A Regional Disparity Research Of The Impact China’s Ownership Structure Change Act On The Development Of Informal Finance

Since more than30years reform and opening up, China’s informal finance has experienced a rapid development, and currency loans scale have been continuously expanding. At the same time, China’s ownership structure get into a deeper reforming stage, marketization level enhances unceasingly and non-state-owned economy is booming a lot. However, the development of non-public economy present regional differences while the informal finance show the obvious regional disparity characteristics. Therefore, on the basis of existing research, this article plan to explore the regional disparity of the impact China’s ownership structure change act on the development of informal finance, which is conducive to promote different policy recommendations related to the development of the regional economy and finance.The main content of this paper include:first of all, domestic and foreign scholars research review of ownership structure change and the development of the informal finance and author’s commentary; next, the dynamic trend and difference characteristics related to the ownership structure change and development of informal finance in eastern、middle and western China were observed by measuring; meanwhile, found that ownership structure change and informal finance in east China develops in the most depth, while middle and western in China followed; and the internal differences play a leading role in the overall difference related to ownership structure change and informal finance. Then, this paper expounds the general theory of the impact ownership structure changes act on the informal finance and guess that ownership structure change has positive effects on informal finance development. Again, constructed and test a panel model by GMM on the basis of the theoretical derivation. Finally, according to the theoretical analysis and empirical test draw a conclusion.Test results show that the impact ownership structure change act on the informal finance is positive and diminish gradually from east to west; and the effect in the eastern region is the largest in the three regions; in addition to, we have discussed the variable in order to have a deeper understanding of the endogeneity of ownership structure. As to the control variables, the income level、economic monetization degree have significantly positive effect on the development of informal finance and maximal impact in eastern China while minimal in the west.however, education level were negatively correlated with the informal finance development and the influence of this variable to informal finance in western China is the biggest while successively decrease from middle from eastern. Finally, on the basis of the study and the result that impact of ownership structure act on the informal finance are different, we try to offer several policy recommendations conducive to coordinated development of regional ownership structure changes and informal finance.