Theoretical And Empirical Research On The Impact Factors Of China's Asset Shortage

After more than 30 years of rapid development, China's economy and commodity production capacity had greatly increased, thus waving farewell to the era of commodity shortage. However, with the continuous accumulation of national wealth and growth, the demand for assets has become increasingly prominent. China began to enter the stage of asset shortage. This paper chooses asset shortage as the research object. The author analyzes the influence factors of the asset shortage and explores the solutions, and has a strong practical significance.The shortage of assets means that the supply of assets can not meet the needs of people to maintain and increase the value of assets. Financial assets are the main shortage of assets. The factors that affect the assets are:economic growth, financial development, financial supervision system, and asset inertia. Using C-I index method, based on the international balance of payments angle measurement method, the supply and demand relationship can be a better measure of the shortage of assets.The impact of asset shortage on macroeconomic performance is as follows:the decline of real interest rates, the lack of capital market liquidity, the deviation of asset valuation, capital outflows. China's asset shortage is mainly the emergence of asset bubbles, long-term real interest rates continue to decline, liquidity surplus of three kinds of performance. Through the 1991-2014 annual economic growth, an empirical study on the financial development and shortage of assets data can be reached: economic growth increased by 1%, a shortage of assets will increase about 8.6586%; the degree of financial development increased by 1%, the shortage of assets will be reduced about 0.6405%. In the short term, the roles that economic growth and financial development play in influencing asset shortages will deviate from the long-term level of inhibition.Financial development is particularly critical to solve China's asset shortage, which includes strengthen the financial development of the thinking; deepen the reform of the financial system, innovative financial development initiatives. The specific performance of the financial innovation development initiatives: implementation of asset securitization, vigorously development of Internet banking and capital account convertibility, and promote the healthy development of gold market.