Research On The Change Of Financing Structure Of China’s Influence On The Liquidity And Economic Growth

In recent years, China has gradually promote economic reform, capital markets with the aid of the parties support get long-term development. The indirect financing to obtain funds through the banking system is still dominated by 2005, but after 2005, was the optimization of economic transformation and upgrading, through the stock market, bond market direct financing ways of financial policies, laws and regulations received strong support for rapid development. At the same time, social financing scale is expanding, economic stable running, but the RMB loans accounted for the ratio tends to decline, to direct financing bank balance sheet financing, private lending, corporate bonds and other means of proportion has increased, this fully shows that the current social financing structure has changed.In this paper based on the theory of financial structure, analyzes the financing structure changes and influence. Based on the analysis of the current liquidity conditions when stand on a different point of view, using the HP filter method, Marshall K value method, liquidity gap method, reasonable amount of liquidity surplus, overall controllable conclusions, and then explains the essence of the problem of "shortage of money". On the financing structure change on the impact of economic growth according to research methods of econometrics, econometric model in the design is innovative to direct financing of social financing scale and the indirect financing variable, to observe and the relationships between the dependent variable GDP, analyzing the size of different financing methods on the effects of GDP, the direct financing play an active role in the promotion of economic growth in the future in conclusion. Different from other papers is the linkage analysis based on the financing structure, liquidity, economic growth among the three, revealing the essence of their mutual involvement, are closely related to the. Finally, on the basis of this research, in view of the current situation, put forward to optimize financing structure, expand the relevant policy recommendations of the proportion of direct financing.In a word, through the financing structure change influence on the mobility and economic growth show, direct financing to become the driving force of future economic growth is to represent the general trend, although indirect financing weakened the effect on economic growth, but in the moment is still very important mode of financing. Development of direct financing, improve the financing environment, abundant capital market level, the innovation of direct financing tools, strengthen laws and regulations management, to our country’s economic growth and optimize the financing structure is of great significance.