The Research On The Influence Factors Of China's Rural Formal Financial Efficiency In The Perspective Of Financial Ecological Environment

For a long time, "three rural" issue has been the focus of China's reform and development, fundamentally determines the stability a nd development of China's economy and society as well as the modernization process. Finance is the core of modern economy, the solution of the "three rural issues" cannot do without financial support. Rural finance as an important part of our financial sys tem is an important driving force to crack the rural financial constraints, and optimize the allocation of resources in rural areas, promote rural economic development an important driving force. In the process of financial support for economic development, financial efficiency is the key. Rural financial efficiency is the important indicator to measure the level of the rural financial system and the financial resource allocation. However, when the state continues to increase the investment of financial res ources in rural areas, rural financial inefficiencies still not been fundamentally resolved. Therefore, the measure and evaluation on the efficiency of rural formal financial and analyzing its influencing factors have the important practical significance.On the basis of the relevant literature at home and abroad as well as the rural finance theory analyzed and summarized, the rural formal financial efficiency were defined, namely the configuration status of rural formal financial resources in rural areas form the perspective of intermediary method. This paper analyzes the influence mechanism of the economic environment, the institutional environment, the social and cultural environment on the rural formal financial efficiency from the perspective of financial ecology. In the empirical part, after selecting the corresponding input and output indicators, this paper uses DEA model estimating the rural formal financial efficiency of 27 provinces in 2008-2012, and uses the panel Tobit model testing the influence of the internal and external environment of financial ecology on rural formal financial efficiency. The empirical results show that, firstly, the efficiency of the rural formal finance is generally at low level, and not on the effective frontier in the majority of the rural areas. At the same time, the regional financial efficiency is significantly unbalanced, and the financial efficiency in eastern region is bigger than that in the middle and the west, and the financial efficiency in middle region is high er than that in the West. Secondly, the econom ic environment reduces the financial risk through the effect of structural, and is helpful to promoting the financial efficiency. Third,in the aspect of institutional environment, over government intervention on the rural financial market affects the indep endence of financial institution, and reduces the efficiency of rural financial institution. Fourth, the better credit environment, as one of social and cultural environment aspects, the higher rural formal financial efficiency. Based on the above analysis, in order to improve the efficiency of formal finance in rural China, it is necessary to optimize rural financial ecological environment, further deepen the rural formal financial institution reform, and innovate the rural financial products and services.