| After the global financial crisis in 2008,China’s GDP growth rate showed a downward trend.The problem of industrial structure and the efficiency of resource allocation has been the focus of the social.Financial support for economic growth and easing the downward pressure on the economy has become a hot topic in academic circles.This paper studies the relationship between China’s financial support and the development of the real economy,by discussing the specific impact of financing scale,financing price and financing structure on the development of the real economy.At the end of this paper,the author put forward some suggestions,which have theoretical and practical significance.This paper adopts a combination of theoretical analysis and empirical analysis.In the theoretical research,this paper defines the concepts of real economy and financial support.The paper regards GDP excluding the added value of financial industry as the proxy variables of real economy,and social financing scale and financing interest rate as the proxy variables of financial support.Through combing many domestic and foreign literature,this paper introduces relevant contents of financial development theory and economic growth theory.Those works provide theoretical support for subsequent empirical research.In the empirical study,this paper studies the impact of financial support on real economic growth through time series analysis.The results show that China’s financial support has a significant positive effect on the growth of the real economy.Financial support can promote the development of the real economy to a certain extent.On this basis,this paper uses state space model to further analyze the impact of financing structure on the real economy scale.Also analyze the impact of financing scale and financing price on the real economy scale.According to the empirical results,two conclusions are drawn:firstly,the direct financing mode has an increasingly positive effect on the real economy scale in China,while the indirect financing mode has a gradually weakened effect on the real economy scale;Secondly,the positive impact of financing scale on the real economy scale is significant,while the impact of financing price on it is not significant.Finally,combining with the development trend of China’s economy and finance,this paper puts forward policy suggestions from the perspectives of unblocking the financing channels of private enterprises and optimizing the financing structure of enterprises,aiming at improving the efficiency of resource allocation and promoting the development of the real economy. |
