| The target of China financial reform are building a modern financial system which enhances efficiency of financial resources allocation.For the time being,most study about financial resource allocation efficiency were carrying on at national level,lacking attention on regional level.Considering the significantly non-equilibrium development of China regional economy,it is very important to measure and analysis this phenomenon in serveral aspects.By measure the regional financial resource allocation efficiency and analysis the non-equilibrium characteristics,we find spatial heterogeneity in financial resources allocation.By Continue in-depth studies on spatial characteristics of regional financial resource allocation,we can find spatial correlation which contributes to study of agglomeration and overflow effect in regional financial resources.Hence,measuring regional financial resource allocation from a comprehensive and objective view has an important significance.Reform ideas could be found from the outcome of this study.To express viewpoint clearly and completely,this dissertation are arranged asfollows:Firstly,study of basic theories of regional financial resource allocation efficiency.The first step is defining three key concepts of it,including region,financial resources,and financial allocation efficiency.The second step is discussing the formation mechanism of it based on four aspects:the system structure,the operating mechanism,the coordination mechanism,and the influence mechanism,in order to clarify the systems of regional resources allocation efficiency,that is,the subject system,the object system,and the functional mechanism system.Furthermore,analyzing the structure on it to represent its characteristics of non-equilibrium,evolution,and spatial correlation,thus providing a theoretical basis for analyzing the spatial characteristics of regional resources allocation efficiency.Secondly,measure of regional financial resource allocation efficiency.Based on subject,object,and institution definition of it,this section selected input indices from the capital flows aspect,including " regional credit bond remaining cumulative growth rate","loan remaining cumulative growth rate","completed fixed assets investment cumulative growth rate”,meanwhile,the output indices selected“major business income cumulative growth rate"," total retail sales of consumer goods cumulative growth rate" and " industrial structure coefficient".These selected factors.The results indicated(1)the differences of average scale efficiency showed more obvious and greater volatility in regions,but the differences were gradually reduced and tend to be balanced;(2)the regional financial resource allocation in general technology efficiency showed a small fluctuations,however,general technology efficiency in regionals showed the most notable differences;(3)the average of regional financial resources efficiency in most areas is rising,and the differences in provincial financial resources allocation efficiency is insignificant.Thirdly,study of influence factors of regional financial resource allocation efficiency.The analyzing of the researches began from the aspects of real economy,financial structure,and financial market,etc.In this section,the PSTR Model was adopted to describe the nonlinear change of regional financial resource allocation efficiency,the credit structure was selected as converted variables,loss of industrial corporate/gross revenue of industrial corporate,loan remaining of commercial bank/deposit remaining of commercial bank,total value of listed companies/total loan of commercial bank and Producer Price Index(PPI)as explanatory variables.The results showed that when the credits structure level stay low,only the financial market's behavior can promote the regional financial resource allocation efficiency,and the other factors cause inhibition of it;by contrast,when the credits structure kept a high level,the effects on regional financial resource allocation efficiency of it turned inhibition to promotion,and the promotion for regional financial resource allocation efficiency from the financial market can also improved at the same time.However,the real economy operation conditions and the financing structure still caused inhibitory effects on regional financial resource allocation efficiency,and the effects were decreased.Fourthly,study of non-equilibrium characteristics of regional financial resource allocation efficiency.First of all,the section analyzed the basic theories of it,including the causation,the evolutionary trends,and the effects,etc.The analysis of these theories would embody non-equilibrium distribution and research needs of regional financial resource allocation efficiency.Moreover,based on the calculation of efficiency from previous work,the efficiency gradients could be divided into three kinds of gradients-inefficiency,regular efficiency,and high efficiency.Next,the loss function and the transition-probability matrix could be constructed to reflect the non-equilibrium state of regional financial resource allocation efficiency.According to the results,from 2002 to 2008,the most of provincial financial resources allocation efficiency concentrated in inefficiency gradient and regular efficiency gradient;from 2009 to 2015,the most of provincial resources allocation efficiency focused on regular efficiency gradient and high efficiency gradient.Simultaneously,the middle part of the region largely kept on regular efficiency gradient,however,the eastern and western part showed dramatic changes.Fifthly,study of evolutionary characteristics of regional financial resource allocation efficiency.On the basis of dividing regional financial resource allocation efficiency into three categories,we decomposed it by EMD method.The results demonstrated that,the three categories of regional financial allocation efficiency are mainly affected by short-middle term economic factors,and the influence of long-term economic factors was weak.Sixth,study of spatial effect characteristics of regional financial resource allocation efficiency.Based on the research of the influence factors of regional financial resource allocation efficiency,we used the Spatial Dubin Model to test spatial correlation of influence factors econometric model,and spatial agglomeration effect and spatial spillover effect of each influence factors were analyzed at the same time.The research revealed that the influence factors of adjacent areas have significant impacts on regional financial resource allocation efficiency,but the impacts of each factors were differing. |
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