| County economy is an important part of national economy. However, China’s county economy development is placed in an unequally weak position because of the economic and social development strategy for a long time which has given priority to the development of industries and cities. In recent years, under the strategy of transforming development mode and adjusting economic structure, China’s county economy is expected to become a new economic growth point. Therefore how to promote county economy development by developing prefectural finance is becoming a significant research topic in the academic and practical field. Existing research pays more attention to discuss the relationship between finance and economy from the global, national or regional overall level, but lacks the county region study. In view of this, taking Shandong province’s91counties (or cities) as sample, dividing these counties into developed, developing and undeveloped three categories according to the level of economic development and using data from2006to2011, this thesis constructs stochastic frontier model and panel data model to explore the relationship among the development of prefectural finance development, financial system efficiency and economic growth. Then this thesis makes the comparative analysis among three kinds of counties. The conclusions are as follows:1) The overall level of bank system’s technical efficiency in Shandong Province is still low and below the production frontier. Moreover, area difference is very big.2) The relationship between the level of economic development and the efficiency of banking system is nonlinear and takes on "inverted U" shape.3) From the view of the influential factors of the banking system’s technical inefficiency, fund utilization’s invalidity and loan quality of county banks have positive effect on the technical inefficiency of banking system. In addition, the effect degree is different among three kinds of counties and the degree’s order from high to low level is respectively underdeveloped county, developing counties and developed counties. As for the bank density, it has negative influence on the technical inefficiency of banking system in developing and underdeveloped counties, but has no prominent influence in developed counties. At the same time, banking system’s structure in the developing and underdeveloped counties has negative effect on the technical inefficiency of banking system, but it has positive impact in the developed county.4) Financial development size in county areas has significantly positive influence on county economic growth. As for the influence degree, the highest is in developing county, secondly is in underdeveloped county and the lowest is in developed county. The human resource input level, which is measured by postal staff size in banking system in county areas, has obviously positive effect in developing and underdeveloped areas. Moreover, the index has more influence in developing counties than in underdeveloped counties. The efficiency of banking system has significant impact on county economic growth, where the influence degree of banking system efficiency is the greatest in the underdeveloped counties, secondly is in developed counties and last is in developing counties.5) In the developed county, the relationship of finance and economy belongs to demand-pursuing model, while in the developing and underdeveloped county the relationship belongs to supply-leading type.Based on the above conclusions, the paper argues that we currently should strengthen financial system reform in county areas by increasing financial supply to realize quantity expansion, improving the financial system efficiency to achieve quality boost, promoting the harmonious development of prefectural finance to reduce the difference of county economy development level, so that we can rely on prefectural finance development to realize the goal of promoting county economic growth in Shandong province. |
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