Analysis Of The Influence Of Financial Intermediary Function On The Quality Of Economic Growth

This paper uses the differential GMM method to empirically study the impact of the development of financial intermediation on the quality of economic growth with provincial panel data as a sample.In terms of quality of economic growth,a number of evaluation indicators reflecting economic growth are combined into a quality index of economic growth and three categories of indicators by means of principal component analysis:economic growth efficiency,stability,and sustainability are used as explanatory variables.In terms of financial development,several key variables are selected as explanatory variables from the perspective of the size of financial intermediaries and the functions of fund absorption and lending.Firstly,empirical tests were conducted on the basic relationship between the development of financial intermediation and the quality of economic growth through the differential GMM model.Second,the introduction of capital account liberalization indicators will further explore the relationship between financial development and the quality of economic growth under the influence of capital account liberalization.Finally,on the basis of the above studies,based on the key characteristics of the capital intensity and the industry-level economic growth quality indicators,construct the economic growth quality and the structural indicators of the three categorical variables as new explanatory variables.Through the provincial panel data,we will further study the role of financial development in the dynamic evolution of the quality structure of economic growth.Among them,the research results of the role of financial development on the quality of economic growth show that the development of financial intermediaries has significantly improved the quality of economic growth.In terms of bank's ability to mobilize savings,mobilizing the overall savings capacity of society is positively related to the quality of economic growth.From the perspective of sub-channels,the ability to mobilize social capital has a positive effect on economic growth efficiency,but at the same time it will produce stability and sustainability of economic growth.Unfavorable influence;The empirical research results of residents' savings mobilization ability show that residents' savings mobilization ability has a negative influence on the quality of economic growth,and the sub-channels are mainly reflected in the negative effect on growth efficiency.In the allocation of credit resources,the conversion efficiency of bank's intermediary credit funds is positively related to the quality of economic growth.Among them,the conversion efficiency has a significant positive effect on growth efficiency and growth stability,and it does not contribute significantly to the sustainability of growth;the ability to allocate credit funds There is a significant positive impact on the quality of growth.From the point of view of sub-channels,the ability to allocate funds has a positive effect on economic growth efficiency,but it has an adverse effect on the stability of growth.The empirical results after joining the openness index of the capital account show that there is a significant negative effect on the economic growth efficiency under the capital account opening conditions,and there is no significant effect on the overall quality of economic growth.The probable reason is that,based on the current level of economic development,capital account liberalization will cause some potential capital outflows and adversely affect the efficiency of economic growth.However,due to the existence of China's capital account control policy,it may inhibit the possibility of large capital flows.Avoiding this kind of effect has a significant negative impact on the overall quality of economic growth.The study of the economic growth quality structure as an explanatory variable shows that at the current stage of China's economic and financial development level,financial intermediaries can significantly improve the industry's capital intensity structure and gradually evolve toward a high capital-intensive industry structure.Based on this,this paper proposes that we should promote the further development of financial intermediaries and the effective functioning of intermediary functions,accelerate the process of marketization of financial systems,encourage innovation of financial products targeting non-residents,properly relax capital adequacy ratio control,and increase the proportion of credit in non-state-owned sectors.It will help improve the quality of economic growth,but at the same time it must maintain prudent supervision over capital flows and strengthen the supervision of the social externalities that may arise in business operations so as to avoid threats to the stability of economic growth.