Estimate And Ascension About Financial Efficiency In Zhejiang Province

In recent years,confronting the recession pressure from the national economic,Zhejiang Province has worked a lot to hold the growth,promote the transformation,push the reform,encourage the innovation,fight the pollution and improve the people's livelihood to adapt to the New Normal.Under this background,Zhejiang's economic has steadied its steps and the structure is oriented better way.Financial industry has been playing a more and more important key role in Zhejiang's economic,and drawn accumulating attention from the government.The national financial environment is changing sharply,with the traits of internet finance rising,financial risk gathering and financial reform speeding.To guard the fruit and cultivate the better,it might be necessary to make an estimate about financial efficiency in Zhejiang Province and explore a way of ascension.Based on the theory of financial ecology,the paper has explained how the financial ecological environment working on the financial efficiency and made sure the ascensive path of financial efficiency though the financial ecological environment.Then,utilizing DEA and Malmquist method,this paper has estimated the static and dynamical financial efficiency in Zhejiang province from 2005 to 2015,by including the data of Shenzhen,Beijing,Shanghai and Hongkong,which made a review of the past and current financial state in Zhejiang or its potential problems.The review has catched sight of that,the trend of financial efficiency in Zhejiang was rising with a strong catch-up effect,but it still keeps a clear gap with Shenzhen and Hongkong,and meanwhile the Internet Finance originated from Zhejiang might failed to remove the gap or even broadened.In the next part,this paper has selected the data of 63 county-level districts in the same yeas of Zhejiang as samples.Based on the samples,the work what has been done is as following:the first is to measure the each index of financial ecological environment by factor analysis and the second is to calculate the influential degree of the financial ecological environment to financial efficiency by a regression analysis of GMM.The discovery is listed:there may be a U shape relationship between economic basic and financial efficiency,the open effect and credit environment performs weakly to support the financial efficiency,government intervention may has dragged the its development,and the internet environment,especially the popularization of mobile internet has played an important role to the ascension of financial efficiency in Zhejiang.Finally,the paper has talked about the ascensive path of financial efficiency in Zhejiang from five aspects which are economic basic,opening degree,credit environment,government intervention and internet finance,and provided the proposals just like taking advantages of B&R to elevate the financial open level,intensifying the superior internet finance basic to catalyze the marvellous innovations and so on.At the end of the article,the entire article was reviewed.Then,based on the latest developments,the prospect of Zhejiang's financial development led by blockchain technology was given.