and estimates the actual effect that financial development affecting economic growth during transition period. Specially, in Chapter Two, after having contemplated the course of Chinese economic and financial reform, the author gives statistical character about Chinese provinces'financial development and economic growth, and calculates the indicators of financial development and economic growth. In Chapter Three, based on the cross data and panel data, the author assesses the efficiency of financial system development. The assessment is divided into macro-mechanism and micro-mechanism. The econometric methods are unit root test, Johansen co-integration test and VAR model. According to the empirical result, the author gives his judgment about Chinese financial development efficiency: the contradiction of Chinese financial system development.The Part III consists of Chapter Four and Chapter Five. This part is the core of the total dissertation. The author amplifies on his new empirical findings about Chinese financial development during transition period. First, he expands the"McKinnon's Puzzles"to Contradiction of Chinese Financial System Development, and then puts forward"the time consistency and institution coupling of the optimal system arrangements hypothesis". The author's opinion is that the Contradiction is a kind of equilibrium between social efficiency and economic efficiency of Chinese financial system during transition period. Furthermore, the author gives some advices on Chinese future financial reform.The major conclusions of the dissertation are as follows: First, financial development and economic growth have many steady affinities. Finance is"the first impetus"of modern economic growth. Finance promotes growth through two levels of mechanism. On macro-level mechanism, the financial system development promotes the saving rate, the formation of capital, the advancing of productivity, and the bettering of industrial structure. On micro-level, the financial system development promotes the expanding of industries and the forming of new firms.Second, there are some correlations between Chinese financial development and economic growth on macro-level mechanism during transition period. But there is not any connection between Chinese financial development and economic growth on micro-level mechanism.Third, there is no Granger causality relation between Chinese financial development and economic growth in general.Fourth, there are some contradictions about the actual effect of finance's enhancing growth between macro-level mechanism and micro-level mechanism. The contradictions show some Sino-features during transition period.Fifth, to drive Chinese financial system to the"Growth-Enhancing Financial System Development"path, the author gives three suggestions: to construct external institution to financial system development, to impel harmony reform about all sub-financial systems, and to build safeguard facilities about financial system risks.
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