Research On The Influence Of Aggregate Financing To The Real Economy

The diversified financing needs of economic entities are the basis for the formation of multi-level capital markets.At present,China's financing system has developed to a new stage.In 2011,the People's Bank of China began to release relevant data on Aggregate Financing to the Real Economy.which basically reflected the financial system's support for the real economy.Based on Aggregate Financing to the Real Economy,it is of great practical significance to explore the impact of changes in the financing scale of different social financing methods on the growth of the real economy from the perspective of time and space,and further optimize the financing structure and enhance the economic ability of financial services in the new era.On the one hand,the paper uses the national quarterly data from 2002 to 2018,and uses the cointegration theory and the vector error correction model to analyze the long-term equilibrium relationship between the growth of real economy and the financing scale of direct financing and indirect financing,and the short-term relationship between variables.the study finds that the excessive growth of direct financing scale will bring uncertainty to the development of the real economy.Therefore,the reasonable control of the growth rate of Aggregate Financing to the Real Economy is the basis for the financing of the real economy.On the other hand,the spatial effect of changes in the size of direct financing and indirect financing on the development of the real economy were studied using quarterly data from 31 provinces in the country from 2014 to 2018.The study finds that China's direct financing and indirect financing have made important contributions to the coordinated development of regional real economy as a whole,and further clarified that excessive changes in the scale of direct financing may lead to excessive capital flow in different regions and industries.The number of financing and the quality of financing cannot be improved simultaneously,and the ability to directly finance the real economy will be weakened.Therefore,The spatial interaction effect of direct financing and indirect financing on the real economy can be utilized to improve the financing structure and financing environment that match the regional economic development,achieve chain growth among economic entities,and narrow regional development differences.The paper makes rational use of the scale of social financing,and extends the research on the impact of the financing scale of different financing methods on the real economy to the perspective of time and space.It reveals that the stable growth of Aggregate Financing to the Real Economy between different stages and different regions is an important condition for ensuring the growth of the real economy.It also further affirmed the practical significance of Aggregate Financing to the Real Economy and the importance of sound financing structure to economic development.With the improvement of the Aggregate Financing to the Real Economy data by the People's Bank of China,research on such issues can be further supplemented.