Empirical Study Of Financial Structure And Economic Growth

On the relationship between financial structure and economic growth has been the focus of academic research.Study on the financing structure of domestic and foreign scholars mainly have two angles.One is a discussion between direct and indirect financing and their proportional relations; another is from the perspective of capital structure, discussiing the financing behavior of enterprises, including the organic composition of capital and the rate of assets and liabilitiesXinjiang is located in the northwest of our country, as a minority ethnic areas, economic development is relatively backward than the eastern and central regions, the financing structure is quite different with eastern and central regions too. In order to make sure the reasons for the slow economic development, first you have to figure out the relationship between Xinjiang financing structure and economic growth, it is that Xinjiang financing structure is promoting or hindering the growth of the regional economy. Although the current academic research on the financing structure and economic growth is not few, but positioning the object of study in Xinjiang is almost having no one, we will combine the financial structure and capital structure, from the point of view of the financing structure to explore the relationship between Xinjiang financing structure and economic growth.This paper will according to the conventional approach of economics, follows the routine of asking question, analyze problems and solve the problem. It first defines the definition, then makes comments on the domestic and foreign research between the financing structure and economic growth.The first chapter has analysed on the present situation and evolution of the Xinjiang financial structure. The second chapter, based on the analysis of the data, measuring the financing structure of Xinjiang.The third chapter establishes a regression model, using the relevant economic data during2001-2011, analyzes the Xinjiang financing structure includes the relationship between financing bank loans, equity financing, bond financing, foreign direct investment and economic growth. The fourth chapter is the summary of the empirical results, and aiming at the shortcomings of the financing structure of Xinjiang, put forward the related countermeasures and suggestions. The empirical study shows, there is a relationship between financial structure and economic growth in Xinjiang, and there is a strong positive correlation between the bond financing and foreign direct investment and economic growth, the relationship between bank loan financing and stock financing and economic growth is not significant. Focus on accelerating the economic development, this paper thinks that it should adjust credit financing structure, improve the capital market system and actively attract foreign direct investment to improve the financing structure of Xinjiang.