| China's economy has entered a new stage,from high-speed growth to high-quality development,and is in a critical transition critical period of optimizing the economic structure and transforming the driving force of growth."Changing the mode of development and adjusting the industrial structure" have been the focus of domestic economic development.Finance,as the core of modern economy and the hub of resource allocation,is closely related to all aspects of industrial transformation.However,low efficiency of financial market and insufficient motive force of technological progress have always been two prominent problems in China's economic development.The traditional extensive growth path has encountered bottlenecks,and we must rely more on technological progress to adjust the structure.This is a strategic,structural and innovative adjustment under the "New Normal".The Financial Development Theory is the basic theory of researching how the financial influence on real economy,including the Financial structure theory and the Financial deepening theory.It is believed that financial system plays an important role in promoting economic development.With the deepening of the research,scholars have realized that the expansion of financial scale is marginal,that is,when the level of financial development exceeds a certain boundary,its role in economic growth is limited or even not.How financial structure,including financial intermediaries and financial markets,promotes the development of real economy has become a new research hotspot in recent years.The topic of financial structure promoting industrial structure upgrading has attracted much attention in China.As China's industrial structure enters the period of deepening adjustment,it needs more support from new investment,new consumption and technological innovation.It is undoubtedly of great practical significance to study how financial structure adapts to the new economic situation,especially how technological progress affects the transformation and upgrading of industrial structure,which is a matter of great significance and needs further systematic research and practical examination.This paper focuses on the "Financial Structure-Technological Progress-Upgrade of Industrial Structure" as the main line,through the researchs on the problems like the mechanism and depth measurement methods,macroscopic and microscopic pathways,the most suitable financial structure for industrial upgrading,and finally base on the conclusion of the study,try to provide some references for practical problems.The specific research is carried out according to the five steps as'proposing questions-preparing for theory-analyzing problems-proposing suggest-conclusions and prospects',Through systematic analysis,the conclusions are as follows:first,technological progress and financial structure through the upgrading of technological progress of the industrial structure has a positive significant effect,at the same time,the impact of financial development level on technological progress varies with the economic development stage,and is not always significant.Second,we found that between developed and developing countries technology transfer is significant,however,the increase of FDI on the host country's economic growth play an important role,but did not significantly increase the optimization of industrial structure.Third,the financial structure in the micro transmission path,by affecting the financing constraints of enterprises,as well as small and medium enterprises entrepreneurial support,thereby affecting the overall upgrading of the industrial structure.Further study found that in the stock market as the leading financial market for small and medium-sized enterprises entrepreneurship has positive support,and the level of financial development,including loans and other banking intermediary,represented by the Big Four,have a very limited financial support to the leading to the creation of small and medium enterprises,and the creation of risky project.Fourth,the present financial structure deviate from the optimal financial structure,the relative lack of financial market proportion,we should(1)rationally control the scale of indirect financing,optimize the internal structure of financial intermediaries;at the same time,strengthen the construction of the capital market,vigorously develop direct financing(2)strengthen the construction of financial market,encourage financial innovation,give full play to the advantages of the risk management function of financial market,increase financial support for technological progress(3)change the regulatory ideas,upgrade supervision means,guide financial system return to its essence as serviing the real economy(4)accelerate the development of financial service system in the central and western regions,to promote technology transfer and diffusion between regions,promoting the rationalization of industrial structure and the coordinated development of regional economy.Compared with the previous research,the innovation of this paper lies in:First of all,based on the existing research,summed up the research of financial structure for industrial upgrading conduction path,especially through the technological progress as the intermediate variable,identify the different technology progress mode between the developed countries who adopt new technology research and the developing countries who adopt technology introduction;the empirical effect differentiate the technology innovation and technology transfer and diffusion,and the use of international data support the theoretical analysis.Secondly,the innovative analysis of the transmission path of the micro level.Since there are few studies from the micro perspective,and micro level transmission path of commonly used tertiary industries index is also difficult to substitute micro data analysis,this paper innovatively adopts industry height contribution value index,suitable for micro model,and adopt individual firm level data from stock market to conduct empirical usage.Thirdly,carding all kinds of definition and measurement method of the existing optimal financial structure,and puts forward a new idea of measurement methods through comparative analysis.Finally,according to the "Five Year Plan"for the time interval,we use the data model to measure the optimal financial structure of our country,and put forward some suggestions on the optimization of the current financial structure according to the measurement results. |
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