The Research On The Allocated Efficiency Of Credit Funds From The Perspective Of Spatial Economics

Since the reform and opening up and the rapid development of economy,the problem of income gap,serious environmental pollution and the enormous differences of the provincial economic development highlighted gradually.The allocation efficiency of resources is gradually lower.April 2017,the CPC Central Committee with the core of Xi Jinping decided to set up a national Xiongan District based on the adjustment of city layout and spatial structure perspective,reflecting the gravely concern of China's senior leaders to the spatial layout and the narrowing the economic gap.According to the problem of provincial economic development gap and the low credit funds allocation inefficiency,this paper try to study credit allocation with the perspective of economics.Based on the Jeffrey Wurgler(2000)model and using the data of credit scale and economic development scale of 31 provinces in China from 2000 to 2016,this paper found that the credit funds allocation in our country for the overall is 1.216 with the analysis of panel fixed effect model and variable coefficient model.The capital allocation efficiency of the highest district Beijing City is 2.181.The capital allocation efficiency of the lowest district Hunan Province is 0.824.It is worth noting that the total amount of credit funds in Shandong province is low but the credit funds allocation efficiency is high,the total amount of credit funds in Guangdong is high but the credit capital allocation efficiency is low.The distribution of the credit allocation efficiency is not convergent to the total amount of credit funds.This shows that the total amount of credit funds is not necessarily proportional to its allocation efficiency.The influence of the difference between geography space on the allocation efficiency of credit funds is also very important.This paper carried out spatial correlation test on capital allocation efficiency of China's credit,found that there are obvious spatial agglomeration effect.The Moran s I index value is 0.258 which is significant at the level of 1%.Guangdong is in the low-low agglomeration type.Xinjiang,Tibet and Qinghai is in the high-high agglomeration type.Shanxi is in the high low agglomeration type.Further based on the perspective of spatial economics and capital flow.Empirical studied the influence factors of the efficiency of credit funds allocation.Finding that the efficiency of credit capital allocation in China has significant spatial error effect and the positive effect of the influence factor of the efficiency of credit capital allocation in local area and adjacent areas.Regional credit,stock market capital inflows,the initial level of economic development and the number of financial institutions outlets have a significant positive effect.The influence of local government,the number of financial institutions outlets showed a significant negative effect.The number of employees of financial institutions is not significant.According to theoretical analysis and empirical results,this paper proposed policy suggestions to improve the efficiency of credit capital allocation efficiency to the aspects of optimize the allocation of credit resources and space layout.It is remove geographical exclusion,encourage financial innovation,rational distribution of financial institutions,promote the healthy operation of enterprises,strengthen government services to guide the functionetc.