The Empirical Study On Influencing Factors Of Social Financing Costs

As interest rate liberalization continues to deepen, which was led by financial reform, financial products and finance instruments come out in an unending flow. That is to say, new RMB loans have been unable to fully express the size of the real economy financing The scale of financing is enlarged and the financing structure is complex, so that the problem of social financing is gradually concerned by people. In 2010, the state has repeatedly stressed that "maintain a reasonable scale of social financing", so a new macroeconomic index was introduced in 2011, called social financing scale. The scale of social financing reflects the total amount of funds from the financial system, and the social financing costs as the price of the real economy, which reflects the efficiency of financial support for the real economy, must be given full attention. Especially in recent years, the emergence of financing difficulties, financing expensive and other issues, which shows that the financial resources of the circulation channels have been blocked. Since 2014, the government mentioned to reduce the cost of social financing for several times, which reflect the great attention paid by government. The central bank is repeatedly cut interest rates, further liberalization of deposit interest rates, through the process of promoting the interest rate market to ease the financing pressure. Under this background, the first thing that should do is to through the blood of supporting real economy, lowering the cost of financing, recover the function of financing system to supply blood. Therefore, this paper studies the factors of social financing costs under the interest rate market background has a very strong practical significance.In this paper, the status of social financing costs as the starting point, first analyzes the situation and evolution of social financing scale. Second, it has a concrete analysis of basic interest rate, direct financing cost and indirect financing cost of social financing cost. Then, by using the available data from March 2015 to January 2010, this paper introduce the long-term social financing costs, short-term social financing costs, money supply and loan financing needs, stock market development, bond market development as variables to set up vector auto regression model, Impulse response and variance decomposition as research methodology, this dissertation make the following conclusion. First, the increase in the amount of money supply is needed to coordinate with the structural adjustment to reduce social financing costs. Second, the increasing of financing need is not the main reason to push up the cost of social financing. Third, the development of corporate bond can reduces the long-term social financing costs significantly. Forth, the development of stock market cannot significantly reduce the social financing costs. At last, according to the conclusions, in order to reduce social financing costs, optimizing financing structure should be done first. Through the improvement of stock market and the development of the bond market to expand the proportion of direct financing, and through the specification of financial products and other off balance sheet business optimization of indirect financing. Combined with the reform of interest rate market, in the process of reform, the elimination of zombie companies, optimize the financial services agency, regulate the government responsibility. From both macro and micro perspective, to achieve the purpose of reducing the cost of social financing.