Evaluation Of Financial Resource Allocation Efficiency In Northwest China Under The Background Of Silk Road Economic Belt

The Silk Road Economic Belt initiative put forward by General Secretary Xi has clearly positioned the development direction of the Northwest China(five provinces).Taking the Silk Road Belt as an opportunity,the Pan-Northwest Economic Zone is constructed to promote the coordinated development of regional economy in the Northwest China.Therefore,this paper chooses the Northwest China as the research object.The purpose of this paper is to further explain the "dualistic" characteristics of financial development in Northwest China by evaluating and studying the efficiency of financial resources allocation in Northwest China.According to the current situation,efficiency and factors affecting efficiency of financial resources allocation in Northwest China,the paper puts forward countermeasures and suggestions to improve the efficiency of financial resources allocation in Northwest China,so as to guide the optimal allocation of financial resources.To achieve economic and financial integration,so as to promote sound and rapid economic development in Northwest China,and to help the economic and financial development of the whole western region.From the point of view of this article,first of all,through reading a large number of relevant literature,according to the theory of domestic and foreign scholars on financial resources,combined with the specific national conditions of our country,the financial resources are defined.Taking Northwest China as the research object,the time sample is 2006-2017,and the allocation status of financial resources is analyzed from the regional overall level and provincial level.Secondly,due to the requirement of DEA method for the number of indicators and decision-making units,this paper takes 11 provinces(except Tibet)in Western China as the sample,and uses three-stage DEA analysis method to analyze the allocation efficiency of financial resources in Northwest China(Shanxi,Gansu,Qinghai,Ningxia,Xinjiang)with a time span of 2006-2017.Thirdly,based on the combination of theory and practice,this paper uses spatial econometric analysis method to study the influencing factors of financial resource allocation efficiency in Northwest China,and makes a quantitative analysis of the main reasons for the differences in the efficiency of financial resource allocation in this region.Finally,this paper synthesizes the qualitative and quantitative research on the efficiency of financial resources allocation,and puts forward some countermeasures and suggestions to improve the efficiency of financial resources allocation in Northwest China.The results show that in the first stage of efficiency measurement,without considering the influence of external environmental factors and random errors,the efficiency of financial resources allocation in Northwest China is generally low,and mostly lower than the overall average value of the western region.The efficiency difference between the northwest regions is also large.Only Xinjiang is higher than the overall level of the western region,and the other four provinces are lower than the 11 provinces(cities)of the western region.In the second stage of efficiency analysis,through regression analysis of stochastic frontier model(SFA),it is found that the factors that have a significant impact on the efficiency of financial resources allocation in the western region,including external environment,stochastic error and internal management,have significant impact on the efficiency of financial resources allocation in the Northwest region,including G per capita.DP,added value of tertiary industry and fixed assets investment in financial industry play a positive role in promoting basic core financial resources,while disposable income of urban residents is a negative role;in the third stage of efficiency measurement,the efficiency values of western regions such as Northwest China have changed greatly after adjustment;spatial econometric analysis shows that there is spatial correlation in the efficiency of financial resources allocation in Northwest China.The spatial relationship between provinces and autonomous regions has become closer and strengthened;GDP per capita,financial deepening,human capital,openness,government expenditure and other variables also show a significant positive spillover effect on the efficiency of financial resource allocation,and have passed a significant test,while the industrial structure is negatively related to the efficiency of financial resource allocation,which shows that the Northwest China has a negative correlation with the efficiency of financial resource allocation.The industrial structure needs to be further optimized.Therefore,there are some problems in the allocation of financial resources in Northwest China,so we need to further put forward relevant countermeasures and suggestions to improve the efficiency of the allocation of financial resources.