China's Financial Structure Adjustment And Industrial Structure Optimization Research

The core function of financial is to carry on the capital allocation. Under the different financial system, formed differentiation of financial structure through the capital allocation affects the real economy development. The optimization of industrial structure is also inseparable from the support of financial capital. As China's economic growth rate fell, the economy enters the new normal, it is necessary by optimizing the industrial structure of mining economic growth momentum. So, from the long-term perspective, considering the two aspects on the financial structure adjustment of the financial system and the industrial structure optimization of industrial development, China's financial structure adjustment will affect the industrial structure optimization? If there are any impact, what is its specific mechanism? In what ways can produce role? At the same time, it should not be overlooked the financial system in our country which belongs to typical exogenous financial system. Financial structure adjustment under the influence of this kind of system arrangement for a long time, from the view of the financial system arrangement of financial structure adjustment to industrial structure optimization, which can get the results? In addition, the area between the financial structure and industrial structure forms differ in thousands ways, their relationship which is based on the investigation on the difference between area also is of great significance.In this paper, the research contents include:First, on the basis of literature review, according to the rationalization, high-grade, highly efficient of industrial structure optimization three layers connotation, theoretically analyzed the impact of the financial structure adjustment to industrial structure rationalization, high-grade, highly effective of the specific mechanism and model building. Second, it clarifies the historical change law and development path of China's financial system arrangement, discusses the basic characteristics of China's financial structure and industrial structure in our country the status quo. Again, using the principal component analysis (pea), respectively, to build the financial structure composite index and the financial system composite index, and then the two index as the main explanatory variables on financial structure adjustment impact on industrial structure optimization from empirical research of the national level; Further using the provincial panel data empirical research on the influence of financial structure adjustment to industrial structure optimization regional differences. Finally, on the basis of theoretical analysis and empirical studies is put forward in this paper, on the optimization of financial structure in our country, promote the reform of financial system in China, the policy Suggestions to promote the industrial structure optimization in China.In this paper, the main conclusions are:(1) Financial structure adjustment of financial system arrangement enhances the level of industrial structure optimization in China. Based on the data in 1991-2013, using time series regression model, the empirical results show that: China's financial structure adjustment promotes the rationalization and high-grade of industrial structure process, among them, on behalf of the financial structure of the two different form factors, indirect financing structure significantly promotes the rationalization of industrial structure in our country and the direct financing structure of the promoting effect is not obvious. China's financial structure adjustment as well as promotes highly effective of industrial structure. Among them, the indirect financing and direct financing structure plays a promoting efficiency of the industrial structure, but the effect of direct financing structure is obviously less than indirect financing structure. It can be found that under the condition of to join financial institutional arrangement variable, the financial system arrangement to enhance the financial structure adjustment of industrial structure optimization. (2) China's Financial structure adjustment promoting in the process of the rationalization, high-grade and efficient of industrial structure exists regional differences. On the basis to measure the eastern, central and western industrial structure rationalization, high-grade and efficient level, using the provincial panel data, the selection panel data econometric model, China's financial structure adjustment influence industrial structure optimization's regional difference research results show that:Financial structure adjustment promoting the rationalization, high-grade, highly efficient of industrial structure is almost the same in regional differences.Although the eastern region is given priority to with financial intermediary financing, however, the development of financial markets have a certain degree, so the two kinds of financing structure adjustment has promoted the industrial structure optimization and give priority to with indirect financing structure function. In the western and middle region, the financial market development lags behind, the promotion industrial structure optimization effect is not obvious, only the indirect financing structure promotes the optimization of industrial structure. (3) Our country finance system arrangement changes along the path of the financial liberalization. Financial liberalization to China's financial system, financial structure formation and adjustment has had a profound influence for a long time, and the effect on internal financial structure is unbalanced. Financial liberalization of reform focused on promoting the market-oriented of financial institutions, and always adhere to the prudent attitude to financial markets, driving force obviously inadequate. (4) The financial system in our country has long been dominated by banks and other financial intermediaries development. The industrial structure optimization promoting is given priority to with financial institutions playing a role. Financial markets have no great progress, the industrial structure optimization to effectively play no role in promoting. Therefore, it must pay attention to training and improving financial markets, form to meet the needs of all kinds of financing subject and industry of the financial system.Innovation point of this article are:(1) The existing studies on the relationship betwi financial structure and industrial structure first-of-the-season are considered import variables influencing the financial structure which is financial system arrangement, especia China's exogenous financial system arrangement determines adjustment and change of financial structure, in turn, financial structure adjustment affects the optimization of industi structure. This article attempts to from the new perspective of financial system arrangeme in theory, forming a "financial institutional arrangements, financial structure adjustment, industrial structure optimization" unified analysis framework, in order to provide reference future studies; This kind of analysis in the real world also accorded with the current reform economic system, especially the era background of the financial system reform, has a certa practical value. (2) The optimization of industrial structure is the key to econon development and industrial transformation problem. In this paper, the industrial struct optimization from the rationalization, high-grade, efficiency, three aspects are studie especially to join the efficiency, an important but often neglected measure. It respective discusses the financial structure adjustment and the relationship between them, the view industry structure optimization further elaboration. In addition, in this paper, considering regional difference of China's economic development and industrial structure, from the two perspectives of the national and regional more in-depth and detailed study, the results of the analysis is more accurate and comprehensive conclusion more explanatory, deepening the impact on financial structure adjustment to industrial structure optimization of the internal mechanism of knowledge, to promote China's financial system reform and optimization of industrial structure policy have certain reference significance. (3) In the previous studies on financial structure calculation of index selection is scattered, only reflects the aspects of the financial structure characteristics. This paper selects multiple indicators, and then using the principal component analysis (pca) to build a comprehensive index. To measure the financial system, in accordance with the process of the change of China's financial system arrangement, the use of financial freedom into to replace, chose to build multiple indexes comprehensive index, in order to more comprehensive reflect long-term changes in China's financial system arrangement. It will build the financial structure index and the financial system index as the main explanatory variables and study their role in China's industrial structure optimization, make the results more representative.