Based On Chinese Financial Efficiency Financial Structure Analysis

In economy developing process, financial structure is evolving to meet the demand of substantial economic activity and make different financial participant distribute financial resource better according to their comparative advantage in financial resource distribute. On the basis of describing the change characteristics of financial structure since the reform and open in china, the paper use the relative data of financial structure and financial market efficiency and try to testify that the changes of china financial structure have no obvious effect on the improvement of china financial market efficiency through the demonstrative analysis on the relative data. Then relative suggestions about optimization of financial structure are given. According to the conclusion of this paper, demand factor of Chinese financial structure has changed from monotony deposit-investment transformation demand of passed 20 years to three major factors —subdivision of the demand, liquidity enhancement and risk management. But Chinese financial structure still should be optimized, especially direct financial instrument. The way to choose the proportion of direct financial instrument and indirect financial instrument should comply with three principia—complementary developing, increment adjusting and serving substantial economy. Indirect financial instrument section should keep centralized Industrial organization structure and accelerate adjustment of property right structure to enhance competitive power. But in direct financial instrument section, scale of two existent varieties—stock and treasury bill should be expanded and develop coordinately, at the same time scale of enterprise debts should be expanded to perfect direct financial instrument. Derivative financial instrument is band to appear. In addition, in the course of choosing financial structure government should play a major role, on the other hand government should avoid overfull substitution to role of market.In this measurable and qualitative methods are combined, and factor analysis, regression analysis and correlation analysis are used to combine economic analysis and actuality analysis. Finally find best way to optimize Chinese financial structure.