Research On China Financing Structure And Economic Growth

Nearly fifty years, western scholars did a lot of research on the relationship between the financial development and economic growth, studies show that the financial development and economic growth influence each other. Goldsmith first proposed that the essence of financial development is the financial structure changes. Study of the financial development is the study of the financial structure change process and trends. Foreign research on the financial structure and economic development mainly unfold from two levels. One is the bank development influence on the economic, the other is the relationship between the direct financing and indirect financing composition proportion and economic growth. For direct financing and indirect financing research, financial system is divided into intermediate-based (represented by Japan and Germany) and market-oriented((represented by United States and Britain). The empirical result indicates that both the financing system for economic growth has stimulative effect.For a long time, the financing structure in our country is mainly on indirect finance of banks. Banks play an important role in promoting economic development and optimizing the allocation of resources. In the direct financing, the stock market and the corporate bond market rapid develops, although financing proportion is not tall, but financing quantity is increasing day by day.The problem about the indirect financing and direct financing promoting effect on economic growth, article is accordance with the economics research methods and follows the research thinking of questions, analysis and problem-solving, to do a analysis on the relationship between economic growth and financing structure. The first chapter is introduction that introduces domestic and international research achievements. The second chapter introduces the related concepts on the financing structure and economic growth, and financing structure how to promote economic growth, introduces the theory analysis of the financing structure promoting economic growth from different angles. The third chapter introduces the evolution of financing structure in developed countries and uses the examples of Japan and American to analyze the the financing structure how to promote the economic growth. The fourth chapter bases on previous domestic and foreign related theory and empirical analysis of the relationship between the financing structure and economic growth. Article bases on the financing structure in our country as the research object, using the annual data from 1994 to 2010, analyzes the relationship between the bank credit financing and stock market financing of our country and the economic growth. The empirical result indicates that the indirect financing have stimulative effect on the economic growth. Because the history of the direct financing development is not long, the role of promoting economic growth is not obvious. So our country should intensify efforts to develop the capital market and optimizing the financing structure. The fifth chapter is proposed that our country should vigorously develop direct financing, perfect indirect financing and strengthen policy innovation to optimization financing structure.