Research On The Innovation Of Rural Financial Services

Innovating rural financial services is an inevitable requirement for the implementation of the Rural Revitalization Strategy.Since the 18 th national congress of the communist party of China(CPC),China has been accelerating and promoting the development of the financial market,and has gradually established a multi-level,widely covered and differentiated financial institution system.A large number of rural financial institutions have gradually defined their market positioning and operating policies in the process of development,providing financial support for the development of the rural economy.Only by constantly strengthening the innovation of rural financial services and products can the growing rural financial needs be satisfied.Although rural finance has developed rapidly,it must be clearly seen that rural finance is still the weakest link in the whole financial system of our country,and the misallocation of financial resources between urban and rural areas has not been fundamentally improved.As a whole,the current rural financial supply has been unable to meet the growing demand for rural financial,restricted the rural economic development and the promotion of farmers' income,how to take effective measures to promote the development of rural finance,improve the rural financial product and service quality and level.Therefore,raising the level of farmers' income and promoting the development of rural economy has become an important problem to be solved urgently.This paper firstly analyzes the current development status of rural financial services in China,and measures the current development level of rural financial services in China by constructing the index system of rural financial services.Then it analyzes the necessity of developing rural financial services from the two aspects of rural economic development and farmers' income improvement by constructing an empirical model,and finally puts forward the path of rural financial services innovation and the countermeasures and Suggestions to promote the innovation of rural financial products and service models.Main research conclusions are as follows:Firstly,through analyzing the status quo of the financial development in rural development,the current rapid growth of the rural financial scale,quality better progressly,regulatory solid effective,continue to improve,but rural finance service,there are still some improvements and room to improve,especially the operators lack of marketization degree and the level of risk management to improve.Therefore,this paper suggests that efforts should be made in promoting market-oriented operation,improving risk control level,promoting product innovation in an orderly manner,and enhancing supporting strength,so as to further promote rural financial development and make greater contribution to the implementation of the national strategy.Secondly,the comprehensive research achievements of existing literature,and combined with the actual situation of the current rural financial development in our country,from the permeability of the rural financial effectiveness,availability,using three indicators and a number of secondary index build measurement index system of the rural financial development level in our country,to measure the current level of rural financial development in our country.The research finds that: the overall development level of rural financial services is constantly improving;The development level of rural finance in the eastern,central and western regions has a big gap,the eastern region is the highest,the western region is the lowest;Policy guidance plays a positive role in improving the level of rural financial development,but we should also pay attention to the direction of policy guidance and the rationality of evaluation system.Therefore,policy support should be reasonable and moderate,not eager for quick success and quick benefit,should focus on the long-term healthy development of rural finance.Thirdly,based on the data of 26 provinces and cities in China from 1995 to 2019,an empirical model is put forward to analyze the rural financial service development influence on rural economic growth,it is found that China's rural financial development can significantly promote the development of rural economy,but the role has "inverted U" characteristics,namely as the change of the rural financial service level,its role in promoting the development of rural economy is enhanced.There are significant regional differences in rural finance and rural economic development in China,leading to different impacts of rural finance on rural economic growth.The scale of rural finance in the western region can promote the development of rural economy,but the effect is not significant,and the efficiency of rural finance will inhibit the development of rural economy,indicating that under the condition of small scale of rural finance,the high loanto-deposit ratio is not conducive to the development of rural economy.Fourthly,based on the data of 26 provinces and cities in China from 2001 to 2019,by building panel threshold regression model analysis the development of rural financial services for farmers income increase,the influence of the results showed that: the development of China's rural financial service level can significantly promote the income level of rural residents,however,the development of the rural financial service impact on rural income growth is not linear,but a significant threshold effect.Fifthly,the current rural finance is a major problem of insufficient effective supply,must be around the supply side of reform and innovation.From the perspective of financial product service providers,13 policy Suggestions on the innovation path of rural financial services are put forward based on organizational innovation,mode innovation and product innovation,which provide useful reference for policy makers and market participants.Finally,this paper puts forward the countermeasures and Suggestions to promote the innovation of rural financial services from the three perspectives of government,supply and environment.From the government level,to increase the support of fiscal policy,monetary policy,improve regulatory policy;From the aspect of supply,it is necessary to stimulate bankers to conduct healthy competition,improve their level,release their vigor and promote innovation of all employees.In terms of the external environment,we should improve the credit environment in rural areas,accelerate the free flow of rural resources,establish a mandatory capital return mechanism,innovate the payment and settlement channels of rural finance,and innovate the risk sharing mechanism of rural finance.The innovations of this paper are as follows: First,based on the previous research results and the actual situation of China 's rural financial development,the paper improves the measurement method of rural financial service development level,and finally forms an indicator system of three dimensions and 13 data items;Secondly,it constructs a panel threshold model to study the impact of Rural Finance on Farmers' income,and develops rural finance The exhibition level and economic development level are threshold variables to ensure the comprehensiveness and accuracy of the analysis;Thirdly,the innovation path of rural financial services is comprehensively analyzed from three aspects of rural financial organization innovation,financial model innovation and financial product innovation,which enriches the research of rural financial development theory.