| Xi jinping,general secretary of the communist party of China central committee,stressed in the 13 th collective study of the political bureau of the communist party of China central committee that the market structure of China's financial industry cannot meet the requirements of high-quality economic development,and it is necessary to "deepen the financial supply-side structural reform and enhance the ability of financial services to the real economy".Focusing on the structural adjustment and improvement of the financial system,we will improve the financing structure,the financial institution system,the market system and the product system so as to provide better quality and more efficient financial services for the development of the real economy.In order to adapt to the transformation and upgrading of industrial structure,the government should give up or reduce excessive intervention in the financial markets and financial system.China should insist the market-oriented financial structure,which is mainly composed of stocks and bonds,and let the market plays a decisive role when in allocating capital.Under the background of Supply-side Structural Reform,this paper mainly focus on China's capital market allocation efficiency and its influencing factors,and the relationship between financial structure and economic growth,which from the perspective of boost financial supply side structural reform.This paper analysis the direct financing and indirect financing of capital allocation efficiency of China's 31 provinces(municipalities directly under the central government,autonomous regions),from the perspective of finance scale,finance deepening and the finance structure respectively.Besides,this paper analysis the influence of financial structure on the capital allocation efficiency and its spatial spillover effects,explains the regional differences of China's capital allocation efficiency and its influencing factors,and the relationship between financial structure and the regional economic growth,and the regional stage characteristics.Firstly,this paper studies the spatial correlation and spillover effect of financial structure on capital allocation efficiency in different regions or provinces.The biggest difference between spatial econometrics and ordinary econometrics is that ordinary econometrics cannot consider the spatial relevance of regional development.For example,there are great differences between the eastern coastal areas and the central and western provinces,and the development of the eastern coastal areas has spillover effects on the provinces and cities in the central and western regions.If such differences and correlations are real,ignoring such differences or factors will lead to biased estimates of traditional econometrics.Spatial econometrics by constructing spatial weight matrix,can identify the dependent variable in the spatial differences between different regions,correlation and spillover effect,so as to get more unbiased estimates of the results than ordinary econometrics.Secondly,based on the provincial panel data of China,this paper studies the impact of financial structure on the efficiency of regional capital allocation in China from three aspects: financial scale,financial structure and financial deepening.The empirical results show that: First,direct financing has a greater impact on the efficiency of capital allocation than indirect financing based on bank credit.The increase in the proportion of direct financing in the total amount of social financing can improve the efficiency of regional capital allocation;Second,the direct intervention of government in the capital market will lead to a decline in the efficiency of capital allocation,the government should strive to improve the construction of capital market order,and reduce the direct operation in the capital market;Third,the introduction of Foreign Direct Investment,can significantly improve the efficiency of capital allocation.The introduction of FDI is not only the introduction of foreign capital,but also bring in foreign advanced technology and advanced management experience at the same time.Thirdly,this paper gives an empirical test of how the interaction of the efficiency of capital allocation and investment affect the regional economic growth,which used a method of Arellano-Bond dynamic panel econometrics,and with the Spatial Panel Econometric Method in the robustness test.The empirical study found that: First,there is a threshold effect of the capital allocation efficiency,only when the investment reaches a certain scale and capital allocation efficiency increases,can it promote regional economic growth;Second,how much the interaction of the efficiency of capital allocation and investment influence regional economic growth differed greatly in different provinces;Third,the spillover effect of investment and capital allocation efficiency are positive,but the spillover effect of capital allocation efficiency is less than that of investment.Finally,this paper provides policy suggestions to promote the structural reform of the financial supply-side structural reform.Accordding to the theory and empirical analysis results,this paper provides the policy suggestions of promoting the bank credit asset securitization,developing the direct financing,and building a multi-level financial market system,in order to identify and guard against financial risks and improve the efficiency of financial capital allocation.The innovation and contribution of this paper are mainly reflected as follows:One is on the research perspective.This paper analysis the relationship between financial structure and capital allocation efficiency and economic growth,from the perspective of financial supply side structural reforms,financing scale,finance deepening and the financing structure respectively.Besides,this paper explains the regional differences of capital allocation efficiency in China.The research of this paper can further improve the theoretical research on the allocation efficiency of capital market,and it has important reference value for formulating financial policies and promoting the structural reform of China's financial supply-side.At present,the research literature at home and abroad mainly focuses on the quantity and scale of capital market,as well as the relationship between capital market and economic growth.There is no in-depth study of the efficiency of direct and indirect financing in the financial structure,as well as the quantitative relationship between them and economic growth.The second is that in the study of the method.This paper establishes the economic theory explanation mechanism of mediating effect.Mediating effect is just a psychological concept,which is also criticized by some scholars due to the lack of corresponding economic theoretical basis and mechanism.Based on the neoclassical growth theory and the optimal financial structure theory,this paper constructs the economic theory mechanism explanation of the mediating effect,and combines the neoclassical growth theory with the mediating effect to provide the economic theory explanation for the mediating effect of the financial structure on economic growth.In addition,this paper adopts the spatial econometric analysis method,which can incorporate the spatial correlation and spillover effect of financial markets in different regions into the model for analysis,and the results obtained are more robust and unbiased.Thirdly,this paper uses the provincial panel data as the research object.This paper take into full consideration of the development differences between the coastal developed provinces and the central and western regions,which is not only the supplement to the existing literature on the national level data analysis,but also the results are more valuable.This paper can promote the integration and development of industrial economics,finance and spatial econometrics.The theoretical analysis and policy Suggestions proposed in this paper are to promote the supply-side structural reform of China,it has great theoretical and practical significance. |
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