Study On The Influence Of Financial Structure On Economic Growth

In the real world,economic development is inseparable from finance.Finance itself is a complex system,and the financial structure is the framework of a financial system,especially the support of the financial system.Its importance is self-evident.Because of this importance,the pace of its research has never stopped.Lin has made in his classical theory,the new structure mentioned in the theory of economics,economic structure is a constant process of dynamic optimization,are presented under different time node according to the different factor endowment,in different comparative advantages of the industrial structure characteristics and technical risk characteristics,and the different industry structure characteristics and technical risk characteristics of the different financial service demand,in turn determines the different financial structure.Different financial structures will present different in the process of economic development,whether the financial structure is unchanged,there is an optimal financial structure? Or is he constantly changing,adjusting dynamically with the economy? And by what path?Based on the perspective of structural suitability,this paper analyzes the relationship between financial structure and economic growth.Firstly,by sorting out relevant literatures at home and abroad,we can understand the current status of theoretical research.Then,the author traces the source and analyzes the theoretical basis of the two financial structure theories,the traditional financial structure theory and the new structural economics theory.Thoreau model combining the classic theory,endogenous growth model and financial deepening theory derivation analysis,put forward that financial structure is through financial efficiency,reduce the risk of technology and support industrial upgrading three aspects as the main path transmission of the impact of economic growth,at the same time,this part of the theoretical analysis and provide theoretical basis for the following empirical analysis.Under the new economic theory,according to the basic characteristics of the dynamics of financial structure,and considering that the process of financial structure change and the process of economic growth may have a time lag,this paper chooses to use the time series model in the empirical study.In addition,considering that there may be causal relationship between intermediary variables,core variables and dependent variables,VAR model is selected to prevent the endogenous influence on the accuracy of results.In terms of transnational experience,considering that China,the United States and Japan are the top three economies in the world at present,they have relatively close economic ties,so the quarterly data of the three countries from 2000 to 2018 were selected for comparison of transnational experience.Data were brought into the model to explore the dynamic evolution of financial structure and its correlation with economic growth,and the impact mechanism was analyzed and verified through granger test and impulse response graph,and the following conclusions were drawn: Direct effect of financial structure on economic growth of our country relative to the United States and Japan is not significant between the two countries,but by the industrial structure,financial efficiency and technical progress, the price discovery realize the ultimate goal of economic growth,but due to late in the securities market,the mechanism is not sound,structure itself development is not balanced,the financial efficiency is not ideal,the industrial structure transformation,development of science and technology level is not high lead to financial efficiency exist in the process of transmission loss;At the same time,there are natural institutional differences in the financial takeover systems of the three countries,which can be clearly seen in the economic and financial performance of different countries during the financial crisis.Based on the conclusions of theoretical analysis and empirical analysis,in the end,based on China's current national conditions,some comprehensive Suggestions are provided for China's economic structural transformation policy practice under the "top-level design".It is proposed to optimize the financial structure,smooth transmission mechanism and improve the government's supporting system,in the hope of promoting China's financial structure to better adapt to economic growth and better provide services for economic growth.