关键词: 金融约束, 金融发展, 经济效率

Abstract: Based on the characters of ownership preference among rent allocation and the soft budget of state-owned enterprises, this paper analyzes the impact of the expansion of financial scale and the improvement of financial efficiency on capital formation and technological innovation by constructing a two-sector model，so as to analyze the impact of financial development on China's economic growth in theory under the financial constraint policy. With province-level data from 2000 to 2007 as a sample, this paper also uses the method of system GMM to explore the impact of the expansion of financial scale and the improvement of financial efficiency on economic growth. The empirical results show that the improvement of financial efficiency is positively associated with economic efficiency, while the expansion of financial scale is not significant associated with economic efficiency.

Key words: Financial Constraint, Financial Development, Economic Efficiency