Research On The Impact Of Financial Resource Allocation Efficiency On Economic Growth

Scholars at home and abroad have been focusing on the relationship between finance and economy.With the increasing proportion of the tertiary industry in the national economy,the position of the financial industry in the economy is increasing.China is dominated by indirect financing.Credit resources occupy a considerable part of financial resources and play a pivotal role.Whether the resource allocation of financial intermediaries is reasonable is related to economic development.Therefore,it is of great significance to study the impact of the allocation of financial resources on China's economic growth.This article consists of five parts: The first part gives a theoretical overview of the topics covered in this article by studying the existing literature;the second part analyzes how the allocation of financial resources affects the path of economic growth;the third part analyzes social financing The scale and proportion of its composition,the allocation of credit resources in various regions,and the status of economic growth;the fourth part is the empirical part,using data from a total of 31 provinces in eastern,central and western China to establish a two-way fixed effect panel model Hausmann test,regional heterogeneity regression and analysis of impact mechanism;the fifth part proposes suggestions based on the current situation and empirical results.Through empirical analysis,the following conclusions are obtained: First,from the overall analysis,based on controlling a series of variables such as industrial structure,per capita education level,capital formation rate,and government expenditure level,and using stepwise regression,the results show that The efficiency of financial resource allocation can significantly promote economic growth.Secondly,from the perspective of heterogeneity regression,the impact of the efficiency of financial resource allocation on economic growth has shown a significant promotion effect in the central and western regions,and failed to pass the significance test in the eastern region.The regression results of the control variables show that increasing the proportion of the added value of the secondary and tertiary industries to GDP and thelevel of per capita education,the increase in investment expenditure and government expenditure have a positive effect on economic growth in the western region,compared with the eastern region.Only the industrial structure factor and the per capita education level factor play a role in the region,and the central region has more capital formation rate factors than the eastern region.Thirdly,further research finds that the promotion effect of the efficiency of financial resource allocation on economic growth is transmitted through the intermediary variable of the level of financial development.Improving the level of financial development can promote the growth of the financial industry and the economy.