An Empirical Research On Relationship Between Financial Structure And Economic Growth

Economic growth is the core of research on economics forever.Throughout the economist before the1960s, everyone’s theory considers economic growth as the ultimate goal.But they look at affecting economic growth through the investment of factors、capital and labor force. people don’t come to realize the academic value and social significance of financial development and economic growth until Goldsmith, Mackinnon and Shaw put forward the theory of financial development and financial deepening.But for now, the research of financial and economic growth by scholars at home and abroad is mostly look at the gross and appropriate of finance.Admittedly,the growth of financial gross is important. but if there is not a suitable financial structure on financial assets,, the role of finance to economic growth will be greatly reduced. Based on the study of the coordination of the financial assets structure and the economic growth, there is a blind area of the theory of finance.This paper discusses from regional structure of financial assets, and will study the relationship between financial structure and economic growth. The first chapter elaborates research of background, objects, main contents and methods, defined the problem which will analyzed in this paper. The second chapter organizes and reviews the pertinent literature both at home and abroad. The third chapter designs a linear correlation model based on the analysis of mechanism of financial structure to economic growth.The fourth chapter describes the main index of regional structure of financial assets in Hunan province,and make a contrast with the national level. It found that almost all the index of regional structure of financial assets below the national average. The development of money market and other market is needed.The fifth chapter conducts an empirical analysis between financial assets structure and economic growth of Hunan province through stationarity test co-integration testing、regression analysis and granger-causality test.It found that the structure of financial assets of Hunan province is unharmonious.Dollar assets have a big effect on economic growth,stocks and insurance assets have a low effect on economic growth.The sixth chapter combines the result of comparative analysis and empirical analysis.It found that the financial assets structure of Hunan province has three types of imbalance,then it analysis the causes of imbalance.The last chapter proposes some suggestions based on the above analysis.