The Research On The Influencing Factors Of The Allocation Efficiency Of Regional Credit Funds In China

Credit funds are the blood of economic development,the level of whose allocation efficiency not only affects the economic development level and quality of a country,but also relates to the stability of a country’s monetary and financial system.Therefore,it is very important to study the allocation efficiency of credit funds and its influencing factors in a country.The factors affecting the efficiency of a country’s credit funds allocation can be divided into two aspects:the micro-subjects’ behaviors such as the internal operating environment of commercial banks and the development of credit objects,and the financial ecological environment such as the economic development status,marketization,and the level of opening up to the outside world.Therefore,this paper will conduct in-depth analysis of the factors affecting the efficiency of the allocation of credit funds from both the macro and micro perspectives to find ways and means to increase the efficiency.Based on the analysis of the theory related to the allocation efficiency of credit funds,this paper first analyzes factors affecting the path of the allocation efficiency of credit funds and put forward the research hypothesis.Then,a descriptive statistical analysis was made of the current situation of the allocation of credit funds in China,and by using the Jeffrey Wurgler model the paper measured the allocation efficiency of credit funds in various regions.Finally,the paper examined the influence of various factors on the allocation efficiency of credit funds in each region and then preliminarily validated the research hypothesis.In order to make a further analysis of the influence of factors on the allocation efficiency of credit funds in various regions of China,the paper adopted a stepwise regression method to build three multiple regression models,and through comparisons obtained the conclusion: the scores of the relationship between government and market,the economic structure,and the degree of development of factor markets have a positive impact on the efficiency of the allocation of credit funds;the contribution of the total assets of state-owned enterprises,the dependence on foreign capital,and the share of assets of large commercial banks have a negative impact.According to the research conclusions of this paper,in order to improve theallocation efficiency of China’s credit funds,the government should improve the market structure of the banking industry,strengthen exchanges and cooperation between banks,change the mode of economic growth,focus on the development of the emerging industries,increase the degree of openness to the outside world,establish a fair competition market system,accelerate the process of marketization taking into account the functions of the government in regulating and improve the profitability of each company.