Research On Financial Support For Supply-Side Structural Reform

At present,as a systematic project,supply-side structural reform has become a major strategic policy for China's economic development.With the deepening of reform,China has entered a period of reform in which the scope of the reform is wide,the intensity is strong,and the influence is deep,which is quite meaningful and eye-catching.The supplyside structural reform is a thorough reform,which is different from the previous demand stimulates concept.Instead,it starts from the supply side,aiming at solving the new normal economic symptoms,identifying the economic development barriers,which is a good medicine to cure the current economic development pathology.The effectiveness of the reform is related to China's future economic development.In this process,there is no doubt that huge capital demand will be generated.Finance,as a strong promoter of supply-side reform,is an indispensable force pillar in the process of supply-side structural reform.However,how finance plays a role in supply-side structural reforms,how to quantify financial support and supply-side structural reforms,and how to measure the effectiveness of financial support supply-side reforms.This paper attempts to start from the perspective of financial support for supply-side factors(capital,technology,labor),take Henan Province as an example,and measures the financial support for supply-side structural from three aspects: financial support breadth(expressed in terms of financial added value),financial support strength(expressed in terms of indirect financing scale)and financial support efficiency(expressed in terms of direct financing scale),in order to analyze and answer the above questions.Based on this,the article is divided into six parts.The first part is the introduction.It analyzes the background of the topic,the significance of the research and the importance of the research.Based on the research status at home and abroad,it explores the breakthrough points of the research and draws up the research framework of the article.The second part is the theoretical basis.It mainly analyzes the supply-side structural reform and financial support connotation,and analyzes the supply-side reform and financial development theory to lay a theoretical foundation for the following research.The third part is the mechanism of financial support for the supply-side structural reform,mainly from the financial support for supply-side factors(capital,technology,labor),as a starting point for the study of the article.The fourth part focuses on the analysis of the status quo of financial support for the supplyside structural reform,mainly from the economic development status of Henan Province,the status quo of financial development and supply,and the financial support for science and technology,capital and labor,and analyzes the problems that finance plays in supporting the supply-side structural reform.The fifth part is the empirical analysis part.The VAR model is established from the three perspectives of capital,technology and labor to carry out Granger causality test,impulse response analysis and variance decomposition analysis.It is concluded that there is no relationship between the added value of the financial industry and the supply-side factor.There is a one-way Granger causal relationship between indirect financing and capital accumulation,also a one-way Granger causal relationship between direct financing and scientific and technological progress;Direct financing has a greater positive effect on capital accumulation and scientific and technological progress.The added value of financial industry and indirect financing have a lower contribution to capital accumulation and technological progress.It shows that direct financing in Henan Province plays a key role in the supply-side structural reform.The added value of the financial industry plays a lessive role in the supply-side structural reform,while the financial development has little effect on the labor growth,reflecting that there is still room for improvement in the support effect of the supply-side structural reform.The sixth part is the research conclusions and policy recommendations,mainly based on the status quo and existing problems of financial support for supply side structural reform,the financial support mechanism of supply-side structural reform and the financial support effect of empirical analysis,and put forward targeted suggestions of financial support for Henan Province's supply-side reform.