The Relationship Between Finance Development And Real Economy Growth Under The Influence Of Finance Economy Deviation

Since 2009,because of the influence of the global financial crisis,China’s economy is beginning to fall into the downward spiral.Thus,Chinese government adopted a series of macro-control measures.Among them,a very important aspect is to promote financial development to support the real economic growth.However,the road of financial development supporting real economic growth seems to be "getting narrower and narrower",and financial development seems to be in a "disobedient idling",and the real economy is being kidnapped by virtual finance,which is becoming more and more virtual.Today,the country’s macro-control policies have been changed quietly,strengthening financial supervision,reducing financial leverage and removing the financial bubble has become the main tone of financial development.The realistic question makes us have to reexamine the relationship between the financial development and the real economic growth.For the transformation and development of China’s economy,especially the government macro-control,Deep understanding and correct handling of the relationship between financial development and economic growth has a very important significance.The research on the relationship between the financial development and the real economic growth has aroused widespread concern both at home and abroad.Different financial theories have been putted forward constantly,such as Financial Development Theory,Financial Deepening Theory,Financial Restraint Theory and Threshold Theory.The foreign scholars’ understanding to the relationship between financial development and economic growth is deepening.Focusing on the relationship between the virtual economy and the real economy,the domestic scholars had made a lot of research.But they have not reached a consensus on the relationship between the financial development and the real economic growth so far.On the basis of the existing literature,this thesis demonstrates the theoretical relationship about the financial development,the economic growth and the real economic growth,puts forward the concept of Finance Economy Deviation,and points out that the degree of Finance Economy Deviation affects the relationship of the financial development and the real economic growth.Then,it analyses the phenomenon of the economy and finance in Wenzhou since 1986,describes the form of the relationship between the financial development and the economic growth in Wenzhou,and makes a preliminary analysis of how the Finance Economy Deviation affects the relationship between the financial development and the real economic growth.In the part of empirical analysis,it builds the model of Smooth Transition Regression,selects the test index of the financial development and the real economic growth,make a empirical test based on the data of finance and economy in Wenzhou from 1986 to 2016.The test results support the theoretical hypothesis.Finally,according to the conclusion of this thesis about the Finance Economy Deviation affecting the relationship between the financial development and the economic growth,it puts forward some suggestions,such as how to develop the real economy in the current macro situation,strengthening macro-control,financial supervision and financial innovation,SME financing and other issues.