The Reaearch On The Choice Of Goverment Behavior In The Allocation Of Credit Resources

The government's behavior has great impact on the allocation of credit resources.From mode of behavior,the government behavior is divided into direct intervention and indirect intervention.Direct intervention is manifested by the government takes compulsory administrative means to intervene in the credit decisions of banks,so that banks will lend more loans to state-owned enterprises.Indirect intervention is manifested by the government takes economic means and legal means to guide the effective allocation of bank credit resources,including policy guidance,system supply etc..At present,the credit market in China,the direct intervention of government has weaken the rule of legal protection and the competition in the banking sector,which results in an alternative mechanism in allocation of credit resources have an alternative mechanism.In brief,the inefficient distribution mechanism based on government-related enterprises,banks and enterprises leads a great amount of credit resources flow to sectors and regions with low performance and low output,brings a low performance configuration.Therefore,this paper studies the question of government behavior choice in credit resources,that is,whether direct intervention or indirect intervention has an important influence on the effective development of credit resource allocation.The first part of this paper includes the introductory part and the first chapter.The introduction part mainly includes the research origin,the research method and the relevant literature review both at home and abroad.The first chapter introduces the core concepts and the theoretical basis.The core concept mainly includes the choice of government behavior and the efficiency of credit resource allocation.The definition of two core concepts makes the research more targeted and effective.The theoretical basis of this paper mainly includes the relationship between government and market,legal theory of finance and credit rationing theory.The theoretical research can provide theoretical support for the next specific analysis.The second part is the second chapter of this article,mainly analyzes the development of credit resource allocation.The government behavior choice plays an important role in the allocation of credit resources,its direct intervention and indirect intervention have different effects on credit allocation.This part analyzes the government's direct intervention in bank credit decision-making,it reduces the efficiency of banks and weakens the legal protection,which lead to the inequality in credit resource allocation between the state-owned enterprises and private enterprises.Therefore,the private enterprises seek political connection to obtain political asylum,and ultimately lead the allocation of credit resources is no longer based on the principle of market efficiency but based on an alternative mechanism,that is,government-enterprise association,bank-enterprise association inefficiency principle.The third part is the third chapter of this article,based on the previous theoretical analysis,the auther puts forward the hypothesis and empirical test.The main hypothesis of this paper is: 1.Government intervention is negatively related to financial depth,the stronger the government intervention is,the worse of the financial depth.2.Government intervention is negatively related to bank efficiency,the stronger the government intervention is,the worse of the bank efficiency.Then the paper chooses the panel data of 30 provinces,autonomous regions and municipalities in China(excluding Tibet)from 2010 to 2014.The results show that the government direct intervention is not conducive to the effective of credit resources allocation.The specific manifestation is that the government direct intervention is not conducive to financial development and it affects the efficiency of banks.The fourth part includs the fourth chapter and the research conclusion.Based on the perspectives of government and market,according to the previous analysis,the auther put forwards some relevant policy recommendations.First,reduce government direct intervention,regulate government behavior.Second,promote the institutionalization and legalization of property rights.Third,clarify the boundaries of government and market.