Credit Investment And Industrial Fund Allocation Efficiency

As the core of the modern economy,finance has become an important tool for economic resource allocation and macroeconomic regulation.As an important carrier of finance,credit funds will play an increasingly important role in the allocation of economic resources and macroeconomic regulation.The allocation level of resource can be measured by efficiency.The efficiency of allocation is high,which indicates that credit resources flow to industry with higher value creativity,thus enhancing the productivity of the whole industry.Because of the profit seeking characteristics,as time goes on the credit funds will flow the low profit industries to the highly profitable industries,thus resulting the efficiency differences of credit funds allocation among different industries.The flow of credit funds and the difference in industry allocation will have a greater impact on the sustainable development of economy.Therefore,the analysis of credit investment and the efficiency of industry fund allocation not only have a great significance to the monetary policy formulation but also to the adjustment of industrial policies and the realization of sustainable economic growth.This paper using the credit industry fund data from 2011 to 2015 and the data envelopment analysis(DEA)model has an empirical research on the credit funds allocation of Qingdao,and also analyzes the allocation efficiency difference in various industries of credit funds.(1)The allocation efficiency of credit funds is on the rise.In terms of efficiency,construction business,wholesale and retail,accommodation and catering were the fastest,and in the year of 2014 and 2015 they were all at their best value.(2)The allocation efficiency of industry credit funds has been rising slowly in the past 2011-2015,but it is still in a backward position compared to other industries.Due to the overcapacity such as steel and coal,the industrial credit funds allocation efficiency has been at a low level.The technical efficiency of water conservancy,environment and public facilities management industry value is the lowest,which are mainly dominated by the government public utilities,mainly to the basic livelihood function and no hard constraints on industrial added value.(3)The pure technical efficiency of industrial information transmission,computer services and software industry,wholesale and retail,accommodation and catering industry have been 1 since the year of 2013,in which the credit funds have been fully utilized and output is better.The pure technical efficiency of the real estate industry,water conservancy environment and public facilities management industry has been low.