Theoretical And Empirical Research On The Efficiency Of Regional Financial Resource Allocation In My Country

The report of the 19 th CPC National Congress pointed out: "Our country's economy has shifted from a high-speed growth stage to a high-quality development stage.It is now in the period of changing the development mode,optimizing the economic structure,and transforming the growth momentum.And the construction of a modern economic system is an urgent requirement to cross the juncture and the strategic objectives of China's development.While finance is the core of the economy,the efficiency of the allocation of financial resources directly affects the development of the economy.Improving the efficiency of regional financial resources allocation will helping to promote the transformation of China's economic development model.Therefore,it is necessary to study the problem of the allocation of financial resources in China.At present,domestic research samples on this topic are mainly aimed at the national level and regional level.Among them,there are many studies on the efficiency of financial resource allocation within and among the three major regions of the central,eastern and western regions.However,there are few literatures that use the three-phase DEA model to measure the resource allocation efficiency in the three regions.This article puts forward the research perspective of this paper by sorting out the related theory of "financial resources allocation",which measuring the problem of financial resources allocation from the efficiency level.According to the regional characteristics of our country,we will study the current situation of the allocation of financial resources within and across the three major regions.Then,according to the actual situation of the region,a three-phase DEA model is selected to conduct a major empirical analysis,and calculations are conducted under conditions of variable returns to scale.Then calculate the efficiency of financial resources allocation in 31 provinces,municipalities and districts in China in 2016.The empirical results show that the efficiency of financial resources allocation in individual provinces is at the frontier of production.Therefore,Tobit regression analysis is used to calculate the efficiency of regional financial resources in the context of variable returns to scale and the impact of external environmental variables on the efficiency of financial resource allocation,and based on empirical results,analyze the causes of the regional financial resources.Through the above research,this paper draws the following conclusions:First,the status quo of financial resources allocation.The scale of financial resources in the three major regions of China has increased year by year.The proportion of financial resources in the central and western regions has been increasing year by year.The proportion of financial resources in the eastern region has been decreasing year by year,but it still has more than 60 % resources.The distribution of financial resources in the internal provinces of the central region is relatively average compared with the eastern and western regions.Corresponding to the internal economic development level.The distribution of financial resources in provinces within the eastern and western region is divided by two levels,and the proportion of the ratio is corresponding to the level of economic development,and the proportion of the ratio is corresponding to the level of economic development.Second,the efficiency of financial resources allocation.The overall allocation efficiency in the central area is relatively low.Even after eliminating the influence of environmental factors,there is no phenomenon of super-efficiency.The difference in internal allocation efficiency is not significant.The overall deployment efficiency of the eastern region is moderate,and the efficiency of individual provinces is in production.On the frontier,the efficiency of internal allocation is not balanced;the overall configuration efficiency of the western region is the highest,and there is also a phenomenon of super-efficiency,and its internal configuration efficiency is not balanced.Third,the reasons for the differences in regional financial resource allocation efficiency.The overall economic development level in the central region is relatively even.The level is middle in the country,and the overall financial resources are in a net outflow.The external environment of financial markets in most provinces is still in the development stage,affecting the most important reason for the size of its internal financial resources allocation efficiency is the degree of the proportion of the tertiary industry.Within the eastern region there is a large difference in economic development level,and the loss of financial resources is the most,but the overall economic level is still leading the country.The external environment of the financial market is also superior to the central and western regions.The main reason for affecting its internal financial resources is the high and low efficiency of the use of financial resources.The low level of economic development in the western region,the internal economic development level is quite different,the financial resources are in a net inflow state,and the development level of the financial market is relatively poor.The main reason affecting the efficiency of its internal financial resources allocation is the degree of local government intervention in the financial market.Its high level of financial resource allocation efficiency shows that the role of the government in the development of backward areas cannot be ignored.This study proposes policies to improve the efficiency of regional financial resources allocation:(1)Exerting regional advantages,narrowing regional differences,(2)optimizing the industrial structure and adapting it to local conditions,(3)controlling government intervention reasonably.Special points pointed out that the various regions should focus on improving their own financial resources allocation efficiency policies: the central region should focus on improving the economic structure.The eastern region will mainly improve the current imbalance in the level of internal economic development,and radiate its advantageous resources to promote the development of the central and western regions,then maintain and gradually increase the efficiency of the use of financial resources.While the western region,under the premise of relying on government intervention,changes the mode of economic development and gradually reduces its dependence on the government.