Empirical Research On The Financial Resource Allocation Of The Northeast Of China

The concept of financial resource has extended the range of economic resource to the monetary finance area in theory, which greatly expand econmic theory in the financial research and has a positive effect on promoting the development of finance theory. The first scholar that create this concept is Golden Smith in the United States. With the development of modern credit economy, a large number of credit-based finacial resource has infiltrated into people's economic life, while the financial resource, as a sort of important scarcy resource, has got much more attention now. The first time that the concept has been brought in the domestic is at an international conference in the context of the Asian fainancial crisis in 1998. In the lecture on"sustainable development of finance theory and strategy based on theory of finacial resource", Bai Qingxian brought the perspective that finance is a kind of resource, which is scarcy and basic for a country. After that, a large number of scholars including Lu Jialiu, Kong Xiangyi, Shen Jun and so on have started to study the financial resource theory and turned the research direction from simple tendency of putting the finance as a sort of means to in-depth research of sustainable development of finance based on the financial resource theory. As the research of the efficiency of financial resource allocation has just started, most of the scholars incline to study quantitative analysis on the micro-level and qualitative analysis on the macro-level, a few of them carry out quantitative evaluation on the macro-level for the regional allocation of finance resource. In view of this, this artical will carry out a quantitative analysis for the financial resource allocation in the northeast of China, based on the the existing theory.The definition of finacial resource are usually from the narrow and broad sides. The article is mainly considered from the narrow to the definition that the finacial resources are the possession, disposal and use of the currency or monetary capital and various financial instruments in various forms. At the same time, in order to get the available data to replace the financial actitives of the community as a whole, the article is considered to start from the micro sectors which include the comprehensive population sector, the financial sector, government sector and the business sector. Then the latter part of this article will be focus on the financial resource allocation. Financial resource is a scarce economic recourse. To make the best use of it, how to allocate it is the key of this theory. And this would involve the problem of Pareto Optimal. The Pareto Optimal is also called the Pareto Efficiency, so the pursuit of optimum allocation of financial resource is the pursuit of the financial state of the Pareto efficient allocation of resource, which is also called the financial efficiency.Pareto efficiency is due to an ideal state, in real life is very difficult to achieve this optimal state. However, as the allocation of resources to pursue the ultimate goal, in the establishment of evaluation index system, the financial resources of Pareto efficiency is still of great guiding significance. As a result, the third part of the article, in accordance with the financial resources to achieve Pareto efficiency in the economic field can be generated by a series of impact, this article on the endogenous variables and exogenous variables two aspects of the financial impact of the allocation of resources to carry out an analysis of factors, at the same time, for the scientific, comprehensive, operational principles of comparability of the financial resources to establish the evaluation index system configuration. As a result of this paper is mainly directed against the Northeast's financial allocation of resource to do macro-level quantitative analysis of the situation, so learn from the Zhou Guofu and Hu Huimin(2007) proposed evaluation system will be divided into an indicator of the ability to mobilize savings targets, investment into the capacity of indicators, delivery efficiency of investment indicators, specific to the two indicators for the savings rate, savings deposits in total population the proportion of disposable income, savings, investment in the conversion rate, loan-to-deposit ratio, the allocation of financial intermediation efficiency, allocation efficiency of the stock market, the marginal productivity of capital , the contribution rate of the total assets of the number of enterprises working capital liquidity. Among them, was omitted because the data can not be the net profit of listed companies accounted for the owner's equity share of the target. In the latter part of this chapter is mainly to introduce the evaluation of several commonly used methods, including the level of analysis, data envelopment method, as well as factor analysis used in this paper.In the establishment of the evaluation index system, it carries out the analysis of northeastern provinces in economic performance, and later conduct a factor analysis for the northeast of the overall allocation of financial resource. Here, the data from 1991 -2007 is selected as a 17-year sample of data. Before doing factor analysis, in order to understand the north-eastern provinces of the basic situation of financial development, this chapter first makes a comparison of vertical and horizontal analysis of the three northeastern provinces in GDP increments, the total savings of urban and rural residents'per capita disposable income, loan, capital formation and the contribution rate of corporate assets. Except that the contribution rate of enterprise assets in Heilongjiang Province is ahead of the one in the other two provinces, the rest in Liaoning Province are better than ones in the province of Jilin and Heilongjiang. Since then, the core of this paper is the factor analysis of the northeastern region of the allocation of financial resource. Here is a sample of the three northeastern provinces of integrated data processing obtained through factor analysis, using SPSS software to choose the principal component analysis method, and then varimax orthogonal rotation method of rotating factors will be reduced-nine indicators into the three main factors which include derived society as a whole, the business sector more efficient use of funds, the residents - the corporate sector efficiency savings flow of resources, finance - the business sector of the capital allocation efficiency. After longitudinal data analysis from 1991 to 2007, the situation of financial resource allocation has strong - weak - strong characteristics of the stage, according to the rank of factor scores, and this feature is mainly due to 17 years China's economy has experienced a planned economy, market economy and economies in transition, as well as three periods. We can see that the economic system can be similar to some extent as a Hicks improvement, and the effect of this improvement will not be immediately apparent, it will take some time to adjust. As a result of factor analysis are the main factor of the relevant information with departments named, so this chapter is also one of the last departments to the residents, the business sector, financial sector and government departments to carry out a further analysis, the residents have yet to be developed to save resources, the competitiveness of enterprises force to be strengthened, to be the development of tertiary industry, financial institutions have to enhance the quality of service, financial products to be developed, the Government's economic policy-related and other issues to be introduced.Although the financial Pareto efficient allocation of resource is an ideal state, but it is still looking for improvements to provide a basis. To obtain the optimal allocation of financial resources, it is necessary to use a development perspective to continue to explore and try to improve the non-Pareto and relative compensation. In response to these circumstances, therefore, the final part puts forward three recommendations of the three main factors from the point of view, namely, to attract more residents to save resources and improve applied efficiency of financial institutions, and strengthen the use of funds.