Research On Effect Of Social Financing Scale And Structure To Economic Growth

As a multi-channel and full-caliber statistical index,the scale of social financingrepresents not only the financial situation of various financing channels in the financial system,but also the important measures of macro-control in China,monetary policy adjustment and financial risk supervision.It reflects the whole source of funds obtained through financial market channels in the development of real economy,and has vital value for the development of real economy,regional cooperation and financing of small and medium-sized enterprises.In recent years,the interrelationship between financial development and economic growth has been widely held by theory and academic circles,and the size and structure of social financing have gradually affected every aspect of the development of real economy in China.Therefore,to explore the impact of social financing scale and its structure on economic growth,and to compare that impact of the four regions in the east,middle,west and northeast,not only can enrich the theory of social financing scale and structure influencing economic growth,but also provide a new perspective for the formulation and implementation of relevant policy recommendations for regional economic growth in China.This paper combed the past literature and theory of social financing scale and structure affecting the economic growth.And on the basis,from the two aspects of the social financing scale and structure,this paper discusses the role of social financing scale and structure on economic growth,and puts forward the corresponding theoretical hypothesis that social financing scale has a positive promoting effect on economic growth,different financing modes have different effects on real economic growth and different financing forms of different regions have different contribution to real economy growth.In order to validate the above assumptions,31 provinces in China are divided into four regions in east,middle and west and northeast,and then the role of social financing scale and structure of the four regions in the economic growth is analyzed by establishing the static panel regression model based on the provincial panel data of the regions published by the central bank from the fourth quarter of 2013 to the third quarter of 2017.The empirical results validate the previous theoretical assumptions.Firstly,the scale of social financing in the four regions of east,middle,west and northeast has a significant positive promoting effect on economic growth;Secondly,different financing ways have different effect and extent on the effect of solid economic growth;Finally,various financing forms of different regions have different contributions to the growth of real economy,and this paper find out the most effective financing forms for each region to promote economic growth.Based on the above conclusions,this paper puts forward some corresponding policy suggestions based on the national conditions.First,deepen financial reform and balance the allocation of financial resources between regions.Secondly,improve the financing structure and insist on the financial service solid economy;Finally,we should strengthen risk supervision and improve our ability to prevent and defuse systemic financial risks.This paper is full of innovation at the research idea of dividing areas and differentiating indexes,but there is still some deficiencies in empirical methods that tend to be conservative.In the future,with the improvement of the statistical indicators completing by supervision department and other professional institutions and the development of frontier econometrics,the research on the relationship between social financing scale and economic growth will have a deeper level of exploration,which will have a reference significance to the development of regional economy in China.