The Research Of Chinese Credit Supply Efficiency

Since the reform and openness,our country transformed from planned economy to market economy,the position of market in resource allocation has been gradually enhanced,and the development priority turn to strengthen the economy construction that all kinds of industries need financial support,at that time increase the credit scale can satisfy the financial demand,so it makes credit important in promoting economy development.However,since the financial crisis in 2008,in order to fight the adverse effects of the financial crisis,our country implement proactive fiscal policy and loose monetary policy,and cancel the credit scale restrictions on commercial banks,and so on,which made the incremental credit growth rate increase,and after 2010,with the increase of incremental credit growth rate,the GDP growth rate has gradually decreased,which has broken the idea that people have been hold for long time that increase credit can drive economic growth.As the economy enters the new era,the focus of development is to solve structural imbalance and inadequate development problem,which need to advance structural reform from supply side.Credit supply reform as the key part of supply-side structural reform,is responsible for improving the financial system,effectively serving the real economy and providing support for other supply-side structural reform.Thus,credit supply should in accordance with the changes of development contradictions in new era,and change its past concept of expanding in scale to drive the economic growth,and implement more targeted and efficiency supply,also enhance the adaptability and flexibility of credit supply structure to the change of demand.Xi Jinping has always stressed that finance should focus on its original work,which is serving the real economy as first important work,and comprehensively improve its efficiency and ability.As one of the important financial instruments,credit should find its position and reform orientation only to better serve economic development in new era.Therefore,the study of how to improve the efficiency of credit supply has important practical significance.Based on this point,this paper explores the principles of credit supply by comparative study of Marxism credit theory and western economics credit theory;studies the mode of credit supply by establishing credit supply efficiency analysis model;analyzes the problems existing in current credit policies through the study of policies' characteristics,supply logic and effectiveness since China's reform and openness;analyzes the supply structure relationship and operation mode by study the mechanism of credit system;analyzes the influence of environment on credit supply by study its main environment elements.Overall,the principle is the basis of credit supply,mode decides method,policy is the embodiment of principle and mode,credit system is the subject of credit supply and policy implementation,and the environment is the external factors that affecting credit supply,based on comprehensive analysis of the above factors,give the suggestions that can improve the efficiency of credit supply.By the above ideas,this paper mainly uses literature analysis,model research and empirical research to launch the study:The first chapter is introduction which mainly introduces the research background,significance,main content,idea,method and possible innovations and shortcomings,and reviews the domestic and foreign related research on the impact of credit,the current problems existing in credit supply and the methods of improve credit supply efficiency.The second chapter is comparative study of credit theory,based on Marxism credit theory,the paper analyzes of the emergence and development of credit,its internal mechanism and interest,and hold that the credit supply should base on the actual production,and in accordance with equilibrium proportional distribution,and use interest rate as regulation instrument,what's more,should aware of the positive and negative effects of credit on economic growth.Then review the credit rationing,credit transmission mechanism and credit cycle theory of western economics,after comparative study of these two theories,holds that the supply principle of Marxism credit theory should be taken as basic guidance,and absorb the beneficial results of western economics credit theory at the same time.The third chapter is model research of credit supply efficiency,based on the idea of theory research,this chapter focusing on enterprise's profit,and establish enterprise's decision model without access to credit,get short-term credit and long-term credit,to analyze enterprise's investment decision to real and virtual economy under each circumstance to explore the effective mode of credit supply.The fourth chapter is policy research of credit supply efficiency,by study the credit policies of our country since reform and openness,divide the policies into three periods which are co-existence period of planned regulation and marketization,improvement period of marketization reform and the comprehensive improvement period,and summarize the characteristics of each period,then analyze the policies' change logic according to these periodic characteristics.Analyze the policy effectiveness from perspective of strengthening input and output,promoting the optimization and upgrading,and promoting structural adjustment,finally summarize the existing problems of credit policy.The fifth chapter is mechanism research of credit supply efficiency,it mainly considers the mechanisms among government,financial institutions and enterprises in credit supply system.The chapter analyzes the influence of financial structure,government intervention,relationship between financial institutions and enterprises,financial industry competition on credit supply efficiency,to explain the phenomenon of unbalanced allocation of credit resources,credit supply inefficient and waste,and so on.The sixth chapter is environment research of credit supply efficiency,from the perspective of market,legal and technology environment which closely related to credit supply,analyze the mechanism of environmental factors that affect credit supply efficiency by theoretical research,and using HP filter analysis,correlation analysis,and provincial panel data correlation analysis of empirical research to find the quantitative relationship between environmental factors and credit supply efficiency.The research shows that environmental factors have positive effect on credit supply efficiency,but the effect are different,and for current time it is necessary to improve environment to promote credit supply efficiency to satisfy the new normal economy.The seventh chapter is summary and suggestions,according to the research results of each chapter,summarize the main factors that affect credit supply efficiency,and consider the requirements of new era,give suggestions from perspectives of principle,mode,mechanism,policy,service object and environment.The possible innovations of this paper are as follows: first,sort out and study the credit policies since reform and openness which to some extent complements the basic research in this area.The second is establish an analysis model of credit supply efficiency based on investment decision,which complements existing studies from three aspects,for the first time establish a decision model of enterprises' investment to virtual and real economy according to enterprise profit to analyze credit supply efficiency,and innovative the CAMP model by introduce Markov state transition which achieve model innovation,and propose suggestion of implementing differential credit interest rate and targeted credit supply to improve the efficiency of credit supply,which provide theoretical support for policy making.