| Finance is the core of modern economy,financial system is an important basic system in economic and social development,financial security has become an important part of national security,and financial governance is a key link in the modernization of national governance system and governance capacity.In China’s entire financial system,county finance is at the end of the entire industrial chain and penetrates deep into the real economy.Similar to the "capillaries" in the entire financial ecosystem,it is the main position for financial services to the real economy.It is closely linked with national strategies such as rural revitalization.Compared with finance in big cities,county-level finance has a unique structure and operation mechanism,and plays an important role in promoting local industrial upgrading and transformation of economic momentum;There are problems such as lag in new business formats,and risks in some regions are gradually exposed.Therefore,using theoretical analysis to comprehensively and deeply understand the internal development law of county finance,and analyze the supply structure and structural contradictions of county finance,have important practical and practical implications for China’s current high-quality financial development and effective prevention of systemic financial risks.theoretical significance.This paper describes the actual situation of county-level finance development,sorts out and analyzes the context of theoretical research on county-level finance,and finds that the existing research results have some deficiencies:First,it studies the impact of county-level finance on industrial structure and economic growth.The research on the analysis of county-level financial governance paths is basically blank;second,the objective environment analysis of my country’s county-level economic and financial development is not in-depth enough,and most of them regard commercial finance as the best solution to China’s county-level financial development dilemma,while ignoring For the non-commercial supply of county finance,such as the choice of financial system,governance mechanism,financial infrastructure construction and other paths.Based on this,this thesis adheres to the problem orientation and explores the root of the problem.Through the research and application of theories on financial development,financial structure,regional finance,financial ecology,and institutional changes,it combines the current development status and existing problems of county finance in different regions of our country.The analysis is based on the analysis of the structural contradiction between county financial supply and demand as a breakthrough.Based on the perspective of county financial commercial supply and non-commercial supply,it explores and analyzes the institutionalized and systematic path of county financial governance.The main contents of this paper are as follows:1.Classification and structural status of county financial supply.The supply side of county finance can be divided into for-profit or commercial supply and non-profit or non-commercial supply.Commercial financial supply is mainly financial activities for commercial purposes,such as commercial banks,insurance,securities and other financial entities.Financial support and product services.Non-commercial financial supply mainly refers to financial activities for non-commercial purposes,and also includes financial infrastructure construction,financial culture popularization,credit system construction,financial supervision and management provided by the government and regulatory agencies.At present,there are problems such as insufficient overall supply scale,structural imbalance and insufficiency on the financial supply side of county areas.In particular,non-commercial financial supply is often neglected.It is necessary to strengthen governance construction and resource allocation in this area.2.The influence of county finance and its structure on industrial structure.The study found that:among the three variables of national level industrial structure,commercial financial development and non-commercial financial development,the industrial structure and commercial financial development that lagged in the second phase had a negative impact on the industrial structure,while non-commercial financial development had a negative impact on the industrial structure.The structure has a positive impact,and the impact of non-commercial finance on the industrial structure is greater than the sum of the impact of commercial finance and its industrial structure.Therefore,if you want to play the linkage role of the economic system,you can start from the government’s fiscal expenditure and guide the commercial financial supply through the non-commercial financial supply to have an impact on the development of the industrial structure.By using the ratio of the secondary industry to the tertiary industry as another measure of the industrial structure,and re-regressing the data at the national level,it is found that the impact of non-commercial financial development on the industrial structure is also far greater than the industrial structure itself and the development of commercial finance.The influence of the government shows that the government is more willing to give higher capital investment to the tertiary industry in terms of finance,while the investment to the secondary industry is relatively lacking.However,there are certain differences in the impact of non-commercial finance on the industrial structure in the eastern,central and western regions.For the eastern and central regions,non-commercial finance focuses more on promoting the development of the secondary industry,while in the western region,non-commercial finance tends to promote the development of the secondary industry.The development of the tertiary industry.In the top 100 counties and some eastern regions,due to their relatively complete commercial and financial systems,commercial operation is mainly driven by marketization,and their industrial agglomeration and market foundation are relatively high.The strength of the financial market and the needs of the industry’s own development It is helpful for the transformation of its industrial structure;while for poor counties and some western regions,their industrial foundation is relatively weak,the degree of marketization is relatively low,the ability of commercial and financial development is relatively lacking,and the degree of industrial agglomeration and attractiveness is not high.Therefore,government finance to guide the development of non-commercial finance has a strong role in promoting its industrial structure.3.The influence of county-level financial development on county-level economic growth.The study found that:First,the impact of county-level financial development on county-level economic growth has a threshold effect.There is a threshold for the supply of commercial finance at the national level.The threshold value is 0.3715.When the development level of commercial finance is lower than 0.3715,the impact of commercial finance development on economic growth at this time is negative,indicating that the development level of commercial finance is too small.situation.From the perspective of regional division,there is a threshold value of 0.3695 for the development of commercial finance in the eastern region of my country.When the threshold is crossed,the effect of commercial financial development on the economy changes from inhibition to promotion;there is also a threshold value of 0.4744 for the development of commercial finance in the central region.When the threshold is crossed,the effect of commercial financial development on the economy will change from a significant impairment effect to a significant reduction in the impairment effect;the existence of the commercial financial supply threshold cannot be detected in the western region during the inspection period;second,county-level financial development has spillovers on economic growth.effects,and spillover effects are spatially heterogeneous.Non-commercial finance in the eastern region tends to have a positive spillover effect on adjacent areas and then drive the growth of the regional economy.The development of commercial finance is not only conducive to the development of the local economy,but also can play a positive spillover effect to stimulate the economic growth of adjacent areas..The impact of non-commercial finance on economic growth in the central region is more significant,while the role of commercial finance in the process of economic development in this region.is not so obvious.Commercial finance and non-commercial finance in the western region have a positive impact on the region itself,but it is more likely to have a significant negative spatial spillover effect on adjacent regions.Among the top 100 counties,commercial finance is the main factor that promotes economic growth,while non-commercial finance is the main factor in the poor counties.4.Research on the construction of county governance mechanism.Through the quantitative analysis of this paper,it is concluded that the development of county finance can be carried out through a three-step strategy.First,through the development of non-commercial finance,the adjustment of the local industrial structure can be promoted,which can then promote the expansion of local commercial finance.Secondly,the expansion of commercial finance cannot be sustained only by relying on the support of the government.It is also necessary to give full play to the power of the market to promote the high-quality development of the local social economy after breaking the threshold of economic growth.At the same time,the development of county finance requires not only commercial supply,but also institutional design and mechanism construction at the level of non-commercial financial supply,and then form a synergy with commercial supply to promote the better and faster development of the county economy.The innovations of this paper are mainly reflected in the following aspects:First,it is found that the county-level financial development has a significant impact on the county-level industrial structure adjustment.By establishing a PVAR model,it is concluded that the development of county-level non-commercial finance can promote the adjustment of the industrial structure,which in turn can promote the expansion of the financial scale.Second,it is found that county-level financial development has a threshold effect on economic growth.By establishing the threshold effect model,it is concluded that there is a threshold value for the expansion of county financial scale,that is,when the financial scale is too small,it will restrict economic development,and if the financial scale exceeds the threshold value,it will play a positive role in promoting economic and social development.Third,it is found that county-level financial development has a spillover effect on economic growth,which further enriches the research on the spillover effect of county-level financial development.The fourth is to build a county-level financial governance mechanism.It has enriched and improved the comprehensive economic and social governance system in the county,and proposed ideas and measures for the systematization and institutionalization of the county financial governance mechanism.The main shortcomings of the thesis:1.This paper has an in-depth discussion on the county’s economic development,especially the industrial development,for the ’county’s financial development,and focuses on the analysis of the relationship between the county’s financial and the county’s economic development.The study of financial development has not had time to study in depth.2.Since it is difficult to collect economic data at the county level,and only some simple indicator data can be found,it is difficult to introduce more influencing factors in the model construction.In the future,according to the improvement and further details of the database at the county level in my country,the paper can introduce more influencing factors for analysis and discussion. |
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