Analysis Of The Impact Of Chinese Economic Development On Financial Structure From The Perspective Of New Structural Economics

Since the reform and opening up,China's economy has achieved world-renowned achievements.In contrast,China's financial system has also been continuously improved and developed.As we all know,China's financial system has changed from the "great unification" before the reform and opening up to the comprehensive financial system in which multiple financial instruments coexist.Although after 40 years of development,China's capital market has reached a considerable scale,but the stock market needs to be improved in size and function due to its short development time.Therefore,the banking industry has always dominated China's finance Capital allocation can be said that China is in a bank-led financial structure,and most companies have to rely on bank loans to promote their own development.So at different stages of China's economic development,what kind of financial structure will be more suitable for current and future development trends is worthy of our serious consideration.The financial structure in this article refers to the financing structure provided by the financial system of a country,that is,the composition or ratio of indirect financing(bank market)and direct financing(stock market).The text presents the ratio of bank loan balance to the total transaction volume of Shanghai and Shenzhen stock markets..Using provincial panel data from 2008 to 2017 to construct a dynamic GMM model and conduct empirical research,the results show that the financial structure and economic development of provinces and cities at differentlevels of economic development are in an "U" shape,and the dominant trend of banks in China's overall financial structure is also In the slowdown,as the proportion of direct financing increases,the market-oriented financial structure will help ease China's economic fluctuations,and China's marketization process should also be accelerated.This article combines theoretical analysis and empirical analysis to study the relationship between China's economic development and financial structure.Based on the theory of financial structure,this paper explores the changes in China's factor endowment,the adjustment of financial structure,and the endogenous nature of the financial system from the perspective of new structural economics.The impact of economic development on the financial structure and the development trend of China's financial structure.This article is composed of six parts.The first part is an introduction.First,we make a brief analysis of the background and significance of China 's financial development,and then raise the research questions of this article.Make a detailed review and summary;the second part is a summary of the relevant theories of financial structure,including financial structure theory,Lin Yifu's new structural economic theory and optimal financial structure theory,and explore the correlation between them,and combine theory with the system The third part analyzes the changes in China 's factor endowment and the adjustment of the financial structure.First,it analyzes the changes in China 's factor endowment and the changes in the industrial structure promoted by different factor endowments,and then combines the changes in China 's financial structure and its current status.Put forward the basic methods of China's financial structure adjustment and optimization.The fourth part is an empirical analysis of the impact of economic development on the financial structure.First,the theoretical analysis is made,and the theoretical assumptions are put forward.The following empirical theory is supported,and then a dynamic GMM panel model is established.Provinces,municipalities andautonomous regions Excluding the impact of the financial structure of the decade of2008-2017 data demonstrate the economic development of Tibet),and the data is further investigate the effect of the differences is divided into eastern,central and western regions.The theory and empirical interdependence;the fifth part is the research conclusions and policy recommendations,summarizing the main points of the research results of this article,showing that bank-led financial structure is still the strategic choice for the current financial structure adjustment,and gradually improving the modern commercial banking system is financial Structural adjustment is the top priority,but vigorously developing a diversified stock market is the future orientation of financial structural adjustment,and it is also the imminent turning point of structural adjustment.Based on the previous empirical analysis of China's financial structure,it puts forward some corresponding optimization and adjustment policy suggestions for the financial structure problems that arise in China's current economic development.