| The industrial structure has always been an important contradiction and focus in China's social and economic field.China's economy has turned from a stage of high-speed growth to a stage of high-quality development.The main direction of China's economic and industrial development is to change the development mode,optimize the economic structure and change the growth momentum.The financial system guides the transformation of financial resources from surplus sectors to shortage sectors by means of capital formation and guidance mechanism,risk diversification,information asymmetry reduction,etc,which also affects the macroeconomic operation and the behavior change of micro enterprises.Financial institutions,as the channel of "capital flood",play a leading role in the adj ustment of industrial structure by establishing the relationship between capital supply and demand.The capital market is an important part of the financial system.After 30 years of development,China has preliminarily established a multi-level capital market consisting of the main board market,SME board market,GEM board market,New Three Board market and regional equity trading market,becoming the second largest capital market in the world.However,the capital market is far from enough to support the real economy in terms of strength and validity,and the development of the regional capital market is not balanced,so it fails to give full play to its market pricing,resource allocation,risk management and other functional advantages.Promoting the positive interaction between the capital market and the industrial structure adjustment,making the level division of the capital market better adapt to the needs of industrial development in the new normal,and expanding the coverage and availability of capital market services are crucial to solving the financing contradictions in China.Driven by supply-demand factors,technical factors,capital factors,location factors and policy factors,the industrial structure is constantly adjusted,and the allocation structure of financial capital is of decisive significance to the entire industrial allocation structure.From the perspective of logic,capital market affects industrial structure adjustment through screening mechanism,matching mechanism,coupling mechanism and incentive and restraint mechanism,and the degree of maturity and openness of capital market are necessary conditions for industrial structure optimization.In this study,the evaluation dimensions of industrial structure adjustment was extended to 4 dimensions including rationalization,advancement,internationalization and universalization.An index evaluation system consisting of 4 dimensions and 14 indexes for industrial structure adjustment was constructed.The analytic hierarchy process and entropy weight method were used to give subjective and objective weights for the evaluation indexes.On the basis of incorporating time factors,a multivariate comprehensive evaluation method reflecting the overall development level of regional industrial structure was designed.It is found that the development level of industrial structure varies greatly among provinces in China,but the inter-provincial differences are decreasing year by year.In addition,we can also find that during the period from 2004 to 2016,the industrial structure index of China's provincial regions showed obvious regional difference,which is "high in the east,medium in the middle region and low in the west".In the evaluation dimensions of rationalization,advancement,internationalization,universalization,different provinces show great differences.Using the data of 1,745 enterprises in main board market,SME board market and GEM board market,the input-output index was designed.After eliminating the environment factors using the three-stage SBM mode,it was found that the financing efficiency of all industries in the capital market was improved,and the average financing efficiency of the main board market in Shanghai and Shenzhen showed a higher growth rate than that of the SME board market and the GEM board market.Most of the tertiary industries had higher financing efficiency,but the annual fluctuation was more intense due to the influence of economic cycle.The total factor financing efficiency of each market showed a increasing trend with time.The financing efficiency gap between markets was very small.The main board market represented by Shanghai and Shenzhen had a better overall performance than the SME board market and GEM board market.After eliminating the influence of environmental factors,the financing efficiency of regional capital market improved significantly,and the difference of financing efficiency between regions decreased significantly.The growth rate of financing efficiency of the main board market was higher than that of the SME board market,and the regional difference in financial efficiency of GEM market was the most significant compared with other markets.The market-oriented reform weakens the obstacles in the administrative division,and the geographical spatial dependence(spatial auto-correlation)and spillover effect exists in the industrial structure and capital market development of each region.Therefore,when examining the impact of the capital market on the industrial structure adjustment from the provincial level,the spatial correlation between provinces must be considered.The spatial correlation of industrial structure adjustment among provinces in China was verified using exploratory spatial information system.By setting up spatial adjacency weight matrix and economic distance weight matrix as well as selecting appropriate spatial econometric model,the paper presents an empirical analysis on the impact of industrial structure adj ustment from two aspects of capital market development level and capital market financing efficiency.The results show that there is a positive spatial correlation in the adjustment of industrial structure in China as well as a positive spillover effect between provinces.The development level of capital market has a significant positive effect on the adjustment of industrial structure.Capital market financing efficiency also has a significant positive effect on the adjustment of industrial structure.The development level and financing efficiency of inter-provincial capital market promote the adjustment of industrial structure through spatial mechanism.The industrial structure improvement of a province is subjected to the spill-over effect caused by the development level and financing efficiency of capital market in surrounding provinces.Based on the above research conclusions,countermeasures and suggestions are proposed from the aspects of market positioning,institutional development and policy support,so as to improve the construction and service level of China's capital market and better promote the adjustment of industrial structure.It is necessary to define the development orientation of the capital market under the new normal economy,base on the development of the real economy,and help upgrade and transform the industrial structure.We should build a capital market system that matches the upgrading of the industrial structure and improve the financing efficiency and service level of the capital market.We should improve the capital market system,promote supply-side reform of the capital market,and give full play to the decisive role of the market in resource allocation.We should further raise the level and level of opening-up of the capital market.We should incorporate the spatial interaction between provinces into the gap analysis and policy making process of capital market and industrial structure adjustment so as to give play to the regional radiation effect of capital market among provinces. |
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