关键词: 金融发展, 资源重配, 经济波动, 细分行业

Abstract: This paper studies the mechanism of China's financial development affecting economic fluctuations from the perspective of resources reallocation. The article constructs the most moderate economic fluctuations industry structure and,using the distance between real industry structure and the most moderate economic fluctuations industry structure as the measure of economic fluctuations, empirically tests the financial development's influence on economic fluctuations. The findings are as follows: The development of both financial markets and banks promotes the convergence of actual industry structure converge to the most moderate economic fluctuations industry structure, thus relieving the economic fluctuation; Nationally or in the eastern and central regions, the development of financial markets can alleviate the economic fluctuation more effectively than that of the banks, while in the western region the effect of banks' development to alleviate economic fluctuations is more significant; The effect of financial markets in easing capital-intensive industries' fluctuations is stronger than that of bank intermediaries, whereas bank intermediaries can amore effectively lleviate the fluctuations of the labor-intensive industry. Further study finds that financial development can only play a role in guiding resources reallocation among industries to converge to the most moderate economic fluctuations industry structure so as to ease economic fluctuations with the existence of correlation among growth rate of capital productivity of industries.

Key words: Financial Development, Resource Reallocation, Economic Fluctuation, Subdivided Trade