A Study On The Output Efficiency Of China 's Financing Structure

In the context of economic transition, this paper mainly studies the efficiency of economic growth of financial structure and the difference of the different regional markets of the financing efficiency to explore the current trends of Chinese macro financial structure arrangement. Through theoretical and empirical analysis, we find that although the financial structure theory shows that the optimal financial structure associated with capital resource and economic development mode, in a certain period of time there still exist different financing ways which influences on the economic growth. At present, in current China’s economic development mode, the economic growth efficiency of the direct financing system of the stock market financing and bond market financing is higher than bank credit. However, we also find that although in recent years the bond market financing efficiency of economic growth increases gradually, the bond financing in the capital stock proportion is not too high, otherwise it is not conducive to economic growth. In each region, the financing structure of the growth efficiency is differen, but it proves the conclusion of the Chinses financing system.Specifically, China’s economic system will continue to move in the direction of the market-oriented reform, the factors of production will be subject to market changes, including financial resources. Financial system in the context of market-oriented reforms, the financing structure will also be deep-seated changes occurred. The entire financial system will be more clearly. Banking, capital markets can choose a different area of investment according with their respective risk preferences, so they can mobilize social idle funds to help provide the financing needs of the different types of enterprises and industries. In this process, there is no single conclusion about the banks, the stock market and the bond market how to coordinate in order to better promote the economic development. In this paper, we study the research topic from the three angles of the research background, the finance market (bank credit, stock market and the bond market), as well as regional economic development status.In the context of economic transition, this paper studies the existing research literature respectively from the regional effects of financial development and financial structure. Through analysis we find that different development model have different optimal financial structures and different financial structure play the different economic efficiency. But the financial structure is main inspection from a macro perspective, mainly to reflect the differences in the micro-finance system. Therefore, in order to promote China’s economic restructuring, we try to study the financing structure to improve the efficiency of macro-economic growth.In the second chapter, in the basis of predecessors theoretical we construct a general equilibrium model to study the relationship between financial development and economic growth, and we also learn the dynamic changes affecting the financial structure of the differences in economic development that is based on the financial structure of the neoclassical growth model theory. This paper uses the IS-LM expansion model based on regional economic development elaborated different areas of economic growth. In the all, we lay the theoretical foundation for the full text of the empirical.In empirical analysis, this paper first uses a time-series empirical to study the relationship between the different proportion of the financing structure of capital stock and economic growth, and then uses the panel data to analysis the financing on the efficiency of economic growth. The study indicates that direct financing system has a higher efficiency of economic growth, but the bond financing accounted for the proportion of the capital stock should maintain a certain proportion. Further more, analysising of the regional effects of the financing structure, we also find that the conclusion still supports the full text of conclusions.Through theoretical and empirical analysis, we try to clarify how the financing structure affects the efficiency of economic growth, and we learn from risk preferences, investment options and industrial upgrading three angles for the reason. We find that the different economic efficiency of financing structure is because of the pursuiting of profit risk appetite, market selecting, economic efficiency differences, and the sensitivity of investment of the financing structure.Finally, this paper propose to actively promote the development of direct financing system, establish the multi-level capital market and appropriate control of bond financing in the proportion of capital accumulation; we encourage to use the direct financing market to promote industrial upgrading and the development of high-tech enterprises. At last we can promote economic growth and the transformation of policy recommendations.