| As a large developing country, China's financial development and economic development is faced with the practical problems of optimization of regional structure; and to promote China's reform and urbanization requires a lot of financial resources, which is meant that China's economic development is still faced with the problem of increasing the total amount of regional financial support. Meanwhile, we also faced with the problem to promote the accordance between financial capital and industrial capital. Therefore, important theoretical and practical significance is reflected in study on the regional financial support. This paper based on previous studies, proposes the important research topic of regional financial support. This article is in accordance with the regional financial theory, regional financial development theory and China's regional economic development practice, try to set up the regional financial support framework including theoretical research, empirical analysis and countermeasures. In the major strategic context of regional economic coordinated development, this article will explore how to plan regional financial development, enhance regional financial support capacity and promote the coordinated development of regional economy.The full text is divided into 7 parts:Chapter 1, introduction. This chapter describes the research background and significance, illustrates the significance of study on China's regional financial support, describes the recent status, explains the shortcomings of previous studies and what will be done; illustrates the research methods, innovations and weaknesses in this paper.Chapter 2, summary of relevant theories. This chapter introduces the theory of regional economic development and strategic thinking, expounds the significant impact of regional economic development theory and regional economic development strategy. Then, this chapter systematically combs the financial deepening theory, financial structure theory and financial constraints theory, pointes out the shortcomings, proposes the scope of this study and clears the importance of this article.Chapter 3, the content, characteristics and core problem faced of the regional financial support. This chapter defines the content of the regional financial support, studies the characteristics and the core problem faced of the regional financial support. This chapter presents the connotation of the regional financial support. Regional financial support is the sum of all financial activities provided to promote the regional economic development through the development of the financial institutions and financial markets within certain areas. It is performance in support on regional economic growth and regional economic restructuring. Its subject is central and local governments, its vector is the regional financial institutions and the financial markets; its object is the regional economy. It shows three characteristics as follows: non-independence of the regional monetary policy, limited and part of initiative features in deployment of financial resources by region, game features between central and local governments and game features among all the local government. Its core problem is the inadequacy in the total and the imbalance in the structure of regional financial support. Through these researches, the following studies are all around these three aspects. Therefore, this chapter is an important foundation for the following study.Chapter 4, the mechanism analysis of regional financial support. This chapter based on the connotation of the regional financial support, analysis the mechanism of regional financial support for economic growth with the AK model, proposes an important role in the matching between regional financial capital and industrial capital. Then, based on a two-sector model and the extended two-sector model, this chapter analysis the mechanism of regional financial support for regional economic restructuring, and studies the mechanism of regional financial support.Chapter 5, the empirical analysis of China's regional financial development and regional financial support. This chapter based on the core problem of regional financial support, establishes an index system that contains basic indexes, banking indexes, the securities and insurance indicators indexes, measures the differences of China's regional financial development level by using the principal component analysis in multivariate statistics method at first. The results are showed as follows: the level of the eastern region is the highest; the level of the central region is low compared, showing "central downfall" features; the level of the west region shows a strong imbalanced feature. Secondly, this paper using two methods analyses the trend of the differences in the regional financial development. The results are showed as follows: in the 1990-2008 years, China's regional financial development does not show the convergence characteristics, the trend of the gap is increasing especially after 2005. Finally, this chapter empirical analyses the China's regional financial support by using the panel data model. The results are showed as follows: financial support has an important role for regional economic development. It is reflected in the results that the coefficient of the financial support is positive in all regions. And the regional financial support shows greater differences among all the provinces and three regions. Then, this article further analyzes the problem combined with empirical results of regional financial development and regional financial support. The results are showed as follows: in the areas with low levels of financial development, the coefficient of financial support is large, which shows that there is great potential in the backward areas to promote regional economic development by developing regional financial activities; in the areas with high levels of financial development, the coefficient of financial support is small, which shows that the level of capital market development is high in developed regions, its has wider financial channels with higher proportion of direct financing through capital markets. Therefore, it is possible to develop the multi-level capital markets to provide better financial support for the regional economic development.Chapter 6, the institutional model of China's regional financial support and the experiences abroad. This chapter first reviews the history of China's regional financial institutional changes, which explains the differences of China's regional financial development. Based on the characteristics of the regional financial support, this chapter analyzes the institutional model of the China's regional financial support by a dynamic game model, which reveals the causes, mechanisms and the path that the government promotes the overall financial institutional changes. Finally, the chapter studies the institutional arrangements of foreign regional financial support arrangement, which proposes the revelation and the experience.Chapter 7, suggestions on China's regional financial support. This chapter puts forward some suggestions on how to promote regional financial coordination and how to improve the capacity of regional financial support. It includes several suggestions as follows: first, in terms of overall development strategy, we should develop an overall regional financial development strategic planning to plan and coordinate the regional financial development, we also should emphasize the focus on improving the regional financial support capacity in developed areas and backward areas, to promote the balance of regional financial support for the coordinated development of regional economy. Second, in terms of the total amount of financial support, we should effectively integrate the existing financial resources in the various regions, and further broaden the financial channels to provide better financial support for regional economic development. Third, in terms of the efficiency of fund utilization, we should improve the integration of financial capital and industrial capital to improve the utilization efficiency of regional financial resources to enhance the capacity of the regional financial support. Fourth, in the role of local government, we should further improve the functions of the regional government financial management sector to play a greater role in regional financial support.There are several possible innovations in this paper as follows:First, in the aspects of basic theory, based on previous studies, this paper proposes the regional financial support theory, which attempts to promote a step forward on the previous studies. This paper proposes the content, characteristics and core problems faced of the regional financial support, which clearly defines the scope of this study. Then, based on the content of regional financial support, this paper analyzes the mechanism of the regional financial support by model. The study is a tentative exploration for the developing of the basic theory. Based on the study of financial repression theory, financial structure theory and financial constraint theory, this paper points out the shortcomings of previous studies and proposes the regional financial support theory, which promote a step forward on the regional financial theory. Then, this paper analysis the mechanism of regional financial support for economic growth with the AK model, and analysis the mechanism of regional financial support for regional economic restructuring based on the two-sector model and the extended two-sector model, which improve the theoretical framework of regional financial support. Therefore, from the financial repression theory, the financial structure theory, the financial constraints theory to the regional financial support theory, this paper attempts to promote a step forward on the previous studies. From the content, characteristics and core problem faced of the regional financial support, to the mechanism of regional financial support for regional economic growth and restructuring, this paper studies the relationship between regional financial development and regional economic development, which is a tentative exploration of the study on the basic theory of regional financial and regional economic development.Second, in the empirical analysis of regional financial support, based on the core problems of regional financial support, this paper comprehensive uses the multivariate statistical methods and econometric methods, analyzes the problems combined with the regional financial development and regional financial support, which rational analyzes the realities of China's regional financial support, and receives a series of important empirical findings. Some of the innovations are reflected in the choosing and combination of the empirical analysis methods. In the empirical analysis in the level of financial development, the paper designs an index system with better representation and applicability to empirical analyze the financial development level of each region by using the principal component analysis method, which can be more comprehensive and accurate on the measure of the financial gap among the regions. In the empirical analysis of regional financial support, based on the panel data model, this paper use the regional financial development index to empirical test the regional financial support, combined with test results and evaluation results of financial development summarizes the important conclusions. Therefore, some of the innovations are reflected in the choosing and combination on the empirical analysis methods.Third, in the analysis of the institutional model of China's regional financial support, according to the characteristics of China's regional financial support, this paper analyzes the institutional model and the basic features of regional financial support by a dynamic game model, which get the mechanisms and the path of the government to promote financial market reform and overall financial institutional changes, which is a tentative innovation in the study of institutional model of China's regional financial support.There are also some problems to study further in this paper, such as the cross-regional flows of financial resources, regional financial structure, regional financial development, regional financial center, regional SME finance and rural finance, etc. These issues are very important for the regional financial support. But, since the restrictions of author's research lever and the view of the subject, this paper is not adequate to expand and discourse, which is possible to lead to some deficiencies in theoretical study, empirical analysis and countermeasures. In future work and study, I will continue to study on these issues to improve the theoretical framework of the regional financial support, and try to make a useful exploration on the study of China's regional financial development and regional economic development. |
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