The Influence Mechanism And Empirical Analysis Of Informal Finance On Private Economy

Private economy is an important part of China's economy,playing an important role in absorbing employment and increasing social wealth.However,China's existing formal financial system provides far less support to private enterprise than to state-owned enterprises.The flexibility of private financial interest rate and the convenience of loan procedure,to some extent,alleviated the financing difficulties of private enterprises.Therefore,it is of great theoretical and practical significance to study the impact of China's informal finance on private economy and to evaluate the position and role of informal finance in promoting the development of private economy.To start with,we put forward the research ideas,contents and framework of this paper based on the domestic and foreign research on private finance and private economy.Secondly,on the basis of the fact investigation of the development of our country's informal finance and private economy,the paper analyzes the concept,development history,organizational form,risk characteristics and scale estimation methods of informal finance,and analyzes the development of private economic on the basis of financing and scale status.The third chapter of this paper,based on the theory of financial symbiosis,analyzes the formation of symbiotic relationship between private finance and private economy,and studies the impact of private financing to private economy,as well as its path and method,from the perspective of the transformation of financial mechanisms from private savings to private enterprises invest,and the support of private financing on private enterprises financing.In the fourth chapter,the non-linear panel smooth transition regression model(PSTR)is used to analyze the impact of informal finance on private economy.Finally,this paper puts forward some suggestions on how to develop informal finance and promote the development of private economy.This paper draws the following conclusions:(1)There is a symbiotic relationship between China's informal finance and private economy,manifesting as non-reciprocal reciprocal symbiosis model(2)The choice of financing object is different under different risk levels:high risk private enterprises,are more likely to choose informal finance as financing object(3)Under the repeated game between informal financial institutions and private enterprises,the social capital based on the social network of informal finance can prevent the moral hazard of private enterprises(4)The impact of informal finance scale on private economic performance shows non-linear threshold characteristics:after reaching the threshold,the elasticity of private economy's capital output over informal finance gets lower.