The Credit Resource Allocation And Economic Growth

Nowadays,the existing financial field of China shows sustained growth in scale.However,the allocation optimization of financial resources is backward.This phenomenon obviously does not match the rapid development of China's economy.So,what is the distortion degree of China's credit resources allocation? How does the allocation affect China's economic growth? How can we explain the coexistence of inefficient credit allocation and rapid economic growth? These are the main problems studied in this paper.This paper gives the domestic and foreign literature review of credit resource allocation and its relationship with economic growth,as well as learning research methods.Establishes the endogenous economic growth model,and deduces the social output in the presence of distorted credit allocation or financial leakage respectively.The conclusion shows that the distorted credit allocation is not conducive to economic growth.However,financial leakage may partially mitigate the adverse effect.Combined with the actual situation,the internal mechanism is analyzed to propose the research hypothesis.Establishes the static effect panel model and the dynamic effect panel model;then respectively uses fixed effects and SysGMM for empirical test.Finally,the following conclusions can be drawn:(1)China's credit resource allocation has serious distortion,and its negative effect on economic growth is not significant.However,it will make the credit resources fail to play the expected role of stimulating economic development;(2)inefficient credit allocation will cause financial leakage which partially corrects the initial allocation efficiency of credit funds and indirectly promotes economic growth.However,the external uneconomic impact of this feedback effect is larger than its external economic impact.