Study On The Strategies Of Real Economy Development Based On Social Financing Scale And Structural Improvement In Hebei Province

In recent years,financial reform is growing rapidly,financial industry has undergone dramatic changes in our country.It has formed a new pattern of symbiotic coexistence of banks,securities,insurance,etc.Due to the rapid expansion of financial volume,increasingly complicated financial structure,diverse financial products and financing tools,continuous innovation of transaction scale and trading methods,closer and more complicated financial and economic relations,financial macro-control is facing a major challenge.Economic structure reform in our country is in a critical period.The loans to total amount of financing ratio in the whole society continues to decline,bank credit is no longer the only choice of financing channels from all walks of life.With the rapid development of financial industry,banks bypass off-balance-sheet business,with the help of various new financial channels to support real economy.Percentage of direct financing in total social financing continues to rise,various non-bank financial institutions offer more options for social financing activities.Traditionally,intermediate target of monetary policy and main indicators of monitoring and analysis are broad money M2 and new RMB loan,respectively.However,if macro-control only controls scale of credit and pays attention to the increase of new RMB loans and M2,it may confuse the point of macro-control,affect the effect of regulation,and delay the timing of regulation.Since the new century,economic and social is undergoing earth-shaking changes in our country.Financial system has gradually transformed from indirect to direct financing."Financial Disintermediation" further reduces the use of traditional intermediary indicators and flexibility.With deepening financial reform,intermediate target of traditional monetary policy can not fully reflect the effect of monetary policy regulation.Concept of social financing scale is rooted in macro-control practice of central bank.This concept is a pioneering act in practice of financial supervision in China.Innovative index of social financing scale is the result of combination of monetary policy theory and Chinese practice,and it is also an important theoretical innovation based on practice.The establishment ofsocial financing scale statistics system and development of social financing scale statistics and monitoring are conducive to observe direction and structure of social financing,and to analyze transmission effect of monetary policy from financial institution asset side and financial market issuer.It is propitious to optimize allocation of financial resources and to make up for shortcoming that traditional gross index can not fully reflect development of real economy supported by finance.At present,it has been a hot topic of social concerns on how to analyze relationship between finance and economic development,find evidence to explain financial support for economic development,measure strength of financial support for economic.How does finance promote the economic development and how to distinguish financial variables from many factors that affect economic development? Proposal of scale of social financing provides new perspective and necessary data support for in-depth study of the relationship between social financing and real economy development and for macro-control of finance in China.It is necessary and feasible to study the relationship between social financing scale and real economy development.This thesis is based on the quarterly data of social financing scale and structure in Hebei Province from 2006 to 2016 and various important economic indexes,from the two aspects of total social financing and structure,studying the relationship between total social financing,structure and real economy development.Extended Cobb-Douglas production function including financing structure variable is constructed by Vector Error Correction Model(VECM),trying to find out restricting factors of social financing scale and structure to real economy development in Hebei province,and putting forward development and optimization suggestion.Based on the analysis of changing trend and financing structure of social financing scale in Hebei Province,the author finds that the total amount of social financing scale in Hebei Province is still small,which limits the synergistic development of economy and finance.Financing is too traditional,financing structure needs to be improved urgently;development of off-balance sheet financing is too fast,which is not conducive to risk control and macro-control;development of capital market is slow,it is difficult to play role of market allocation of resources effectively;Other financing methods are relatively low and lack of development stamina.By scientific statistical method and econometric model,this paper analyzes restrictive factors of social financing scale and financing structure on the real economy development in Hebei Province,and provides some suggestions for development and optimization.First,to promote steady growth of social financing scale,Second,to simultaneously optimize financing structure by fully tapping traditional financing channels,strengthening off-balance-sheet business,striving to increase the proportion of direct financing,establishing multilevel capital financing market,promoting the development of microfinance companies etc.Third,to deepen financial innovation and optimize financing environment.Fourth,to strengthen financial services to support real economy.This paper studies the relationship between social financing scale and real economy development in Hebei Province,in order to enhance benign interaction between regional finance and real economy,and help real economy of Hebei Province to develop steadily and healthily for a long time.