A Comparison Research On Two Kinds Of Financing Efficiency In China

Reform and open policy for 20 many years, our country economy has obtained great development. In the economic restructuring process, the financing system fully has mobilized the national deposit transforming to investment, and has continuingly provided the capital supplies for the switcher economy, and has powerfully impelled the economy to stably grow. The Chinese economy therefore has also created"the miracle growth", once gained the reputation for global economy collar runner. But, in recent years, the contradiction and the friction between the economic system transformation and the financing system development, inevitably will create restrictions and hinders to the Chinese economy continuing development.Surveying the rapid development of China economy for 20 years, the high capital accumulation rate has made the tremendous contribution to it. The effective financing system can urge the capital formation. At the beginning of reform, the government through powerful financial control, on the one hand, used the reliable national prestige to dispel the depositors'risk worry of the state-owned banks, thus caused the state-owned bank system rapidly to concentrate finance surplus in the inhabitant departments, strengthened the fund quantity under the national control to loan; On the other hand, the country grasped the bank credit assignment power and the interest rate decision-making power. Thus, the government control status of financial resources was guaranteed. The country was able to effectively mobilize the financial resources. Then the country poured the increasing fund total quantity into the state-owned enterprises in subsidy form, and supported the state-owned enterprises'reform and development, and powerfully impelled the economy to continuingly and stably grow. In our country economy reform advancement, in order to maintain the high speed of the capital accumulation, the country has to depend on the state-owned banks'credit monopoly status, and use finance control policy's low cost to mobilize finance surplus, and provide the financial backing to the state economy, to speed up the switch of economic system and the economical development. The national economy's continuing growth for a long time was precisely benefited from the arrangement of national control financing system, which created the massive financial surplus in the financial system.However, along with the unceasing development and vicissitude of the economic environment and the financing system, the financing system achievements changed. The present financing system has created the efficiency loss in the certain degree, and has initiated the scarce financial resources reversion disposition. At present, the finance system in the socialism market system establishment process belongs to the market degree lag domain of the Chinese reforming economy. Main aspects contain: the financing system market have not formed, the financial function still at the inhibitory state, the resources optimized disposition function has not realized, the economical development and the financing system arrangement is in the low efficiency equilibrium, and so on. The goal of Chinese economy continuing development, proposes a higher request to the financing system, and urgently needs to break through the reform mentality at the original technical stratification plane, reconstructs the Chinese financing system, practically impels the national economy to continually and stably develop. Some scholars advocated our country to establish the market leadership financing system, but the realistic national condition permits this procedure? Actually which kind of financing system can make a bigger contribution to the economical growth?This article has used the research technique which unifies the theory and the actuality, from the financing system formation, systematically compared the respective superiority of bank leadership financing system and market leadership financing system, the adapting circumstances and the achievements of these two kinds of financing system. Unifying the present financing system of our country, the article analyzed the efficiency of the present financing system, and pointed out the present financing system efficiency loses where are at. On this foundation, the article has discussed the reform mentality and the counter measure.The full text altogether divides into seven parts:The first part is an introduction, introducing this article's study background,significance,frame,research technique and the correlations researchers'present situation in domestic and foreign.The second part introduces the financing system related concept as well as the financing system related theory basis.The third part elaborates the origin and the development of the bank leadership financing system and the market leadership financing system, then compares these two kind of financing systems'adapting circumstances and the achievements, and introduces the recently popular venture capital.The fourth part first analyzes the fountain of the economy growth from the China reform and open policy 20 for many years, subsequently obtains the conclusion–"the capital formation impetus economy development", and analyzes our country present financing system belonging to what kind of type according to the Levine financial measurement system, finally reviews the finance system reform course of our country.The fifth part depending upon a series of data, inspects our country present financing system achievements using the real diagnosis analytic method, points out some questions of present financing system , discusses the questions where they are.The sixth part proposes a series of policy suggestion to the questions of our country present financing system.The last part concludes the full text, and proposes the forecast to this topic.