The Influence Of Financial Structure On The Quality Of Economic Growth In Henan Province

In recent years,Henan's economy has entered a new normal,and economic structural adjustment is imminent.The adjustment of the economic structure imposes higher requirements on financial services,and this internal requirement will lead to changes in the financial structure.Only when changes in the financial structure of Henan Province meet the demand for financial services due to economic structural upgrades can high-quality economic development be promoted.Therefore,under the new situation,how to stimulate the financial structure to release vitality and energy is the key to promoting both the economic volume and quality of Henan Province.This article first sorts out the relevant theoretical literature at home and abroad,analyzes the mechanism of financial structure affecting economic growth quality from three perspectives of capital accumulation,technological innovation and financial stability,and gives the logical basis for financial structure affecting economic growth quality.Then,the principal component analysis method is used to construct a comprehensive evaluation index system of economic growth quality in Henan Province from the five dimensions of economic growth structure,efficiency,stability,sustainability and welfare distribution.On this basis,the current situation of the financial structure and economic growth quality of Henan Province is described.Analyze the current situation of the financial structure of Henan Province from the four aspects of total financial structure,financial asset structure,financing structure and loan structure,and find that the financial structure of Henan Province needs to be further improved.According to the calculation results of the total economic growth quality index and the classification indexes,the current status of the economic growth quality of Henan Province is analyzed,and it is found that the general index of economic growth quality of Henan Province shows a fluctuating upward trend,but it has not achieved the simultaneous increase with the economic growth quantity.Next,based on the economic data of Henan Province from 1998 to 2017,this paper uses the total economic growth quality index as the explanatory variable,selects the financial correlationrate and financing structure as the proxy variable of the explanatory variable of financial structure,and adopts the VAR model to analyze the financial structure.A series of analyses such as cointegration test,Granger causality test,impulse response analysis and variance decomposition were conducted on the impact of economic growth quality,and the following conclusions were drawn: First,between the quality of economic growth in Henan Province and the structure of financial aggregates and financing There is a long-term stable equilibrium relationship.Second,the structure of Henan's financial aggregate and the quality of economic growth are Granger causality.In the short term,financial deepening will promote the improvement of the quality of economic growth in Henan Province,but in the long run,the blind expansion of financial scale is not conducive to the improvement of the quality of economic growth in Henan Province.Third,the financial financing structure and the quality of economic growth in Henan Province only constitute a unidirectional Granger causality.The higher the scale of direct financing in the short term,the more it can continue to promote the improvement of the quality of economic growth.But in the long run,this relationship is not very stable.Fourth,the structure of financial aggregates contributes significantly to the quality of economic growth in Henan Province,while the structure of financial financing contributes relatively little to the quality of economic growth in Henan Province.Finally,based on the actual situation,this article compares the empirical results with the theoretical analysis,and proposes targeted and operable suggestions from three specific levels: moderately reducing the financial scale,improving the direct financing market,and improving the financial supervision system.