Economic Effect Evaluation And Mechanism Analysis Of The Comprehensive Reform Of The Financial Services Entity Economy In Quanzhou City

On December 21,2012,the “General Plan for the Comprehensive Reform of the Financial Services Entity Economy in Quanzhou City of Fujian Province”,which was approved by the State Council and jointly issued by the 12 departments including the People's Bank of China,marked the official establishment of the Comprehensive Reform of the Financial Services Entity Economy in Quanzhou City(Hereinafter referred to as “the Financial Reform of Quanzhou”).The main purpose of the Financial Reform of Quanzhou is to adhere to the financial services of the real economy,guide and revitalize social capital,promote economic transformation and upgrading,and ultimately promote the sound and rapid development of Quanzhou's economy.After the Financial Reform of Quanzhou has been implemented for six years,what is the economic effect of the Financial Reform of Quanzhou ? Has the implementation of the Financial Reform of Quanzhou significantly affected the growth of the real economy? If so,what kind of mechanism of action does the Financial Reform of Quanzhou affect the growth of the real economy? All of these are the questions that this article urgently needs to answer.This paper analyzes the mechanism of the Financial Reform of Quanzhou's influence on economic growth through the combination of theoretical model derivation and empirical research and empirically evaluates the economic effects of the Financial Reform of Quanzhou.First of all,based on the existing literature and theoretical derivation,this paper puts forward three mechanisms of influence of the Financial Reform of Quanzhou on the real economy: financial efficiency,capital investment and marginal productivity.Then,using the panel data of 37 prefecture-level cities from 2005 to 2017,this paper empirically evaluates the economic effects of the Financial Reform of Quanzhou using the synthetic control method.The results of the study show that although the Financial Reform of Quanzhou failed to promote the growth of real per capita GDP,it significantly increased the growth of actual per capita industrial added value.In addition,the research results show that the role of the Financial Reform of Quanzhou in the three industries is significantly different.Specifically,the Financial Reform of Quanzhou has a significant role in promoting the per capita secondary industry output value,and has a certain inhibitory effect on the per capita primary industry output value and the per capita tertiary industry output value.Finally,based on the above conclusions,this paper further uses the causal mediation effect analysis method to explore the mechanism of the Financial Reform of Quanzhou affecting the real economy.The results show that the Financial Reform of Quanzhou has significantly promoted the growth of per capita industrial added value through financial efficiency channels and capital investment channels respectively,and has strong robustness,and the efficiency of financial efficiency channels is much better than that of capital investment channels.Based on the above conclusions,the current situation of Quanzhou's economic development and the actual situation of Quanzhou's financial reform,This paper puts forward the following three policy recommendations: The first is to enhance Quanzhou's financial market service capabilities and improve financial efficiency;the second is to strengthen policy guidance and support the development of the real economy;the third is to support R&D investment,promote technological progress,and improve social productivity.