Financing Coupling,Financing Efficiency And Economic Growth

Economic growth has always been a hot topic in our society.At present,China's economy is in the shifting period of declining growth rate,and has changed from high-speed growth to medium-high-speed growth.China's economy is huge,and the decline of economic growth will have considerable inertia.In order to avoid entering the middle-income trap,economic growth will be shifted from frequently breaking the upper limit in the past to keeping the lower limit.So how to maintain medium to high speed growth of China's economy becomes very important.Economic growth cannot be separated from the development of social enterprises,and the development of enterprises cannot be separated from the continuous financial support.Capital is the fundamental driving force of enterprise development.For modern enterprises,the company's own capital cannot geneally meet the needs of their future business development.Companies often need to raise funds through certain channels to expand the scale of production,in order to achieve a state of economies of scale suitable for enterprise operation.Financing is the way for enterprises to raise funds,wwhich has become a necessary means for the development of modem enterprises.Whether the financing channel is smooth or not and the cost is high or low are related to the activity of enterprises in our country,and are inextricably linked with China's economic growth.On the macro level,financing can be defined from two dimensions:scale and structure.The scale of financing presents intuitively and clearly from the numeric values of total social financing,and financing structure is the organic composition and proportion relationship among different financing channels.Financing channels can be divided into direct financing and indirect financing.Discussions on direct financing and indirect financing were once hot topics in academic circles.Many scholars have studied these two kinds of financing channels in the past,but most of them stay in the discussion of the advantages and disadvantages of direct and indirect financing channels and the proportion of the amount of channel financing.They have not quantitatively defined or analyzed the financing structure of various financing channels.Based on the definition of coupling phenomenon in physics,this paper extends and expands it,introduces the concept of "financing coupling",and uses the method of entropy to construct the index of financing coupling degree.On the basis of calculating the entropy weight and financing coupling degree of China,s inter-provincial financing channels,this paper uses Panel vector autoregression(PVAR)model to empirically analyze the relationship and dynamic effects among financing coupling,financing scale and economic growth based on the inter-provincial panel data in China.This paper mainly uses theoretical analysis and empirical analysis comprehensively to explore the changing regularity of financing coupling,financing scale and economic growth,as well as the correlation among the three.From the perspective of analyzing the reasons,this paper explores whether the financing coupling is the cause of economic growth changes,and whether the financing scale is the cause of financing coupling and economic growth changes,as well as the way of influence among the three.Then this paper explains the relationship among the three and gives corresponding policy recommendations.This paper draws the following conclusions through empirical research:(1)the inter-provincial degree of financing coupling is not balanced,and the matching degree between the actual financing amount and the financing structure of the eastern,northeastern,midwestern regions decreases in turn;(2)the financing coupling can significantly promote economic growth,while the increase of financing scale can indirectly promote economic growth by improving the degree of financing coupling.However,economic growth has an adverse effect on financing coupling.Therefore,local governments should continuously improve the financing environment,promote the sustainable economic growth by improving the degree of financing coupling,optimizing the financing scale and diversifying the financing channels.At the same time,local governments should adjust the financing structure dynamically to reduce the inhibitory effect of economic growth on financing coupling.This paper chooses the unique perspective of financing coupling.Although there are plenty of writings about the relationship between financing structure and economic growth at home and abroad,most of these studies focus on the macro-comparison of direct financing and indirect financing between countries or regions in a country.The studies they have done seldom regarded the financing structure on the regional level from medium perspective or furtherly subdivided channels for quantitative analysis.On the one hand,it is undoubtedly due to the complexity of mesoscopic data collection and processing,on the other hand,it is related to the principle of coupling among different finaneing channels,Which increases the difficulty of theoretical research and empirical analysis.This paper makes a bold attempt in the study of regional financing structure without avoiding difficLilties.Although it cannot be perfect,this paper still draws some conclusions with theoretical significance and application value.