Study On The Impact Of Regional Financial Development On Real Economy Growth

A close relationship between financial development and economic growth has been studied extensively by many scholars;in recent years,academic research on finance and real economy has gradually increased.This is due to the importance of the real economy in the world after the financial crisis.It has returned to the real economy and promoted the development of industry,which has led to a wave of "re-industrialization".Our country also pays more attention to the real economy,which is one of the four key tasks,and puts forward the slogan that finance should serve the real economy.However,at present,China's financial development is developing at a relatively fast pace,with the continuous growth of credit and the gradual expansion of the financing scale.On the other hand,the real economic growth rate has gradually slowed down,the financing difficulties have not been alleviated,and the development of financial and real economy has not been coordinated.It doesn't seem to be a simple linear relationship.In addition,there is a clear gap in the development of real economy in various regions of China,and the level of financial development is different,the impact of finance on the real economy seems to have its own characteristics.Based on this,this paper constructs a comprehensive evaluation index system of financial development degree with provincial panel data,by examining the threshold effect of financial development on the real economy in China and the east,central and western regions,expected by estimating threshold value to quantify the nonlinear relationship,so as to analyze the impact of regional financial development on the real economy growth and put forward policy suggestions on the basis of in-depth analysis.The results show that:(1)there exists a "inverted s-type" nonlinear relationship between financial development and real economy growth,both nationally and regionally.So can't simply think that higher level of financial development can promote the real economy growth,financial development too fast or too slow is not conducive to real economic growth,only when they are in a coordinate interval,financial will have a promoting effect on the real economy.(2)Different levels of financial development have different impacts on the growth of the real economy and the direction of action is different,there are also differences between regions;Less than the first and larger than the second threshold value,the financial development have an adverse effect on the real economy,only between the threshold value,financial development can promote the real economy,which is in the state of harmonious development;Subregional perspective,no matter what is the level of development,the financial impact on the real economy of the eastern region is greater than that of the western region.and in the coordinated development phase,the financial development of the central region has the strongest effect on the real economy.(3)The coordination between financial development and real economic growth varies from region to region.The proportion of samples in the central and western regions in the coordinated development area is higher than that in the eastern region,especially in the central region.Therefore,China needs to implement the development strategy of differentiation,the eastern region focus on control coordination of financial and real economy development,ensure the coordinated development and gradually narrow the gap between regions;At the same time to strengthen the regional communication mechanism between finance and real economy,strengthen the financial system reform,perfect the financial system,to ensure that that fund can effectively flow to the required real economic sector and improve the overall coordination degree of financial and real economy so as to maximize the promotion effect of financial development on the growth of the real economy.