Research On The Effect Of Financial Structure On The Upgrading Of Industrial Structure

As the economy enters a “new normal”,actively playing an important role in financial reform,expanding and optimizing the supply of software infrastructure such as finance,forming an efficient financial system and financial structure that effectively supports the development of high-tech industries are important measures to improve the quality of economic operation and upgrade the industrial structure from the perspective of supply side.The General Office of the State Council formulated and promulgated the Guiding Opinions of the General Office of the State Council on Financial Support for Economic Structural Adjustment and Transformation and Upgrading,which clearly pointed out that financial support for economic restructuring and transformation and upgrading should be better played.For four consecutive years,the Central Economic Work Conference has emphasized the need to promote structural reform on the supply side as the main line of economic work,and has made overall arrangements for the tasks of the financial sector in the supply-side reform.This puts forward a new proposition for research on financial assistance to upgrade the industrial structure and the coordinated development of the two.However,the reality is that: on the one hand,China's current financial operations are generally stable,but the problem of unreasonable structure still exists,the financial market system is not perfect,the proportion of direct financing is low,the bank indirect financing still occupies the leading position.While the macro-leverage ratio remains high,financial risks are concentrated in the commercial bank system.It is incompatible with the requirements of economic restructuring and transformation and upgrading.The financing difficulties and high financing costs of high-tech enterprises and small and micro enterprises have not been fundamentally solved,which has also become an important bottleneck restricting the upgrading of enterprises' independent innovation ability and the upgrading of China's industrial structure.On the other hand,although the existing literature pays attention to the important role of financial system in the process of economic growth,most of the relevant studies remain at the level of aggregate,and few studies explore the relationship between financial structure and industrial structure upgrading from the structural level.Therefore,how to deepen the reform of the financial structure,especially how to effectively focus the financial services to the real economy on supporting industrial restructuring and upgrading,has become the key to the successful transformation of China's industrial structure.In this case,carrying out the research on financial structure with the upgrading of industrial structure as the core has become an important issue in revitalizing the whole Chinese economy at present and even in the future.Focusing on the theme that financial structure promotes industrial structure upgrading,this paper conducts research according to the idea of “existing literature combing-theoretical analysis-historical evolution-current situation,trend and problem analysis-empirical test-policy recommendations”,and systematically analyses the impact of financial structure on industrial structure upgrading.Firstly,this paper systematically combs and evaluates the existing research literature at home and abroad,which lays a foundation for the follow-up analysis of this paper.Secondly,the theoretical analysis framework is constructed:(1)This paper analyses the basic characteristics of financial structure from the perspective of evolutionary law,and combines the relationship among technological progress,industrial structure upgrading and economic growth to analyze the basic characteristics of industrial structure upgrading.(2)From three dimensions of industrial capital formation,industrial resource allocation and industrial technological progress,we explore the internal mechanism of financial structure affecting industrial structure upgrading,and answers the question why financial structure affects industrial structure upgrading.(3)This paper constructs a theoretical model of the effect of financial structure on the upgrading of industrial structure,which reveals the role of financial development in economic growth and the internal relationship between financial structure and industrial structure upgrading.(4)From the three dimensions of direct,indirect and non-linear effects,we systematically elaborates the influence path of financial structure on the upgrading of industrial structure,answers the question of how financial structure affects the upgrading of industrial structure,and puts forward the corresponding theoretical hypothesis,thus laying a theoretical foundation for the further test of the impact effect in the following text.Thirdly,we investigate the development process of China's financial structure and industrial structure from the perspective of historical changes.Based on the division of stages,the evolution background,basic characteristics and changing direction of China's financial structure and industrial structure in different stages are analyzed in turn.Fourthly,the current situation,trend and existing problems of China's financial structure and industrial structure are investigated in general:(1)Starting from the three levels of financing structure,banking structure and capital market structure,this paper comprehensively reviews the development status of China's financial structure,and sums up the complication trend of China's financial structure based on the dynamic evolution of financial structure in practice.(2)This paper makes a systematic analysis of the present situation of China's industrial structure from four aspects: the distribution of three industries,the development of small and medium-sized enterprises,the level of technological innovation and the development of leading industries,and puts forward the objective trend of upgrading China's industrial structure in the light of the great challenges faced by industrial development in practice.(3)This paper summarizes the shortcomings of China's current financial structure in the face of diversified financial needs raised by the upgrading of industrial structure.Fifthly,a measurement index system for upgrading financial structure and industrial structure is constructed,and on this basis,we use China's provincial panel data to conduct empirical tests from three aspects:(1)The one-step system GMM estimation technology is used to regress the dynamic panel model,and the effects of financial structure on industrial structure upgrading and regional differences are investigated.(2)This paper uses the techniques of global principal component analysis and mediation effect model to discuss the indirect effects of financial structure on industrial structure upgrading from the perspectives of SME growth,technological innovation and leading industry development.(3)The panel threshold regression technique is used to test the nonlinear influence effect of financial structure on industrial structure upgrading,and reveals the nonlinear influence law,constraint mechanism and regional differences of financial structure on industrial structure upgrading.Sixthly,based on theoretical analysis and empirical test,combined with the forward trend of China's financial reform and industrial restructuring,this paper puts forward relevant policy recommendations on financial assistance to upgrade China's industrial structure.The findings of this paper are as follows: Firstly,the process of financial structure promoting the upgrading of industrial structure is reflected in the fact that the financial system provides diversified financial services for industrial development under the market economic system.Financial structure promotes national savings and capital accumulation,guides the optimal allocation of funds,improves the level of technological innovation,and then upgrades industrial structure through three-tier progressive mechanisms: industrial capital formation mechanism,industrial resource allocation mechanism and industrial technological progress mechanism.Secondly,China's financial structure has undergone tremendous changes,initially forming a bank-led financing structure,a competitive banking structure and a composite capital market structure.With the dynamic evolution of the financial structure in practice,there is a complex trend of cross-integration and significant regional differences.China's industrial structure has undergone significant phase changes,and has basically formed the "three two one" industrial structure type.But at the same time,China's industrial development still has structural problems such as the low proportion of tertiary industry,the mismatch between output value structure and employment structure,the unbalanced regional distribution of industrial structure and the low-end internal structure of industry.Thirdly,financial structure has a significant impact on the upgrading of industrial structure:(1)Both financing structure,banking structure and capital market structure have a significant impact on the upgrading of industrial structure,and the upgrading of industrial structure is characterized by continuity and accumulation due to inertia.(2)Market-oriented financing structure,competitive banking structure and compound capital market structure are more conducive to promoting the upgrading of industrial structure.(3)The impact of the financial structure on the upgrading of industrial structure does have certain regional differences.Fourthly,financial structure can produce intermediary effects through the development of small and medium-sized enterprises and technological innovation,thus indirectly affecting the upgrading of industrial structure:(1)At the level of financing structure,the promotion of the level of technological innovation is indeed an important influence path for the financing structure to promote the industrial level.(2)At the level of banking structure,the improvement of banking concentration will indeed inhibit the upgrading of industrial structure by hindering the growth of SMEs and the improvement of technological innovation.(3)At the level of capital market structure,the mechanism that capital market structure promotes the upgrading of industrial structure by promoting the growth of small and medium-sized enterprises and technological innovation is established.Fifthly,there is a complex non-linear relationship between the financial structure and the upgrading of industrial structure,and it is constrained by factors such as the stage of economic development and the financial ecological environment.Different from previous studies,the main innovations of this paper are as follows: Firstly,the logical framework of financial structure impact industrial structure upgrading research is initially constructed.Unlike the existing studies,which mostly focus on the total amount level,this paper explores the mechanism,path and effect of financial structure on the upgrading of industrial structure from the structural level,clarifies the financial structure that matches different industrial structures,and further enriches the relevant research of the financial structure theory.Secondly,it deeply analyses the theoretical mechanism of financial structure influencing industrial structure upgrading.This paper analyzes the internal mechanism of financial structure affecting industrial structure upgrading from three aspects of industrial capital formation,industrial resource allocation and industrial technology progress,which answers the question of why financial structure affects industrial structure upgrading.At the same time,it explores the direct,indirect and non-linear influence path of financial structure on industrial structure upgrading,which answers the question of how financial structure affects the upgrading of industrial structure.This provides a useful idea for the theoretical community to deeply understand the financial structure and industrial structure upgrading.Thirdly,it makes up for the gap between the theory and practice of traditional financial structure.Modern financial structure presents a complex feature beyond the traditional financial structure theory.However,the existing financial structure theory research does not reflect this content.Combining with the endogenous evolution of financial structure in practice,this paper systematically expounds the complex trend of cross-integration of modern financial structure.Fourthly,the impact of financial structure on industrial structure upgrading is comprehensively examined.Unlike the existing studies,which mostly stay at the level of theoretical analysis,this paper based on the panoramic measurement of financial structure from three aspects: financing structure,banking structure and capital market structure,empirically examines the impact of financial structure on industrial structure upgrading from three dimensions: direct impact,indirect impact and non-linear impact by using China's inter-provincial panel data.Undoubtedly,it adds indispensable and important empirical evidence to this frontier research field.