A Research Into Economic Financialization And Its Influence On Real Economy

As the blood of the real economy,on the one hand,the financialization of the economy plays an important role in promoting the development of the real economy.The economic financialization process provides more financing channels and risk management channels for enterprises.On the other hand,financialization of economy will exert negative influence on the real economy through various ways,such as crowding out effect and crisis effect.At present,the overall investment rate of the real economy is low,and the investment rate of fixed assets is declining year by year.The occurrence of economic and financial crisis makes people more confused and anxious about the financialization of economy.Many problems exposed in the current economic operation,such as "delamination from real to virtual",financial deviation to support the real economy,"self-expansion" of the financial system and "idling of funds",which have brought the research of economic financialization and its impact on the real economy into the focus of scholars and the industry increasingly.In order to clarify the connotation of economic financialization,this paper explains it from three perspectives: macro-economy,capital accumulation and social power distribution.On this basis,the paper analyzes the typical facts and characteristics of the financialization of China's economy from five perspectives.Then,based on the situation of economic financialization in China,this paper constructs the index system of financialization of economy about China and each province,and calculates the index of financialization of economy with the method of variation coefficient and binary weight distribution matrix.Through the clustering analysis of the economic financialization index of each province,it shows that the economic financialization index among each province presents three levels at present.As for the financialization aspect of micro-enterprises,this paper regards the proportion of profits from financial channels to operating profits as an index to measure the financial level of real economy,and then measures the level of economic financialization in ten different sectors of real economy.The results show that the level and trend of economic financialization vary greatly among different sectors of the real economy.On the realization mechanism of economic financialization,this paper analyses the realization mechanism of economic financialization from the four financial aspects: market,institutions,products and income distribution.On this basis,from the perspective of real economy,this paper analyses the real economic factors of economic financialization from five dimensions: input-output,industrial structure,the combination of industry and finance,corporate governance and technical factors.On the basis of economic financialization index in all provinces,this paper selected the real per capita economic output in each province,the proportion of industrial added value in the financial added value,the indicator of industrial structure optimization and per capita consumption expenditure as dependent variables.Then we used the index of the economic financialization as explanatory variables.With the panel data model,we made the empirical analysis about the effect of economic financialization on the real economy.The empirical results show that:(1)the improvement of the financial level of the economy is helpful to promote the per capita real economic output.At present,the financial level of most provinces is not high.Promoting the development of the financial industry is helpful to drive regional economic growth.The improvement of economic financialization has a negative impact on the ratio of industrial added value to that of the pan-financial industry.This shows that,with the improvement of economic financialization,the growth of industrial output is behind the pan-financial industry.This verifies the existence of the "asymmetric" influence on economy in the current stage.(2)The raise of economic financialization plays an important role in promoting the upgrading of industrial structure.(3)The raise of economic financialization has a different regional effect on residents' consumption wealth.Generally speaking,the wealth effect of the real estate market is about 0.04,and the wealth effect of household deposits is-0.06.Finally,this paper puts forward some specific policy suggestions for the hot issues in the current economic operation:(1)Foster the concept of financial services for the development of the real economy;(2)Cultivate and enhance the ability of financial services and improve the quality of development of the real economy;(3)Prevent systemic financial risks and promote steady and orderly development of the real economy;(4)Promote the financialization of the economy and promote coordinated development of regional economies.