Research On The Influence Of Urban Credit On The Efficiency Of Financial Resources Allocation

As China's urbanization rate has risen remarkably,the scale of urban economy and the scale of financial resources have expanded rapidly,and cities are facing the problem of optimal allocation of financial resources.According to the experience of developed countries,the more economically developed countries and regions,the higher the dependence on credit.And finance itself is a product of high credit development,and credit level and financial resource allocation efficiency have a great impact.The existing research mainly focuses on the study of the efficiency of financial resource allocation and the field of influencing factors or the relationship between credit and economic development.Few scholars have combined the two to study.Therefore,this paper will focus on the impact of urban credit on the allocation efficiency of financial resources,and consider the differences between cities to conduct sub-regional research on cities.This paper firstly uses the DEA model to build relevant indicators based on the fiscal expenditures,the number of listed companies,and the loan balance of 31 provincial capitals or municipalities in China from 2011 to 2016,and measure the efficiency of urban financial resource allocation in China.For the measurement of urban credit environment,this paper selects the 2011-2016 China Urban Commercial Credit Environment Index(CEI).It can also comprehensively evaluate the perfection and operational effects of the social credit system in each city(prefecture-level cities),the local market economy credit environment,and the city's integrity and ethics.After analyzing the structural characteristics of urban credit environment and financial resource allocation efficiency.Then,with the panel regression model,the impact of urban credit on the allocation efficiency of urban financial resources is examined in detail from the perspective of overall and different types of cities and regional differences.The measurement results of urban financial resource allocation efficiency show that,overall,China's financial resource allocation efficiency shows a steady upward trend,but the efficiency of financial resource allocation between cities is quite different.The efficiency of financial resource allocation in provincial cities is always higher than that in prefecture-level cities.The efficiency of financial resource allocation in eastern cities is always higher than that in western and central cities.There is no significant difference between the efficiency of financial resource allocation in western cities and the efficiency of financial resources allocation in central cities.The empirical results show that there is no simple linear relationship between urban credit and urban financial resource allocation efficiency.At the same time,in different types of cities,this effect is quite different.First of all,from the overall perspective,there is a significant inverted U-shaped relationship between urban credit and urban financial resource allocation efficiency.Distinguishing between provincial and prefecture-level cities,urban credit has no significant impact on urban financial resources for provincial capital cities,while there is a significant inverted U-shaped relationship between urban credit and urban financial resource allocation efficiency in prefecture-level cities.Distinguish between the central,eastern,and western regions,for eastern cities,credit has no significant impact on the efficiency of urban financial resource allocation.For western and central cities,there is a significant inverted U-shaped relationship between urban credit and urban financial resource allocation efficiency.Finally,based on the above analysis results,this paper believes that in order to improve the efficiency of urban financial resource allocation,relevant departments need to adapt to local conditions when formulating relevant urban construction policies.On the one hand,the government needs to take the opportunity to promote the positive effect of urban credit on the efficiency of urban financial resource allocation.On the other hand,it needs to pay attention to the negative impact of over-exploitation of urban credit on the efficiency of urban financial resource allocation.The city should be prevented from making too many speculative investments through the financial funds obtained from credit leverage,without actually investing in the real economy.