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Research on the Inter-regional Financial Capital Flow Performance in China

Author: MuYuTang
Tutor: SunShaoYan
School: Jilin University
Course: Finance
Keywords: Financial capital capital flow flowing performance economic development
CLC: F832.5
Type: PhD thesis
Year: 2013
Downloads: 177
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In the modern economic growth, the operation of the economic entity in anyarea cannot be apart from the support and participation of the financial capital, whichflows constantly along the reasonable channel in regions as the “blood” of theeconomy and achieves its performance function to maximize its own interests andrealize the space allocation of the resource. The18th national Congress of theCommunist Party of China (CPC) put forward a suggestion that "a quicktransformation of the economic development pattern " is our strategic choice for thedevelopment of our country, which also suggests that economic development shouldrely more on domestic demand of consumption and the promote of the resourceconservation as well as economy circulation to accelerate regional harmoniousdevelopment. How to realize the change of the economic development pattern hasbecome a common topic to the economics profession.This paper uses time-based line, sorts region by space, takes advantage offinancial flow as control means and finds the starting point between regionaleconomic growth and economic structure. Meanwhile, it takes the static statistics asthe performance of the financial capital flow, and expands the static analysis in theuse of dynamic flow, finally, it finds out the cause and the main factors affecting theperformance, and then makes targeted use of different capital elements flow to adjustand achieve the economic goals to lead the transformation of the regional economicdevelopment pattern.It points that cross-regional flow of financial capital can be divided intomarket-oriented profit-driven kind and led by the government decree kind. Themarket, which is the “invisible hand”, takes efficiency as the goal which meansfinancial capital flows continuously from the low marginal revenue regions to thehigh. The government, which is the “visible hand”, takes fairness as the goal which means financial capital flows to the place where macroeconomic regulation andcontrol need. Economic development and structure change are the result of the gamesbetween government and market.Beginning with the perspective of the economic structure, the paper focuses onthe analysis of the national level and the specific structural conditions of theinvestment, consumption and net exports among the eastern, central and westernareas, and then makes analysis of proportion of various structures and trends. Staringfrom profit-driven capital, risk aversion and equitable achieving, the paper analyseshow financial capital flowing into sphere of production by bank credit, capitalmarkets, financial transfer payment, foreign capital and private capital to realize thetransfer process from financial system into economic system.Using mechanistic models, the paper analyses the theory point of the regionalinvestment and the reason of the financial capital flow from a theoretical point, makesproof of financial capital flowing motivation mechanism, discusses the influence ofthe financial capital on regional savings and investment, finds out Pareto optimalitytheory through interregional flows of financial capital to achieve optimal allocation ofresources, discusses the development of products and industry positioning theoryaccording to its own comparative advantages of each region, and then concludes thatthe flowing of financial capital can optimize the allocation of resources effectivelyand maximizes the overall welfare performance.In the respect of the performance analysis, first, the paper uses time series ofmultivariate linear regression to examine the affect on economic output (GDP) ineastern, central and western region, and concludes that the main factors of theinfluence of the eastern region is the total capital formation, capital market financingand the fiscal transfer payments. For central region, the total capital formation andcapital market financing is the main factor. For western region, total capital formationand the government fiscal transfer payments is the main factor. The paper concludesthat the impact of government transfer payments in the western has a time lag,resulting in a large flow of the current financial capital to eastern developed regionsin disguise. Second, using panel data on the performance of consumption, investmentand net export in the three regions as an empirical test, the paper concludes three main factors that influence the structure, which are the new bank loan andgovernment fiscal transfer payments. The new bank loan has negative correlation, andthe government fiscal transfer payment has positive correlation.According to financial capital flow mechanism and Empirical Analysis, usinggames between government and market, through adjustment of different financialcapital flow, it can achieve the change of the economic growth model in a new period.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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