The Research On Relationship Between The Allocation Of Financial Resources And Economic Growth In Hainan Province

The research on the relationship of financial resources configuration and economic growth has become one of the hotspots in the field of financial economics, in recent years. The resource attribute of finance has further highlighted, which is useful to promote optimizing allocation of different kinds of financial resources. However, there is no systematic study on financial resources in Contemporary mainstream of economics, but also the definition of financial resources\research methods and statistical indicators are different. Therefore, there is no unanimous conclusion on the relationship of the allocation of financial resources and economic growth relations, so far.This paper takes time-series data, selects the indicators of allocation of financial resources and economic growth, and uses "unit root test, cointegration test, Granger causality test, Impulse response function analysis and variance decomposition analysis to make an analysis on the financial resources allocation for economic growth in Hainan. The study found that:in the process of financial resources allocation, financial deepening and development of financial markets in Hainan are the direct causes of promoting economic growth, and the contribution of financial deepening and development of financial markets to economic growth is greater than the development of financial intermediaries and the actual utilization of foreign capital.Despite the relationship of allocation of financial resources and economic growth in different regions is not the same, but to optimize the allocation of financial resources has been the focus of the financial and economic reform. This paper argues that, allocating rationally the financial resources to promote economic growth in Hainan, we can take actions as follows:(1) continue to promote financial deepening reform;(2) speed up the reform of the financial intermediary system, improve the efficiency of financial intermediation;(3) continue to improve capital market system;(4) take use of foreign investment actively, improve the foreign investment utilization.