China's Financial Asset Structure And The Relationship Between Economic Growth

The great impact on every countries'financial crisis caused by American subprime mortgage crisis in 2008. This crisis is cauesed because of that finiancial cirles in USA is developing rapidly, but correspondly its finiancial management leverl cannot be improved at the same time, which lead to its anti-resistant capacity to fall down, and it also caused by the un-coordinate between the development of finiancial and ecnomic development.Facing to this financal crisis impact on China's real economy, there are many scolars recollect our unreasonable economic structure, and put forwared idea to adjust our ecnomic structure especiallly the industrial structure; as well as there are also some scolars put forwad that the amount increased finiancial capital has the effect to resist economic crisis. But there is few scolar study deeply and issue public comment on the changing of financial capital structure how to effect the economic's stable and development. So this thesis study the topic about the relastionship between financial structure and economic development, to give a reference on how to promot our economic development.This thesis, first of all, analys the changing process and the present status of our financial structure, and indicates that some major factors that goes againest our financial structure's adjustment, they are: (1) The proportion beteween currency nature financial capital and paper nature financial capital is maladjustment, and the currency nature financial take a high proportion in the financial capital's amount. (2) The scale of insurance capital is small, which lead to the anti-resistance capacity is weak. (3) Government take a high proportion in direct financing is too much, government administrate the too much resources. And next this thesis analys the harmonize theory between financial capital structure and economy's development; When analysing the theory on the realationship between financial development and ecnomic growing, this thesis indicates that financial capital structure has the impact on the ecnomic growing, via its effect on social saving up, investigation and financial effection. At last, using adjustment and checking, vector error model, and Granger causality test to demonstration analys on our financial capital structure and economiy growing during 1978-2007, the result shows that our financial capital amount structure and economic growing has matual funtion, but the cauality realationship between financial capital inner structure alteration is not so prominence, moneyness financial capital and stock has the promotion impact on the growing of economy, bond, insurance and so on financial capital has no such contribution to the ecnomy's growing. Which shows that our economy's growing is lavishly depend on increase of moneyness financial capital. One of major factors is on one hand the development time for our insurance, bond and fund is so limited, And on the other hand, the our financial market and commodity market has the low validity.