Analysis Of The Marginal Effect Of Financial Structure On Economic Growth In China

At present,China's economy is in the new normal.It's becoming more and more unsustainable to relying on extensive factor input and investment to achieve economic growth.China starts paying more attention to resource allocation efficiency.Different stages of economic development may require different financial structures to match.The financial structure plays an important role in the adjustment of industrial structure and the improvement of the efficiency of resource allocation.Therefore,it is of great theoretical and practical significance to study the marginal effect and evolution trend of financial structure on economic growth.This paper based on the perspective of the financial endogenous,studies the endogenous mechanism of the optimal financial structure and the evolution path of the financial structure by using the new classical economic growth model.On this basis,the empirical model between the financial structure and the economic growth is deduced,and the number of 30 provinces data in China in the past 2001-2016 years is used to the panel quantile regression model.Through the combination of theory and empirical analysis,the main conclusions are drawn from four aspects:(1)to improve the proportion of China's financial market in the financial system at the present stage is conducive to the promotion of economic growth;(2)the marginal effect of the financial structure evolves with the economic development,and the national level and the central and western regions of the financial marginal effect evolution path presents a inverted "U" feature,and the marginal evolution of the eastern financial structure is characterized by a positive "U" type;(3)the optimal financial structure may be closely related to the industrial structure of the economy,and the optimal financial structure is not solely dependent on the stage of economic development;(4)China's financial system is lack of efficiency.The lack of efficiency in the provision of financial services may be due to the fact that banks and other financial institutions are more biased towards state-owned and large enterprises in the delivery of credit funds.