Research On The Integration Of Financial Capital And Industrial Capital To Promote The Upgrading Of China's Economic Structure

The combination of industry and finance means that with the development of a region or a country's economy,the level of industry and finance has been improved to a certain extent,and the capital between the industry and financial sectors has begun to merge with each other.At present,the integration of industry and finance in the world can be divided into two ways: from production to production and from production to finance.At present,China is mainly from production to finance.On the basis of the existing literature,this paper analyses the concept,mode and motivation of the integration of industry and finance.On this basis,through inductive reasoning and deductive reasoning,it puts forward three mechanisms to promote the upgrading of economic structure,namely,to promote the efficiency of traditional industries,the growth and growth of emerging industries and the upgrading of industrial structure.On this basis,based on the information of micro-characteristics of 1360 manufacturing enterprises in China,this paper measures the state of integration of industry and finance from the provincial and industrial levels,and analyzes its constraints.Subsequently,according to the theoretical and logical framework proposed in this paper,empirical tests are carried out on the three mechanisms of the combination of industry and finance to promote the upgrading of economic structure.At the level of promoting the upgrading of traditional industries,based on the directional distance function of EBM with common boundary,27 manufacturing industries' green total factor productivity(GTFP)was measured and used as the upgrading index of traditional industries.From the perspective of market structure,the effect and mechanism of the combination of industry and Finance on GTFP of manufacturing industry were analyzed.At the level of promoting the growth of emerging industries,this paper expounds the basic logic of the combination of industry and finance to promote the growth of emerging industries by using the effects of financial support,risk dispersion and synergy.Based on the specific characteristics of the seven strategic emerging industries,a double difference model isestablished to test the mechanism of the combination of industry and finance to promote the growth of emerging industries.At the level of promoting the upgrading of industrial structure,this paper analyses the influence mechanism of the combination of industry and Finance on the upgrading and rationalization of industrial structure from two aspects: eliminating the restriction of endogenous financing for industrial development,improving the coordinated development of industry and improving labor productivity,and carries out empirical tests.Finally,according to the results of theoretical logic and empirical test,combined with the actual situation of the integration of industry and finance in China,the specific path and policy of the integration of financial capital and industrial capital are put forward.