关键词: 金融发展, 微观非平衡效应, 资本配置效率

Abstract: The purpose of this paper is to explore the micro path and mechanisms of financial development on china’s economic growth. Meanwhile analyzes heterogeneous enterprise’s different reaction on financial development. We use Chinese industrial enterprises database as the sample and use non 4-SOCBs in total bank credits to build the financial development indicators. The results show that the financial development can promote the micro enterprises’ growth and capital investment, and it’s impact on firms’ production growth is higher in sectors where firms require more external finance. But there is a unequal effect on firms. Firstly not all firms benefit from financial development. Secondly the firms with higher levels of profitability and productivity benefit more. Overall, the manufacturing enterprises with high-productivity and high TFP private are the biggest beneficiaries. It indicates that China's gradual financial reforms do not only optimize the allocation of capital, but also lead to the redistribution of financial resources among industrial enterprises.

Key words: Financial Development, Micro and Unequal Effects, Capital Allocation Efficiency