Study On The Influence Of Financial Ecological Environment On The Capital Allocation Efficiency In The Yangtze River Delta

Invalid capital allocation hampered the growth of our national economy,national industrial structure adjustment and balance of regional development.Identification subsequent influence factors have important practical significance. The results showed that further financial development improve the price mechanism,corporate management mechanisms and capital disposition efficiency.But parts of domestic researchs showed that further financial development makes very little difference to capital disposition efficiency.This article believed that possible reason is that China’s special national conditions:lagging of the political reform,unsound social trustworthiness system and the basic construction of finance system.The level of bank credit funds allocation efficiency depends both on the bank’s internal financial environment related to the financial system,the impact of external social and economic environment is also affected. Financial ecological environment Factors Influencing,easy to improve the level of efficiency of the allocation of capital,the capital funds and thus play a more effective role in promoting economic development.Firstly,based on the research of domestic and foreign financial ecological environment and Capital allocation efficiency related literature on the theory;the second part on the basis of the defined financial ecological environment and capital allocation efficiency meanings,ecological theory of two closely related financial and the theory provides an overview of the efficiency of resource allocations;third part from a theoretical point of view of the mechanism of the effect of the financial ecological environment on the efficiency of the allocation of capital;fourth part of the use of the Jeffrey Wurgler model Yangtze River Delta,capital allocation efficiency measure,financial ecological sub-environment:the level of economic development,cultural and credit environment,legal environment,on the basis of the evaluation of market intermediaries,government behavior;fifth part of the use of models an empirical test of financial ecological environment in Yangtze River Delta,the efficiency of the allocation of capital.Finally,from the perspective of promoting capital allocation efficiency,turn on the five regional financial ecological environment,economic base,local financial development,government actions,the credit environment and the legal environment for local government services,put the suggestions to improve the financial environment,in order to improve the allocative efficiency.