The Impact Of Financial Structure Distortion On The Efficiency Of Capital Allocation

In reality,there are great differences in the actual financial structure of countries in the world,some countries belong to the market leading type,while some countries belong to the banking dominant type.Financial experts have different views on the role of these two financial structures,and the proportion of two different financial structures will affect the government’s formulation of industrial policies.Many scholars believe that the development of direct financing and indirect financing will affect the efficiency of capital allocation size,ultimately affect a country’s economic growth through the change of capital allocation efficiency,according to this view,this paper focuses on the relationship between financial structure and capital allocation efficiency,and provides a new perspective for the study of the relationship between financial structure with the economic growth.First of all,the development of financial factors in the economic growth of the role of the theory,and based on the literature on the financial structure of the system and introduces the effect on economic growth,and from the angle of theoretical analysis on the financial structure,financial structure,classification,index calculation and capital allocation efficiency concept,calculation method the definition for the later;to study the relationship between the distortion of finance structure and capital allocation efficiency provides the basis of theoretical and empirical research.Before the financial structure and capital allocation efficiency of the need to have a certain understanding of the development status of China’s financial market,so the status quo of the financial structure behind the development of China’s statistical description and feature definition;then applies the economic growth model to prove the existence of optimal financial structure and dynamic change of the optimal financial structure,followed by theory the analysis of financial structure distortion were discussed,and finally analyses the distortion of financial structure and capital allocation efficiency;the sixth chapter and the seventh chapter is an empirical study,calculated by the panel data of 31 provinces in our country,the optimal financial structure,distorted financial structure and capital allocation efficiency,through the regression model that changes the direction of the distorted capital allocation and financial institutions and on the contrary,on the basis of the financial structure of our country The deep relationship with the efficiency of capital allocation,through constructing a nonlinear model of capital allocation efficiency and financial structure,found that there is a relationship between the inverted U type nonlinear between capital allocation efficiency and financial structure,the impact of financial structure on capital allocation is nonlinear,so that in the capital allocation efficiency from the Perspective of the existing inspection the optimal financial structure,and found that adding external shocks in the financial structure and the efficiency of capital allocation in the nonlinear model variables will lead to mobile inverted U curve,which put forward a new perspective for the further research of optimal financial structure,the relationship between financial structure and economic growth more in-depth research;the eighth chapter main view a summary of the full text,and on the basis of summing up the development of our financial system and put forward reasonable suggestions for reform.