The Study On The Effect Of Policy Based Finance On Economic Growthbased On China Development Bank

The Policy-based finance has more than 20 years of development history,which has experienced the Asian economic crisis,the loan crisis and the commercial reform.The third Plenary Session of the 18 th CPC Central Committee "decision" of the twelfth proposed "improve the financial market system" and promote the reform of Policy-based finance institutions.Policy-based finance return from alienation since that.Because the Policy-based finance reflects the will of the state,the development of the national economy and the specific policy objectives are the highest aim,so the return of the Policy-based finance is the inevitable result.The first part of the paper describes the research background and research content,according to the research background and significance of the article,The article thinks that it is necessary to carry out further research on the Policy-based finance,to clarify the orientation deviation and functional orientation after the return of the policy based financial alienation.On the basis of previous studies on policy finance,this paper systematically reviews the literature on new policy finance and economic development.This paper analyzes the ways of policy finance to influence economic growth theoretically,which lays the foundation for empirical analysis.The empirical part,the article imitates the research method of financial influence economic growth,to study financial policy whether economic growth permeates through the physical,human capital and technological innovation three paths,the lagged impact effects and structural vector autoregressive SVAR model analysis of financial policy and economic growth.The study found that the financial policy through the material and technology of two section path effect on economic development,and financial policy in science and technology innovation path to the economic growth of the biggest impact,the impact is less than the material capital path of technological innovation path,the path of human capital,financial policy impact penetration effect is not obviousFinally,the article from the empirical conclusion,and puts forward several policy Suggestions:establish Policy-based finance laws and regulations to Improve don't understand the policy financial definition and don't understand the policy financial essence understanding;Continue to support infrastructure and other areas of national strategic industry,to promote the orderly and healthy development of the economic structureadjustment and stable growth;Science and technology innovation has a strong impact on economic growth in a period of time,to enhance scientific and technological innovation in the field of investment,create scientific research fund loan project,set up a scientific risk security mechanism;Resource allocation imbalance in order to prevent the policy financial institution,the need for regulatory policy financial institutions,to avoid the policy finance with the "policy" coat,"kidnapping" show hidden advantage policy finance,commercial purpose,cause the waste of resources.