An Research On The Mechanism And Path Of The Integration Of Industrial-Finance Capital In Promoting The Growth Of China's Emerging Industries

Developing strategic emerging industries and fostering new growth drivers have become important means for quality change and high-quality development.The vigorous growth of strategic emerging industries is of vital significance for China to narrow the gap with the world leaders in technology.fostering and strengthening emerging strategic industries cannot only break the unreasonable and inefficient distribution of industries and upgrade industrial structure,but also be an inevitable choice for fostering new growth drivers,promoting quality change and creating new advantages in international industrial competition.However,in reality,there actually exist such problems as large financing gap,financing constraints,and etc.Financial-industrial integration is an important way for related enterprises to ease financing constraints and promote the growth of emerging industries.Therefore,the financial-industrial integration mechanism to promote the growth of emerging industries has become one of the current research focuses.Based on financial-industrial integration,the dissertation established a logically consistent framework to elaborate the mechanism and logic of the influence of financial-industrial integration on emerging industry development.The analysis f ollowed the approach of “literaturereview-current situation analysis-theoretical analysis-empirical test-counterm easures and suggestions”.This dissertation,firstly,th eoretically expounded the general mechanism of financial-industrial integration in promoting the growth of China's emerging industries,and found that the financial-industrial integration can promote the growth of emerging industries from increasing capital scale,optimizing financing structure and improving allocation efficiency.Then,in light of the successful experience of developed countries,some typical cases and relatedconstraints in China's financial-industrial integrati on was reviewed,and the necessity of promoting the growth of emerging industries was analyzed.Thirdly,the endogenous mechanism of financial-industrial integration in promoting the growth of emerging industries was theoretically ana lyzed,and the theoretical framework for current research was constructed.Based on the theoretical framework,the effectiveness of promoting the growth of emerging industries through increasing capital scale,optimizing financing structure and improving allocation was tested by applying the data of listed companies from 2000 to 2017,the static panel data model and panel logitmodel.In addition,relevant indicators are selected from increasing capital scale,optimizing financing structure and improving allocation,and a Mediation model was constructe d to conduct an empirical test on the relation ship between financial-industrial integration and the growth of emerging industries.Finally,the conclusion was made on the basis of theoretical analysis and empirical tests,and countermeasu res and suggestions were put forward fromfinancial policy,industrial policy,regulatory and governance policy as well as reforming and optimizing policy.