The Research On The Influence Of The Level Of Financial Development And The Opening To The Economic Growth Of Hunan Province

The mount of the researches on Hunan’s economic is large, but most of the researches only concentrate on the amount of economic growth. And less research on the efficiency of economic growth,concerning the inadequacy of the study,this article uses the stochastic frontier analysis method,calculate and analyze the efficiency of hunan’s economic growth from 2000 to 2013, and empirical research the factors which affecting the efficiency of economic growth. Research shows that: Firstly, the overall economic growth level of Hunan’s technical efficiency has been in a relatively low standard, the average technical efficiency is only 0.7, there has 30% of room can be improved. Secondly,the various cities of hunan province exist significant differences about economic growth efficiency, the rank of the technical efficiency and growth is reverse, indicates that the municipal technical efficiency gap is narrowing, at the same time, the technical efficiency gap of three regions in hunan province is closing.Thirdly,raising the level of financial development only increasing the number of the economic growth, the efficiency has not be promoted, even highlights the certain inhibitory effect. Hunan was divided into three areas to be studied,the expansion of the deposit’s relative scale enhance the efficiency of economic growth,and tthe expansion of the loan’s relative scale, improve the first and the third areas’ s economic growth efficiency. Fourthly,the rise of foreign economic openness level, has a promoting effect to the development of the efficiency,the actual use of foreign direct investment has higher influence strength than the impact of import and export trade.Finally, in view of the empirical results, this paper puts forward the corresponding countermeasures to promote efficiency of economic growth in hunan province. Firstly, the mode of economic growth should be transformed,change from the extensive economic growth mode to intensive economic growth mode, and enhance efficiency of economic growth. Secondly,improve the financial environment, adjust structure of deposit and loans, to promote the efficiency of economic growth actively. Thirdly,strengthening the reference to foreign investment, especially with foreign advanced technology and advanced management experience. Fourthly, improve the trade environment, optimize the distribution of industry structure, and adjust the trade structure, minimize negative impacts of import and export trade to industry and environment of hunan.In order to further speed up the process of hunan’s "two type society", the mode of economic growth should be transformed so as to achieve the growth which rest upon the technological progress and technological efficiency rather than the investment of resources. Improve the quantity and quality of economic growth in hunan province, realize the healthy, rapid and sustainable development of the economy.