Research On The Efficiency Of Financial Services Real Economy

In recent years,the sluggish recovery of the world economy and the declining profit margins of financial funds flowing to the real economy have led to the "idling of capital" and the increasingly prominent phenomenon of "shifting from real to imaginary" in finance.After the reform and opening up,China’s financial industry has developed from the traditional planned finance into a modern financial system with a complete range of categories and relatively complete functions,which has not only improved itself but also strongly supported the development of the real economy.However,there are still some problems.It is of great practical significance to measure the efficiency of financial support for the real economy,explore its main influencing factors,and draw relevant countermeasures and Suggestions.Firstly,based on the theory of technical efficiency,production function,Stochastic Frontier Analysis(SFA)and financial function,this paper defines the concept of efficiency of financial service real economy,investigates the mechanism of financial service real economy,and lays a theoretical foundation for the whole paper.Then,it analyzes the current situation and problems of China’s financial service real economy,and points out that there are mainly four problems as follows: first,China’s financial capital "from real to virtual" phenomenon is prominent;Second,small and micro enterprises "financing difficult financing expensive" problem still exists;Third,the construction and improvement of financing channels for the real economy need to be strengthened;Fourth,the level of financial sector opening to the outside world is low.On this basis,based on the provincial panel data of 2011-2017 in China,the efficiency evaluation model of the financial service real economy was constructed by using stochastic frontier analysis technology(SFA),and the efficiency value of 31 provinces(cities and districts)in 2011-2017 was calculated.Secondly,the trend analysis of the efficiency value is carried out,and the inter-provincial difference rate of the efficiency of the financial service real economy is calculated by using the calculation principle of "lorentz curve" and "gini coefficient".Then 8 variables were established from three aspects of financial industry,real economy and macro factors to analyze the influencing factors of efficiency and their interactions.The main conclusions are as follows: first,the efficiency of the financial service real economy in China is not high from 2011 to 2017,and the overall trend is downward.From 2015 to 2017,due to the improvement of the profit margin of the real economy,the efficiency value has a slight upward trend.Second,from 2011 to 2017,the inter-provincial difference in the efficiency of China’s financial service real economy is not large,but the overall trend is on the rise.Third,the deterioration of financial "disconnection from real to virtual" phenomenon is the main reason for the low efficiency and declining trend of China’s financial services real economy.Fourth,"informatization level","ownership structure","human capital level" and "financial supervision expenditure" have a positive effect on the efficiency of the financial service real economy to a certain extent,which can be appropriately improved to improve the efficiency.Fifth,influenced by the imperfection and instability of China’s direct financing market,the "proportion of direct financing" has no significant effect on the efficiency value.Finally,some Suggestions are put forward to improve the efficiency of financial service the real economy.The urgent task is to promote the rational flow of financial resources,prevent them from flowing into the real estate industry in large quantities and "idling" in the financial system,and reduce the financial capital from "real to virtual".The fundamental way is to promote the transformation and upgrading of the real economy and improve the competitiveness and profit margin of the real economy;Secondly,we can deepen the reform of the financial market,improve the level of financial supervision,open the financial sector wider to the outside world,and further improve the level of information technology and human capital.The main innovation of this paper lies in the optimization of the former index system,which finds out the main factors affecting the efficiency of the real economy of China’s financial services by constructing a relatively reasonable index system.Based on this,the corresponding countermeasures and Suggestions are put forward.