The Theoretical And Empirical Research On Financial Resource

In 2007, just as people have gradually forgotten Southeast Asian financial crisis in 1997, the sub-prime crisis occurred in United States in which the economy and finance are highly developed. In ten years, the financial crisis has attacked the world twice and the two financial crises have brought heavy losses for the economy and finance of the countries in crisis, related countries and regions, and even the whole world. Although the causes of the two financial crises were complicated, but one thing is sure, that is, two crises are all related to the improper development, allocation and utilization of financial resource, especially, the sub-prime crisis that occurred in United States is more obvious. With the deepening of economy and finance globalizing, the process of economy financing, the finance has more and more become the foundation and core of modern economy, has more and more become the source and safeguard of modern economic growth, has more and more become the method and tool of modern economic war. Thus, the resource attribute of finance is further highlighted. However, the contemporary mainstream economics has only few words for financial resource, let alone studied systematically. This dissertation attempts to use the analysis method of contemporary mainstream economics to study financial resource, which is an attempt of putting financial resource theory into the contemporary mainstream economics research vision formally, therefore, of great theoretical and practical significance.This dissertation discussed inter-relationship of financial resource and the economy from the theoretical and the empirical respectively, based on the in-depth understanding of financial resource connotation and the quantification and evaluation of financial resource. The main conclusions were obtained as follows:(1) The connotation of financial resource can be understood thoroughly from ten aspects, thus lays a solid foundation for the further study of financial resource theory. The fuzzy level comprehensive evaluation method and the factor analysis comprehensive evaluation method can be used to quantify and evaluate financial resource of various countries, but the evaluation results of the factor analysis comprehensive evaluation method are more objective. (2) Financial resource has dual attribute: endogenous attribute and exogenous attribute, which is the prerequisite for microscopic theory analysis and the macroscopic theory analysis of the financial resource in this dissertation. For a particular level of economic development or a particular stage of economic development, there exists Pareto optimal state of financial resource development, allocation and utilization; continuous Pareto improvement of financial resource development, allocation and utilization is just the financial development.(3) From the path of capital flows, the participants of financial resource allocation consist of the real sector (household, enterprise and government) and the financial organization system (financial institutions and financial market). Their economic behaviors codetermine financial resource allocation, and then determine the inter- temporal allocation of general resource.When household, enterprise and government, served as capital demanders and capital providers respectively, make the financial decisions, capital demand and capital supply can achieve the optimal under certain conditions. In the perfect market under ideal conditions, resource allocation can achieve Pareto optimal state; in the non-perfect market of real economy, the part market failure exists. Financial intermediaries and financial markets constitute an indivisible organic whole, which play an important role in improving the efficient allocation of resource, enhancing the welfare level of economic participants and so on.(4) Regardless of the long-term or the short-term, financial resource is non-neutral, that is, financial resource can have an impact on economic growth. In the long-term, with the increasing improvement of financial resource allocation efficiency, financial resource can promote long-term economic growth. The main ways include: promoting the increase of savings rates, promoting the transformation of savings to investment, promoting the improvement of marginal productivity of capital, promoting technological progress or the upgrade of knowledge level, and direct promoting the enhancement of output level; while in the short-term, financial resource have dual impact on economic fluctuation, that is, on the one hand, can cause or exacerbate economic fluctuation, on the other hand, can play an important role in pressing economic fluctuation.(5) The results from empirical analysis of financial resource quantifying and evaluating based on factor analysis method are basically consistent with actual finance operational aspect of every country, and the concrete causes can also be found in economy and finance operational process of every country. Therefore, the factor analysis method provides the objective basis for quantifying and evaluating financial resource of every country. In the influencial factors of money supply of China, base money's influence is bigger. 87.31% of the changes of money supply of China is as a result of base money changes, which means that the Central Bank can control the base money through monetary policy tools, thereby effectively control the money supply, which also shows that the money supply primarily have exogenous attribute. In several major indicators that express the state of financial resource or the level of financial development, a large majority improves along with the improvement of GNI per capita, and has bigger correlation with GDP per capita, the higher GNI per capita, the bigger the correlation is. The countries in every income group have shown the mutual promotion relations between financial development and economic growth, especially, the countries in middle-low income group and the countries in middle-high income group become more obvious.The main innovations of this dissertation are listed in the following:(1) This dissertation constructed the overall framework which studied financial resource theory using the mainstream economic analysis method, which is an attempt of putting financial resource theory into the contemporary mainstream economics research vision formally, simultaneously was also the inheriting and carrying forward, expansion and deepening for financial resource theory, thus laid a solid foundation for the further research of financial resource theory.(2) This dissertation made the attempt and the discussion for the quantification and evaluation of the financial resource using the factor analysis comprehensive evaluation method and made a lot of empirical analysis.(3) During the discussing, this dissertation also has many innovations for some details, for example, the discussion for the ten connotations of financial resource, the analysis for endogenous attribute and exogenous attribute of financial resource, the analysis for capital demander and capital providers and the analysis for the various ways by which finance promote economic growth and so on, all have certain innovation.During the theoretical and empirical research on finance resource, although there are some innovations in this dissertation, but there are also a number of insufficiency, which has to be further improved in the future study.