Research On The Impact Of China's Credit Rationing On Economic Growth From The Perspective Of Transformation

Economic growth factor has always been one of the important problems in academic inquiry.Nearly forty years China's economic reform,economic growth has been maintaining high speed,it is well known that investment growth has played a pivotal role on our country's economy,and China's investment mainly comes from indirect financing,the credit support.But,in the credit markets in China,there has always been evident in the credit rationing phenomenon,namely some relative to other enterprises,can be relatively easy to get credit support,there is always the credit market is not meet the demand for credit.Is a typical economic transition countries in our country,and is a gradual path of economic transition,the credit markets and economic structure are not fully market-oriented,credit rationing has duality market and government regulation,the government will be through a variety of means to intervene in the amount of credit,credit structure and scale of the credit market in accordance with the needs of economic development and affect credit rationing,the two methods along the planned economy to market economy reform process going through evolution,resulting in a dual credit rationing phenomenon.Therefore,China's credit rationing reflects the relationship between market demand and government regulation.Through the study of the relationship helps to understand the credit rationing in China's effect on economic growth,optimizing the resources distribution of credit funds efficiency,realize the dynamic equilibrium of credit market,continue to deepen reform of supply side structural and boost supply system efficiency is improved,promote the adjustment of economic structure and economic growth.As our country is in the primary stage of socialism and the reasons for the lag in the development of relevant financial markets,it is believed that this phenomenon will not disappear rapidly in the short term.This paper studies the influence of credit rationing on economic growth from the perspective of economic transformation,so it has important theoretical and practical significance.The purpose of this paper is to study in transition to market economy in our country's credit rationing influence on economic growth,by analyzing the theory of credit rationing,first of all,according to our country's credit the history change of running environment to reveal the formation mechanism of our country's credit rationing.On the basis of the first from the theory of credit rationing influence factors and mechanism of economic growth is analyzed,and then from the aspects of the empirical test under the market-based degree of credit rationing in different provinces of the impact of economic growth,finally summarizes the research conclusion and put forward policy Suggestions.The contents of this paper are divided into 5 chapters,and the specific arrangement is as follows:Chapter 1 introduction,the economy of our country credit rationing phenomenon,elaborates the background and research significance of the core concepts of credit rationing,and generalizes the related research literature.In addition,the logic and framework of the whole article are introduced,and the research methods and innovation points of this paper are summarized and summarized.Chapter 2 on the transition of our country's credit rationing elaborates the historical evolution,development and present situation,the first is to our country credit rationing system background and evolution of the comb,and to investigate the dynamics and characteristics of the development of credit rationing,the results show that although the credit fund management system as the economic transition process and credit operation of the economic environment improved significantly,but did not change the pattern of our country is given priority to with indirect financing credit and to give priority to the financial structure of the state-owned commercial Banks,and credit rationing phenomenon exists widely in our country,credit rationing is still the important factors that affect economic growth.Chapter 3 analyses the impact of credit rationing on economic growth.First from the new classical paradigm and asymmetric information paradigm,analyzes the causes of credit rationing,and then to the credit rationing to the influence factors of economic growth are discussed in this paper,on the basis of credit rationing during the transition period of our country was discussed for the effect of economic growth,and put forward the marketization degree is an important intermediary effect applies to both.Chapter 4 establishes an empirical model based on theoretical analysis.First of all,it analyzes the effect of credit rationing on economic growth in the country as a whole,and then uses provincial-level panel data from 1996 to 2006 based on the idea of “marketization degree” grouping.Two Panel Auto-Regression models(Panel-VAR)with high degree of marketization and low degree of marketization were established respectively.The impact of credit rationing on economic growth in various provinces in China was analyzed and compared through impulse response,variance decomposition,and Granger causality test.Chapter 5 is the main conclusions and policy recommendations of this article.The results of theoretical analysis and empirical analysis show that on the whole,China's credit rationing has a positive effect on economic growth.Through the grouping and comparison study of marketization degree,credit rationing can promote economic growth in provinces with higher degree of marketization;in provinces with low degree of marketization,credit rationing has dual effects on economic growth.The effect of credit rationing on economic growth is mainly constrained by the degree of development of marketization.In view of this,taking the concept of sustainable economic development as the guiding ideology,deepening market-oriented reforms,focusing on the speed and quality of economic development,encouraging credit funds to flow to industries and sectors where utility is maximized,and promoting credit markets to develop in a balanced manner and improve credit resources.Configure efficiency and promote social welfare.In short,our country's credit rationing effect on economic growth is in the special economic background environment change constantly,economic growth efficiency change,continue to deepen reform of supply side structural and expand the effective supply and high-end,improve the total factor productivity,boost supply system efficiency is improved.Commercial bank credit capital supply should meet the needs of the development of the modern economic transformation will continue to deepen the reform of the supply side structural,optimize credit resource allocation efficiency,enlarge high quality credit incremental supply,realize the dynamic balance of the credit markets.This requires that the credit rationing of commercial Banks should be developed in a balanced direction,and a healthy and stable mechanism should be established to promote the transformation of credit rationing of commercial Banks to the development mode with a focus on the connotation.