| From the initial proposal of "Hong Kong bay area" in the 1980 s,to the concept of "bay area" in the official document of "coordinated development planning for pearl river delta town clusters(2004-2020)" in 2005,to the initiation and notification of the development planning outline of Guangdong-Hong Kong-Macao Greater bay area issued by the CPC central committee and the state council on February 18,2019.The discussion on the Guangdong-Hong Kong-Macao Greater bay area has become a hot issue in China’s strategic planning and economic research.The Guangdong-Hong Kong-Macao Greater bay area has gathered China’s top research talents,abundant financial resources,multi-level industrial structure and open market environment.With unique geographical advantages,resource endowment and good development foundation,it will become one of the most important bay areas in the world.However,due to the differences in regional systems and mechanisms,the Guangdong-Hong Kong-Macao Greater bay area is also faced with the challenges of the free flow of financial elements and the lack of coordination in regional development because of the differences in the systems of Guangdong-Hong Kong-Macao.Therefore,it is more meaningful to study the financial resource allocation efficiency as an industry in the Guangdong-Hong Kong-Macao Greater bay area.Therefore,this paper combing and referring to the existing domestic and foreign financial resources and financial resource allocation efficiency related theories and research,first collected the Guangdong-Hong Kong-Macao Greater bay area financial data,the Guangdong-Hong Kong-Macao Greater bay area regional financial resource allocation situation is described;Secondly based on the characteristics of Guangdong-Hong Kong-Macao Greater bay area,adopts the DEA method of C ^ 2 R model and BC ^ 2 model for Guangdong-Hong Kong-Macao Greater bay area’s financial resources allocation efficiency are compared,and the measurement,assessment and then using the Malmquist index decomposition model to explore the influence factors of differences in financial resource allocation efficiency;Finally,this paper explores the policy Suggestions to improve the efficiency of financial resources allocation in the Guangdong-Hong Kong-Macao Greater bay area on the basis of qualitative and quantitative analysis,so as to provide a realistic basis for decision-makers to maintain the financial stability in the region and promote the coordinated development of financial resources in the Guangdong-Hong Kong-Macao Greater bay area.The research results of this paper show that: 1.The allocation efficiency of financial resources in the Guangdong-Hong Kong-Macao Greater bay area is not efficient,and the internal development is unbalanced,and there are great differences.2.The mismatch degree of financial resources in the Guangdong-Hong Kong-Macao Greater bay area is relatively high,and the input redundancy exists in seven regions including Guangzhou,that is,the output is insufficient at the current input level.3.The growth potential of the Guangdong-Hong Kong-Macao Greater bay area is strong.Except for the diminishing returns to scale of output in Guangzhou and Hong Kong,the returns to scale of output in other regions are increasing or unchanged.Based on the empirical conclusion and the analysis of the reasons,the following policy suggestions are put forward: define the development direction of functional complementarity,establish the mechanism system of coordination and connection,and open up the assistance channel of deep integration. |
