A Study On The Influence Mechanism Of Structural Leverage Difference On The Economic Growth Of Yangtze River Economic Zone

With the rapid development of China's economy,the leverage level of various economic sectors has also increased significantly,which has a significant impact on economic growth.In the report of the 19 th National Congress of the Communist Party of China,it is pointed out that "to build a modern economic system,we must focus on the development of the real economy,take improving the quality of the supply system as the main direction of attack,and significantly enhance the quality advantage of China's economy." It can be seen that enhancing the quality of economic development is the main work of economic development at this stage.As a major national strategic development region,the economic growth mode of the Yangtze River economic zone has a significant demonstration effect and leading role for national economic growth.It is very important to clarify the impact mechanism of structural leverage difference on economic growth of the Yangtze River economic zone.In order to clarify the different components of the leverage ratio of the residential sector,banking financial sector and non-financial enterprise sector in the Yangtze River economic zone,the current situation of the leverage ratio level of each economic sector,and the impact mechanism of structural leverage difference on each economic sector,this paper based on the balance panel data of 11 provinces and cities in the Yangtze River economic zone from 2000 to 2018.By combing the research results of the relationship between leverage and economic growth at home and abroad,the dynamic stochastic general equilibrium model is expanded,and the level of leverage is included in the dynamic stochastic general equilibrium model of residential sector,financial sector and enterprise sector.The significant relationship between the change of leverage and economic growth is confirmed by theoretical research.This paper forecasts the influence of leverage rate change of each economic sector on economic growth in the next five periods by impulse response model.The results show that: the leverage rate change of banking financial sector has the greatest influence on per capita GDP growth rate of Shanghai,Hubei and Chongqing;the leverage rate change of non-financial enterprises has the greatest influence on per capita GDP growth rate of Shanghai,Hubei,Chongqing and Sichuan;the leverage rate of residential sector The change has the greatest impact on the growth rate of per capita GDP in Shanghai,Hubei,Chongqing and Jiangxi.In the further study of the impact mechanism of structural leverage difference to economic growth,this paper constructs a comprehensive FGLS regression model,threshold model and interaction effect model.The research structure shows that the leverage ratio of banking financial sector has a significant negative impact on economic growth,the leverage ratio of non-financial enterprises has a significant positive impact on economic growth,and the leverage ratio of residential sector has a significant positive impact on economic growth,which provides the governance direction for the structural deleveraging carried out in China at this stage;the economic growth rate of the Yangtze River economic zone shows significant Before 2012,the economic growth rate increased year by year,but after 2012,the economic growth rate of provinces and cities in the Yangtze River economic zone began to decline,and the economic development showed a downward trend.In the further study,personal disposable income has great influence on economic growth.In the threshold model analysis,personal disposable income has double threshold effect on leverage ratio of banking financial sector,personal disposable income has double threshold effect on leverage ratio of non-financial enterprises,and personal disposable income has single threshold effect on leverage ratio of residential sector,and the results of interaction effect model also show that the interaction effect between individual disposable income and economic sectors is very significant.Finally,this paper tests the robustness by changing the explained variables and using the instrumental variables.The regression results are consistent with the previous,and the research results are reliable.Through the research on the influence mechanism of structural leverage difference on economic growth,it is beneficial to clarify the direction of quality transformation,it is beneficial to clarify the optimization of economic structure,and it is beneficial to clarify the transformation of economic growth power in the Yangtze River economic zone,it is conducive to the long-term economic development of the Yangtze River Economic Belt.