| Since the reform and open up of its economy, China has made significant development in the economic transition. As the frontier area of Chinas modernization process, Guangdong Province had obtained a historic achievement of sustained and rapid economic growth, and thus become a leader in the countrys economic development. However, during the progress of the continuous development, both the countrys and the regions economy have entered a whole new stage, and have to face challenges include the shortage of land and other resources, the rapid growth of labor costs, the devastating pollution on the environment, etc. In order to ensure and promote the sustainable development of its economy, Guangdong must speed up the process to adjust its industrial structure.When we look back at the developing path of the worlds leading developed countries, there are several theories about the methodologies of industrial structure adjustments, no matter it is to balance the proportion between different industries, or it is to increase productivities of the industrial structure; whether it is to use incremental adjustment or it is to use the stock redistribution adjustment, all of those are inseparable from the support of the financial system. The nature of finance is to become the bridge to connect the savers and the investors, and provide the channels for the funds to be transferred from the surplus departments to the deficit departments, therefore, the allocation of financial resources will have huge impact on the performances of both the economy and the corporates in macro and micro aspects respectively. To some extent, monetary supplement is the key factor to affect the industrial structure adjustments. For instance, the financial system can promote and upgrade the industrial structure adjustments by capital formation mechanism, risk diversification and reduction of information asymmetry, etc. Therefore, it is necessary to carry an intensive research on effects of the elemental and structural aspects of the financial system on the industrial structure adjustments, thus to construct a perfect and reasonable financial system to ensure and speed up the movement of Guangdongs industrial structure adjustments.At the present time, there are a few research findings about how the finance work to support industrial structure adjustmentss from the main stream theories, and the relative suggestions lack of practicability and flexibility. Especially, the recent domestic researches have not take the international financial crisis into the research background, and thus not focus on the post-crisis industrial structure adjustments. On the other hand, the empirical researches on the relationship between industrial structure adjustments and financial factors of Guangdong Province are incompetent, so that it is impossible to provide effective guidance and political suggestions. As a result, it is important to carry out an in-depth study on the mechanism of financial factors in the progress of industrial structure adjustments, and search for the interactive relationship between finance and industrial structure adjustments in Guangdong Province. In simple terms, the intensive study on financial progression, bank structure and other factors of financial system can enrich and expand the existing theories of the relationship between finance and industrial structure. Based on the data of several decades, and combine with the difficulties which Guangdong Province currently faces during its progression, the conclusions of empirical analysis can provide useful solutions to support the adjustment of Guangdongs industrial structure, and more importantly, to benefit the implementation of "double-shifting" strategy.Based on the mechanism of financial development and financial structure on the economy, this dissertation focuses on the relevant theories about applied financial development, financial structure, economic growth and industrial structure, and analyses the impacts on industrial structure adjustments. To begin from a broader perspective, this dissertation combines theories about informational economics, industrial economics and finance, and carries out an empirical research of Guangdongs practice after conducting theoretical models and descriptions. Based on the conclusions of both theoretical and empirical analysis, as well as experiences of regulatory and systematic innovation from foreign countries, this dissertation will provide practical financial suggestions against industrial structure adjustments in Guangdong Province. The research content has been divided into six chapters:The first chapter contents an introduction of the background and the meanings of this research, which is followed by a coherence study of current theories of financial development, financial structure, economic growth and industrial structure. Then it points out the main research methods and the innovative parts of the dissertation.The second chapter carries out a systematic analysis on the mechanism of financial systems to lead and upgrade industrial structure adjustments through establishing four theoretical models. The first section analyses how the financial system lead the direction of industrial structure adjustments through capital formation and guiding mechanism. The study shows that financial system not only can generate investment capital from individuals, but also affect capital flows to promote industrial development and structural adjustments. The second section analyses how financial system work to promote industrial structure adjustments by alleviating information asymmetry. The result shows that adverse selection and moral hazard can be avoided by implementing information disclosure mechanism. The third section analyses how financial system is able to promote industrial structure adjustments by integrating different industries. The finding suggests that the financial policies can direct capitals flow freely between different regions, which encourage acquisitions and reconstructions of assets, thus create differences in financing costs, and push industries to be shifted or moved from one area to another. The final section analyses how financial system can lower and diverse the risks resulted from industrial structure adjustments by applying risk protection and diversification mechanism. The result is that the financial system can diverse and protect risks by splitting and exchanging individual investments between investors.The third chapter reviews the current patterns of financial support in the industrial structure adjustments. The four financial mechanisms mentioned in the previous chapters all depend on certain operating pattern which will determine the speed and effectiveness of domestic industrial structure adjustments. There are two major patterns in general:market-orientated pattern (e.g.:the Germen practice) and government-orientated pattern (e.g.:the Japanese practice). By comparing the actual practices in Germany and Japan, it shows that pure market-orientated pattern or pure government-orientated pattern will result in market failure or government failure. In order to succeed Guangdongs industrial structure adjustment, it must combine the two patterns and reach for a more practical one to suit the needs of provincial developments.The fourth chapter focuses on the interaction between financial developments and industrial structure adjustments based on the Guangdong practice. The first part evaluates the evolution of Guangdongs financial system. It seems that although the amount of financial assets and loans, financial institutions and employments, the level of financial governance keep rising continuously, problems like increasing risks and lack of innovations still exist. The second part is the analysis of the interactive relationship between financial developments and industrial structure adjustments by using a time-series data from1982to2011. It is found that there is a long-term equilibrium relationship between financial developments and industrial structure adjustments.The fifth chapter observes the interaction among financial structure, banking structure and industrial structure adjustments in Guangdong. On one hand, by using the panel data of different cities in the Province from2006to2011, it shows that the development of banking industry in Guangdong has significant and positive effects on industrial structure adjustments, whereas the development of the stock market affects the adjustments negatively. The result demonstrates that the development of the banking sector plays an essential and irreplaceable role in the economic developments. However, due to the imperfect market and other non-economic factors, the stock market creates an impediment to industrial structure adjustments. On the other hand, a descriptive and empirical analysis of the relationship between banking structure and industrial structure from1980to2011shows that the increasing bank concentration has an adverse long-term effect on the industrial structure adjustments. Therefore, the competitions in the banking industry must be stimulated to reduce the monopoly position of the state-owned commercial banks, and help to promote further adjustments.The sixth chapter focuses on the ways to improve the current financial policies of Guangdong Province by using interest rate as economic lever, or providing loans to adjust industrial structure. Further, it must prioritize to satisfy the financial needs of strategic emerging industries, focus on the Pearl River Delta, stimulate the developments in east and west wings, and protect the northern area of the Province. In addition, it is important to nurture a capital market with multiple layers which can promote and upgrade the strategic industries and medium to small-sized corporates to develop.The final chapter is a summary of comments and conclusions. It points out the deficiencies of this dissertation and the problems which need to be further studied in an extended direction. |
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