1、1Analysis for the Existing Restrictive Factors and OptimizationPaths of Anshan Financial IndustryAbstract：Modern economists believe that the degree of financial development playsa significant role in economy development. The financial industry takes an incumbent duty to promote the development of re
2、gional economy. Using the city of Anshan as research object， this paper has analyzed main factors that constrain the development of Anshan financial industry and correspondingpaths to resolving these defects. Key words：financial industry；existing defects；optimization paths 1 Current Development Stat
3、us of Financial Industry at Anshan Anshan， known as Steel City， is the significant supplier of iron and steel product in Liaoning and on a national scale. Anshans economy has developed rapidly during the “Eleventh Five-Year“ period. By 2015， with a total economic output of 234.9 billion Yuan and a p
4、er capita GDP of 67，675 Yuan， the economic aggregate of Anshan is rated the third economy entity in Liaoning Province， only ranking after Shenyang and Dalian. 2During the same time of economic development， based on the gradualimprovement of financial system， the scale of Anshan financial industry is
5、 alsomaking a rapid growth. At present， Anshan financial industry， differing from national， regional and local scale， consists of banking， insurance， securities， trust and other financial institutions that coordinate together to promote local economic development. In Anshan financial market， there a
6、re 15 banking institutions， 17 insurance companies， 6 security firms and 3 futures companies.By 2015， the balance of deposits， the balance of loans and the premium revenue of insurance section were 3，083.4 billion Yuan， 1，949.5 billion Yuan and 6.5 billion Yuan correspondingly. However， since Anshan
7、 is still at the stage of social and economic transition， the construction of financial system lags behind current social innovation and economic development. There are still some constraints existing in local financial market， causing urgent need for financial system reform and further improvement
8、of financial market. 2 Factors Constraining the Development of Anshan Financial Industry 2.1 Insufficient Financial Assets and Distorted Financial Resource Allocation 3In Anshans developing economic system， local financial industry is now facing a handful of problems， such as the low proportion of f
9、inancial industry assetsaccounting for the total municipal GDP， the incompletestructure of financial industry， the low degree of mercerization and the correspondingly weakened role of local financial intermediaries. Current existing financial intermediaries have not contributed much to improve the i
10、nvestment scale， thus the savings cannot be effectively mobilized and transformed into investment rationally. Due to the excessive financial repression， a large number of small or medium sized enterprises and private companies are excluded from the financial market， leading to serious distortions in
11、 financial resource allocation.The scarce financial capital， on one hand， may not only be separated from good investment opportunities， but also be invested inefficiently by local governmental departments while other sectors that urgently need this capital cannot be granted reasonable development fu
12、nds； the other hand， because of the profit-pursuingnature， the scarce local financial capital will flow to other regions with higher investment yields， causing outflows of valuable capital and exacerbated situation of financial constraints. 42.2 Regional Imbalance of Financing Ability in Capital Mar
13、ket Anshan capital market， especially the stock market， fund market and bond market， is developing more rapidly in recent decades and has formed an initial framework needed by modern financial industry， but there are still several short comes exist in this region. Owing to the insignificant capacity
14、 of Anshan capital market， the issuance scale of stocks and bonds is small， and the numbers of listed companies， as well as the amount of funds raised from the securities market are far behind other similar cities.The inadequatecapital formation ability and inferior organizational function of local
15、capital market has constrains further financing ability， thus restraining the development of the whole financial industry. Due to the lagging development of capital market， the scale of capital and efficiency of capital operation are very limited， the degree of asset securitization is low and the pr
16、oportion of direct financing is small.The transformation of savings-investment is mainly depended on the deposit and loan channels of banks， which seriously weakened the development potential of Anshans overall financial industry. At the same time， it also increased the pressure and risk of indirect
17、 5financing of commercial banks. 2.3 Low Level of Economic Development and Lack of Capital Formation Capacity The city of Anshan is an area with rich mineral resources and relatively large population， but the degree of its market-orientation has lagged behind other importantmunicipals in Liaoning Pr
18、ovince， such as Shenyang and Dalian， hence its economic efficiency is almost unsatisfying. For a long time， the economic development of Anshan is mainly promoted by the numerous inputs of production factors， rather than technological progress economic efficiency. The municipaleconomic growth disprop
19、ortionally depends on primary resources since the steel and raw materials industry constitutes a pillar industry of the economy. The economic growth mode is still extensive. This pattern of division makes Anshan area suffered from benefit loss caused by both raw material outputs and low value-added
20、initial processing， which have seriously weakened the self-accumulation ability of this city. At present， in order to promote economic development on a whole-province scale， Liaoning region has focused on Ladder - type resource allocation， instead of financial balancing strategy. Combined with the d
21、ecline of the 6steel industry and the decay of old industrial base in northeast China， Anshan city is neither capable of obtaining huge amount of investment granted from upper-level institution nor able to attract foreign capital. In this way， the long-term lag of extensive economic development， the
22、 dysfunctional capital endogenous mechanism and the serious shortage of capital formation will result in a huge gap between actual investment and expectation； meanwhile， this gap also presents a trend of expanding. This kind of economic operating condition makes local financial industry restricted b
23、y the high pressure of capital investment demand and low capital operation efficiency， therefore highly restrains the development of the financial industry and the role it plays in Anshan economy. 2.4 UnreasonableDominant Position of Governmental Institutions in Financial Resources Allocation Since
24、the process and direction of Anshan economic system reform is basically determined by the goal and the will of local government， the government of this city has become the main supplier of financialresources. The lack of market-oriented purpose of local financial system makes financial resource allo
25、cation render its market nature. Most state-owned enterprises refuse to innovate， causing low yield and income 7in financial industry. Because of previous institutional and policy reasons， major amount of local financial resources are granted to state-owned enterprises， while other private companies
26、 are facing huge barriers when trying to get bank loan and direct investment in capital market. This misallocation has restricted non state-owned enterprises from raising funds via financial leverage. 3 Paths for Resolving Defects and Consolidating Anshan Financial Industry 3.1 Tilt Financial Indust
27、ry Policy City of Anshan should strive to expand regional money supplyfrom the provincial level and actively introduce state-owned commercial banks， joint-stock commercial banks and foreign banks to expand their branches in this region， trying to regulate and improve the small and medium-sized finan
28、cial institutionsfunctional role to enhance their support and services for Anshan economic development. Meanwhile， throughinfrastructure construction and industrial development， the basic investment environment and the financial development platform of Anshan city should be created to improve the ca
29、pital marginal efficiency of social capital investment 3.2 Enhance Capital Market Competitiveness 8Capital market is an important component of financial industry. Securities firms， as an important participant in Anshan stock market， are disappointing in both quantity and average scale. Therefore， we
30、 must make big effort to cultivate the local security firms to promote the development of Anshan capital market. Based on the experiences of developing backward areas in the United States， Japan， Germany and other developed countries， the establishment of a regional fund for financial industry devel
31、opment is a very effective channel to achieve this goal. The development funds can be wholly granted by local government or co-financed by private financial institutions and relevantorganizations， aiming to cultivate investment banks in Anshan area and to promote the development of local capital mar
32、ket. At the same time， in order to improve market competitiveness， it is feasible to offer priority for well-performing security firms to be listed and to expand the scale of securities firms via M&A. 3.3 Deepen the Financial System Reform and Improve the Management Mechanism of Financial Institutio
33、ns To settle the dislocation or vacancy of governments role and supervision loopholes， Anshan city must find an effective approach to promote the process of financial reform. Specific 9solutions include enhancing the banks ability to resist risks， improving the internal control mechanism and incenti
34、ve mechanism， stripping the bad assets off state-owned banks and establishing efficient management mechanismand transaction platform. In order to guarantee the sound operation of financial market， Anshan financial institutions should take the initiative to improve their capabilities of internal cont
35、rol and risk assessment， thereby reducing the uncertainty and the cost of daily operations and transactions in local financial industry. Meanwhile， the establishment of a matured credit evaluating system can provide local banks with an information sharing platform offering multi-perspective credit s
36、tatus of enterprises in all directions， making credit rating of governmental and non-governmental firms more transparent. A transparent credit assessment system can reduce both information costs and risk evaluating costs， therefore enables the whole financial industry to operate smoothly. 3.4 Mainta
37、in Local Financial Stability and Market Order Anshan government should take the initiative to take charge of financial stability. It is the governments responsibility to coordinate with the Central Bank， the Banking Regulatory 10Bureau， Security Regulatory Bureau， Insurance Regulatory Bureau and oth
38、er financial institutions， making simultaneous efforts to regulate and resolve financial risks and reduce risk disposal costs effectively. Through mass medias positive guidance and regular analysis for local economic and financial conditions， most sudden financial crisis and social problems caused b
39、y financial disorders can be effectively prevented. It is also quite important for local government and supervision department to pay a close attention to the status and trend of civic financial operations. By creating opportunities to legalize non-government capital， the potential of private financial capital can be fully uncovered and a virtuous circle mechanism in financial industry can be formed. 基金?目：本文为 2016年度鞍山市社会科学研究立项课题研究成果。项目名称：鞍山金融产业现存制约因素与优化路径分析。项目编号：as20163004。 （作者单位： 辽宁科技大学 经济与法律学院，辽宁 鞍山 114051）
