Research On Relation Of The Structure Of China's Financial Assets And Economic Growth

Since the book "The financial structure and financial development" publicated, the financial structure theory has become the forefront of the of modern financial field . The Research of the relationship between financial structure and economic growth Development Economics has also become a new task . For economic growth, the accumulation of capital is the main driving force and financial assets is the key to capital formation, and financial assets structure and coordination among entities economic development will directly determine the efficiency of financial resource allocation.The factors affecting financial assets structural include:the development of the economy, the economic structure changes, changes in the system, the deepening of finance and financial openness, and the financial innovation. When the Economic growth optimize the structure of financial assets, the structure of financial assets in turn will increase economic growth. The structural optimization of Financial assets can improve financial efficiency on the one hand, it can increase the risk transfer channels and risk management tools; On the other hand promote industrial structure ,and directly promote economic development.Since reform and opening up, China's economy has developed rapidly, the industrial structure continuously optimize. However, in this process ,China's financial market has a lot of problems .The existing financial assets structure is not fit for the economic structure, mainly found in the following areas: (1) the ratio of monetary financial assets and securities financial assets is imbalance. (2) stocks and bonds structural imbalance. (3) ratio of government bonds is too high, government control of too much resources. Through regression analysis, cointegration analysis, Granger causality test, and other measurement methods, the paper get the conclusion that the fanacial market is less efficient, the security assets is not suitable for the development of economy.The financial asset structure and economic growth has a strong correlation, but because China's capital market development lags behind economic development, the relevance of China's financial assets structure and economic growth is lack of coordination, therefore, we should accelerate the development of the capital market, actively push forward the fanancial innovation, speed up the industrial structural, to further optimize the structure of financial assets, and keep the healthy development of the economy.