Research On The Relationship Between The Allocation Efficency Of Fimancial Resources,the Changes Of TFP And The Economic Development

At present,China's economy is changing the way of development,optimizing the economic structure,transforming growth momentum,and striving to realize the transition from high speed to high quality development.In order to catch up with the western developed countries on the economic level,China needs to implement the two strategic measures,one is to maintain a certain growth rate,the other is to deepen reform,improve the quality of the economy.How to improve the quality of economic growth under the premise of maintaining the speed of economic growth? From the perspective of rational utilization of financial resources and improving the efficiency of output,this paper will study the relationship between the allocation efficiency of financial resources,total factor productivity,the speed of economic growth and the quality of economic growth,and put forward some suggestions for the healthy and stable development of the economy.The main research work of this paper is as follows:First,through the literature review,the relevant theoretical analysis is carried out.And then based on the generalized DEA model of panel data,the allocation efficiency of financial resources is calculated.Then,the changes of TFP are measured by two methods of random frontier analysis(SFA)and DEA-Malmquist index.And then the economic growth rate is divided into economic growth speed and the quality of economic growth,and the economic growth quality of each province is calculated by the factor analysis method.Finally,we use PVAR model to study the interaction between financial resource allocation efficiency,TFP change,economic growth rate and economic growth quality.The results show that:(1)the overall efficiency of financial resources allocation in China is on the rise,the allocation efficiency of financial resources in the eastern region is the highest,and the differences in the central and western regions are small.However,the average growth rate of the allocation efficiency of financial resources in the Eastern region is lower in recent years than in the middle and western regions,and presents a downward trend.It shows that the growth rate of the utilization of financial resources in the eastern region has reached the bottleneck stage.(2)the growth of TFP in China is on the rise as a whole.The growth rate of all elements in the eastern region is the fastest.Secondly,the total factor growth rate in the central region is larger than that in the western region;the technological progress in the eastern region is always higher than that in the central and western regions,the technological progress rate in the central region is the second and the west is the lowest.The variation of domain TFP is mainly due to technological progress.In the past two years,the technological progress in the central and western regions has been decreasing.This is also the main reason for the lack of TFP growth in the central and western regions.(3)the economic development of our country is measured by the speed of economic growth and the quality of economic growth.The quality of economic growth shows the "U" pattern in 2008 as the demarcation point in the period of investigation,and it has a significant upward trend in general.(4)the efficiency of financial resource allocation promotes the growth of TFP in the short term,but decreases with time.TFP can inhibit the quality of economic growth in the short term,while the long-term effect on the quality of economic growth is enhanced;economic growth rate inhibits the quality of economic growth during the period of investigation,and the speed of economic growth has the greatest contribution to the quality of economic growth.So at this stage,China should control the speed of economic growth,improve the rationality of financial resources allocation,promote the growth of TFP,and achieve economic slowdown and high quality development.At the same time,the study found that the pursuit of low speed and high quality economic growth can also "feed back" the rational allocation of financial resources and the growth of TFP,to achieve a benign cycle of economic development.