| The research on financial development has yielded a rich harvest under the framework of current financial theory, while there is still short of an effective approach to measure the statement of financial operation intuitively, fully and accurately. The current literatures mainly choose some financial indicators to measure financial development, such as scale of loans, number of financial institutes, transactions of financial markets, etc. there are always some shortcomings in such treatments because of the simplicity of these indicators. The main purpose of this paper is to find an effective method to measure the performance of finance system and try to construct a compound index of financial performance.Combining the characteristics of financial development and financial deepening, this paper proposes the concept of financial maturity firstly, constructs an indicator system to analyze financial maturity, and explores the compound index of maturity. Financial maturity defined in this paper is referred to the degree of financial improvement and performance in a country or a region, including growth of finance, degree of financial structure refinement and financial efficiency improvement. At last, this paper finds that financial maturity is a relative and regional concept, and the improvement of financial maturity is a dynamic process. There exist endogenous and exogenous modes of financial maturity progress. The basic road of developing countries to improve financial maturity lies in switching exogenous progress to endogenous progress. The evolvement of financial maturity is influenced by environments, especially economic, political and legal environments. There is positive externality effect of financial maturity, which will promote economic growth greatly. Furthermore, considering operational rule and life attributes of financial maturity, this paper think that it is a good choice to construct a compound index to measure financial maturity.This paper researches on the financial maturity from the angle of regional finance, combining with the regional unbalance of financial development. As a stylized representative of regional finance in China, Guangdong finance has made great progress with financial maturity improved continuously and been a decisive financial province. The main indicators of financial development in Guangdong province keep ahead in China with obvious advantages. From the point of view structure, the financial structure is refined constantly with right organizational and financial market structure. At the same time, some indicators, such as financial depth, financial asset structure, corporate financial structure and resident financial assets are much better than other provinces and cities. From the efficiency side, although the financial efficiency is increasing constantly, the overall situation is not good enough, furthermore Guangdong don't have evident advantages compared with other provinces. These situations indicate that Guangdong is not a province with great finance. The research of financial maturity movement further indicates that, the transformation of financial maturity in Guangdong has a tight conjunction with economical estate, the variety of policy, financial endeavor, external opening.In order to describe financial maturity of Guangdong better and explore the financial operational rules and performance, this paper tries to build financial maturity composite index of Guangdong. Concretely, according to the actual conditions of Guangdong and the availability of data, this paper constructs an indicator system which consists of 44 variables, including financial scale, financial structure and financial efficiency, and then uses principal component analysis to choose the key variables for the financial maturity composite index. Finally, I describe the financial maturity of Guangdong since the year 1979 by using this index. In conclusion, Guangdong's financial maturity index is increasing and accelerating the trend after the reform and opening up.
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