Research On Influence Of Regional Financial Unbalanced Development On Capital Allocation Efficiency

The necessary condition for the normal operation of economy and society is the rational allocation of resources by finance,which plays a role of "catalyst" in the social and economic system.Finance promotes the development of national economy by optimizing the allocation of resources,improves the stability of the system,and provides financial services for the whole society,which greatly promotes the coordinated development of China's economy.Under the background of regionalization of economic development,financial development shows regional unbalanced operation.The difference of resource allocation among different regions in China leads to the unbalanced development of regional finance,which leads to the inequality of regional capital allocation and affects the economic development of different regions.Based on this,according to the unbalance of China's regional financial development,this paper makes a qualitative analysis of the three major regional financial development status in the structural and spatial dimensions.Then,from the four dimensions of external environmental factors,financial aggregate factors,financial structure factors and financial efficiency factors,this paper uses factor analysis method to construct a comprehensive evaluation model of China's regional financial industry development,measuring regional unbalance by Theil index.In order to measure the regional financial imbalance,Jefrey-Wurgler model is adjusted to measure the efficiency of capital allocation in the eastern,central and Western regions,and to explore the internal impact mechanism.Based on the conclusion of this paper,it is found that the fi nancial development degree of different regions in China is quite different,and there is obvious non-equilibrium.It is further found that there is a significant negative correlation between the unbalanced development of regional finance and the efficienc y of regional capital allocation.The empirical results show that there is a significant positive correlation between the degree of financial development and the efficiency of capital allocation.If the financial development is not coordinated with the eco nomic development,the efficiency of capital allocation will be reduced.The non-equilibrium of regional financial development has a negative impact on the efficiency of capital allocation.Among them,the regions with low degree of financial development a re more likely to be inhibited by the non-equilibrium of financial development,such as the unbalanced development of the central and Western regions.The improvement of capital allocation efficiency,while the imbalance of financial development in the eastern region has less impact on its capital allocation efficiency.Therefore,the current regional financial development policy should pay attention to the improvement of non-equilibrium,thereby improving the efficiency of capital allocation and promoting the coordinated and unified development of Finance and economy.