The Scale Of Social Financing And Its Impact On The Real Economic Growth In China

The scale of social financing as a measure of financial capital into the real economy,whether it will promote the growth of China's real economy?Secondly,in the East,central and western regions,the impact of the growth of the scale of social financing on the real economy is the same effect?In addition,the main components of the scale of social financing,the bank's loans,non-financial corporate equity financing,bond financing whether has also played a promoting role in the real economy growth?And whether the effects are the same in different regions?In order to answer the above questions,this paper will use China's 2001-2015 provincial panel data to study the relationship between the social financing scale and the real economy.There is an inherent problem between the scale of social financing and the development of the real economy,so this paper chooses the panel VAR,the first difference GMM,the system GMM.The panel VAR model is used to illustrate the relationship between the scale of social financing,fixed assets investment and GDP,based on the full sample data and the regional sample data.Secondly,using the first-order differential GMM,system GMM respectively for the full sample data and regional data analysis,attempts to use different methods to study the influence of social financing scale and real economic growth from different angles and dimensions.Furthermore,through the demonstration of the impact of the various components of the social financing on the real economy,trying to explain what kind of financing form of social financing is more conducive to the development of the real economy.The empirical results show that the scale of social financing in the full sample and the central and western regions will promote the development of the real economy.And the first difference GMM,the system GMM draws the same conclusion.At the same time,the panel VAR shows that the scale of social financing in the eastern region will promote the development of the real economy,but the conclusion of the system GMM is not significant.At the same time,the bank loans plays a significant role in promoting the development of the real economy,non-financial stock financing plays a positive role,in promoting the development of the real economy,but the Net financing of corporate bonds is not conductive to the development of the real economy.This shows that the bank loans and initial financing and incremental effect of stock market can promote the development of the real economy by increasing the marginal benefit per unit of capital and productivity.