Under The Harmonious Economic Capital Allocation Efficiency And Financial Maturity Correlation Studies

Economic growth is always the discussion of the hot to economists. With the development of the related theory, people come to realize the efficiency of capital allocation is the key factors on economic growth. At the same time, people have always think that financial development is the inner power of the economic growth by means of improving the efficiency of capital allocation for the western financial development theory. Therefore, the efficiency of capital allocation and influencing financial factors attracted more and more academics attention. It is the most representative that the research opens a door for the quantitative research of the efficiency of capital allocation from Jeffrey Wurgler (2000). So, many national scholars began to research the efficiency of capital allocation in according to Jeffrey model and the relationship with the financial development in China. Finally, the most conclusions show that the correlation is weak because of the efficiency of capital allocation by non-financial factors.Accordingly, it is analyzed that the context of the harmonious economy to the efficiency of capital allocation after briefly analyzing the related theory in this paper. In the basis of analyzing the basic insight of harmonious economic, combining with the sustainable development theory, the non-financial factors will affect the efficiency of capital allocation expressed as a composite indicator of a harmonious economy in the article, and it reflect the basic situation of socio-economic sustainable development by measuring the harmonious economic indicators which is built before. According to the harmonious economic theory and the actual situation of China’s social development, it determines the number of harmonious economic standards and it divides the harmonious economic times. We realized the harmonious economic conditions of Guizhou province.Second, the efficiency of capital allocation and the state of development finance is analyzed respectively in Guizhou. Nine cities (regions) of Guizhou province are the research object in the article. In this paper, we measured and analyzed the efficiency of capital allocation in Guizhou unseeing the section data. And then, the article introduces the concept of financial maturity to evaluate comprehensively the level of financial development, to break the unity and industry limitations of the previous financial evaluation. There is an analysis about the financial development according to the result that we measured the finance maturity in Guizhou and in three industries of finance. We analyzed the efficiency of capital allocation of different periods in Guizhou and found that the speed of efficiency of capital allocation is different in different periods of harmonious economic. There is not direct relation between the efficiency of capital allocation and harmonious economy based on Granger causality test. Whether there is an inherent power in promoting the efficiency of capital allocation rapid increase in the harmonious economic times? The results show that a harmonious economy is more close to the ideal state or society into the times of harmonious economic, financial development is more significant role in promoting the efficiency of capital allocation. That is, the development of the financial system is the intrinsic power to promote the rapid increase of efficiency capital allocation in harmonious economic ideal state. Then, the article studies the efficiency of capital allocation and maturity of the financial industry (banking, securities and insurance of the three major sectors), and analysis in-deep factors of promoting the efficiency of capital allocation in harmonious economy. Ultimately found that in the harmonious economic development of the banking and the insurance industries is a major factor to improve efficiency of capital allocation in Guizhou province.Based on the above conclusions, this paper puts forward related policy suggestions that it will increase the efficiency of capital allocation and promote the economic development though promoting the social economy more harmonious and the financial development more developed.