Abstract: The integration and innovation of logistics and finance, and the construction of a logistics financial complex system with both risk sharing and win-win benefits are the effective ways for the further development and improvement of logistics industry.The paper selects 31 provinces and cities′ macro data of logistics industry and financial industry from 2004 to 2014, and uses the entropy weight method to measure regional logistics capability and financial performance. Then the study builds logistics - finance compound system based on Hawking model to study collaborative development path and evolution rules of the logistics finance. The results show that logistics capability plays a leading role in the compound system′s evolution process; the development of the logistics industry has positive effects on finance, but the financial markets do not have sufficient support to the logistics industry; the overall level of logistics - finance cooperation has entered into “collaboration stage”, logistics capability, financial performance and synergetic level all show east - middle - west decreasing trend. Based on the results, the paper puts forward object synergy, development coupling, risk-sharing, information-sharing and policy guidance, are effective measures for the coordinated development between logistics industry and financial industry.

Key words: logistics capability, financial performance, Hawking model, synergetic development