China's Regional Financing Structure Difference Impact On Regional Economic Growth

China's financial reform has entered a crucial stage,the economic growth has became slowwing down,The stock market boom and slump in 2015,the real estate bubble has become more hard in 2016,The RMB to join the SDR makes domestic currency faces huge downward pressure.The government has stable domestic economic situation,and promote the reform of the supply side to get the increase of regional innovative enterprise capital.Perfecting the financial market is becoming perfecting.In the form of positive,the bond market,the stock market,and rapidly developed shadow banking,enterprise financing channel width,present a tendency of diversification of financing structure.But the current our country's financial system to Banks and other financial institutions as the core,the credit financing in social financing scale still occupy high proportion.Financial industry is developing rapidly,the allocation of resources efficiency is significantly increased,markedly enhance its capability to serve the real economy,but domestic regional economic growth difference is larger,the difference between social financing structure and enterprise scale is still very obvious,making financial reform in the ice-breaking trip difficult.2015 national statistical yearbook data show:social financing scale fast growth,and at the same time,the financial structure is diverse development,expanding the proportion of direct financing,and the capital markets activity get enhancement,making an obvious effect in social financing activities.But the differentiation of financing structure on the effect of different regional economic growth remains to be research significantly.This article autonomous region,municipality directly under the central government's quarterly financing scale of regional economic growth empirical analysis of the effect,the empirical results fully show different financing structure and regional economic development,through to the national 31 provinces.In economically developed areas,especially in central and eastern regions,equity financing effect on economic growth is the largest,significantly higher than the Midwest,and in the western region,the economic growth mainly depends on the role of credit support.In the process of empirical test,I take the provincial financing structure in the different ways of financing in the financing amount of quarterly increment as describe the structure of financing structure on economicindicators.I use different ways to test GDP growth cointegration with of financing scale.The empirical results show that the influence of different provinces and the financing way of regional economic growth obvious differences,western province credit support effect is obvious,equity financing effect is small,in the eastern province of the whole well present the opposite effect.This article involves the financing structure is a macro concept,and refers to a variety of financing size composition and proportion.According to the article mentality,this paper mainly includes four parts,First,the article start with the perspective of economic growth theory,the system carding predecessors' research in theory and empirical aspects,and combing the previous research in theory and empirical aspects.Second,isscuss interaction between the financing structure and economic growth present situation.Third,on VECM model we analysis in different regions the effectiveness of financing way to the regional economic growth,and show the relationship through the cointegration equation.Four,in the front of the basis of theory and empirical analysis,I proposed to coordinate the balanced development of regional economy,and eliminate the differences between the favorable policy.