| In recent years, people pay more attention on the research of relationship between financial development and economic growth.Financial ,capital, labor, technological progress and other factors also be considered as the momentum source of the economic growth, the research perspective of the relationship between them from the macro to micro gradually, study samples also move towards regional and inter-district comparison from national and transnational comparision.Domestic scholars carry out research on the relations between regional financial and economic growth progressively. Based on this research background, this paper inquire into the relationship between Hunan's financial development and economic growth.This paper sum up the achivements about the development of domestic and foreign financial affect the economic growth from both theoretical and empirical firstly, create a theoretical framework which is used to analyse the impact of financial development for economic growth, and analyse the path how financial development influence the economic growth.Then combined with our province status quo of financial development, take empirical analysis on the development of Hunan from the structure and efficiency two aspects of the financial development through establishing VAR model.Test the long-term cointegration balanced relationship between the financial development and economic growth. With the impulse response function it will be found that financial development has a certain extent effect on Hunan's economic growth in the short term.When use variance decomposition analysis discovered that financial development to economic growth in the contribution rate gradually increased, the financial efficiency grow faster between them. Through empirical analysis found that there is o long-term stable relationship among per capita GDP growth rate, financial structure, financial efficiency in Hunan. The financial efficiency play a big role on the economic growth, we can see that Hunan financial affect Hunan economic growth mainly from aspect of financial efficiency at the moment.But it also reflects that Hunan's financial structure has a little impact on economic growth, the financial system pending further reform. Since reform and opening up, the province's SMEs flourish, pour strong impetus into the whole provincial economy ,and turn into the "new force" of Hunan economic and social development .At present the province five major industries in addition to agriculture, industry, construction, transport, warehousing posts and telecommunications industry, the catering industry Piling trade in the four major industries, the large enterprises less than 200, SMEs accounted for 99.9% of the total number of enterprises above.The proportion of large and medium-sized enterprise loans runs up, small business loans not increase instead of reducing. Loans concentrate appropriately is the need for the development of the scale economy, and also is the need for the economic structure and credit structure to adjust and optimize, but the excessive and blind concentration, it not only can't realize the optimal credit reaource allocation optimize, but also may lead to a new structural unreasonable and funds risk, aggravate credit resources allocation unbalance.Clearly, the unreasonable financial institutions in Hunan lead the impact financial development to the economic decreasing. The paper puts forward policy recommendations that Hunan province make use of financial development to promote economic growth. |
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