| As an important endogenous variable of modern economic growth,the industrial structure level directly reflects the quality of economic development.The report of the 19 th national congress of the communist party of China(CPC)pointed out that "China's economy has shifted from a stage of high-speed growth to a stage of high-quality development,and is now in a crucial stage of transforming the development mode,optimizing the economic structure and transforming the driving force for growth.The upgrading of industrial structure needs certain external environment and objective conditions and cannot be separated from the support and coordinated development of the financial industry.Finance is the core of China's economy and the main channel of social capital flow.How to further strengthen the ability of finance to serve the real economy and give full play to the upgrading effect of industrial structure of financial agglomeration is an important topic of this paper.This paper focuses on the influence of financial agglomeration on the upgrading of industrial structure.Starting from the classical theory and existing research results,this paper summarizes the connotation,theoretical basis,research methods and influencing factors of financial agglomeration on the upgrading of industrial structure,and puts forward the mechanism of financial agglomeration on the upgrading of industrial structure in theory.Based on the data of 31 provincial administrative units from 2007 to 2016,this paper investigates the development process,regional differences and agglomeration status of financial segmentation industries in China,and analyzes the upgrading status of China's industrial structure from the perspective of rationalization of industrial structure and elevation of industrial structure.Of financial agglomeration and industrial structure upgrade in China according to the reality of gradually by using correlation analysis and panel regression model,panel VAR model,threshold regression model and the mediation effect test model,and explore the financial agglomeration and influence mechanism between the industrial structure upgrade,so as to provide empirical evidence for the theory of financial agglomeration,and to promote the upgrade of industrial structure in our country.The main contents and conclusions of this paper are as follows:1.We analyze the development status of financial agglomeration and industrial structure upgrading in China.By constructing the evaluation index system of financial agglomeration level,this paper USES the entropy method to measure the overall development level of financial agglomeration in China from 2007 to 2016,the distribution difference between east and west,and the agglomeration situation of various financial segmentation industries.From the rationalization of industrial structure and the elevation of industrial structure two dimensions to depict the status quo of China's industrial structure upgrading,regional development differences.The study found that the overall average level of financial agglomeration fluctuated and increased in China during the sample period.Except for a slight decrease in 2008,the average level of financial agglomeration maintained a steady growth in other years,with an average annual growth rate of 7.89%.Except for the fluctuation of individual years,the financial agglomeration in the three regions generally presents an upward trend.Among them,the financial agglomeration level in the eastern region is the highest,reaching 2.03 times and 3.48 times of that in the central and western regions,respectively,showing a decreasing state from east to west.At the same time,it is found that the concentration level of the three types of segmented financial industry keeps a steady growth trend except for the slight fluctuation of the concentration level of the securities industry.In terms of industrial structure upgrading,the two dimensions of China's industrial structure have been improved from 2007 to 2016,but the elevation of industrial structure is much larger than the rationalization of industrial structure.In terms of regional industrial structure,the industrial structure level of the eastern region is obviously higher than that of the central and western regions in all dimensions,but the industrial structure upgrading speed of the central and western regions is higher than that of the eastern region.2.This paper constructs the mechanism of financial agglomeration affecting industrial structure upgrading.Combined with the functional attributes of finance industrial and the agglomeration characteristics of industrial agglomeration,this paper argues that the mechanism of financial agglomeration affecting the upgrading of industrial structure includes two aspects: industrial agglomeration effect and financial function effect.First,the industrial agglomeration effect of financial agglomeration reduces the price of financial products and improves the level and efficiency of financial services through economies of scale,thus relieving the financing constraints of industrial sectors.Knowledge spillover can improve the total amount of regional knowledge and strengthen the technological innovation ability of industrial sectors,to promote the upgrading of industrial structure.Second,financial agglomeration strengthens various functions of finance: gather savings by mobilizing savings function and provide financial support for industrial development through the transformation mechanism of savings into investment;Through resource allocation function,capital and production factors(labor force,technology,etc.)are rationally allocated among industries to realize industrial structure upgrading.The risk management function alleviates the risk constraint of technological innovation activities,encourages enterprises to participate in technological innovation activities,reduces the risk exposure of investors,and then realizes the upgrading of industrial structure.This paper further analyzes the influence of banking industry,securities industry and insurance industry on industrial structure upgrading through different financing channels and functions.3.This paper studies the direct impact of financial agglomeration on industrial structure upgrading.The linear regression results show that China's financial agglomeration has significantly promoted the upgrading of industrial structure.On the one hand,the financial agglomeration has a regional heterogeneity in promoting the upgrading of industrial structure.The financial agglomeration in the western region has the strongest promoting effect on the upgrading of industrial structure.The promotion of the central region is second,while the promotion in the eastern region is the weakest.The intensity of financial agglomeration on the upgrading of industrial structure is inversely proportional to the level of regional financial agglomeration;on the other hand,the promotion of industrial agglomeration by financial agglomeration also has industry heterogeneity,and banking agglomeration has the strongest promoting effect on industrial structure upgrading.The promotion of insurance industry is second,and the promotion of securities industry is the weakest,indicating that the main source of financing for the upgrading of China's industrial structure is indirect financing.Insurance funds have also promoted the upgrading of industrial structure,but direct financing has limited promotion effect on the upgrading of China's industrial structure.4.This this paper examines the threshold characteristics of the impact of financial agglomeration on industrial structure upgrading.By introducing the square term of explanatory variables into the panel regression model,it is found that there is an inverted "U"-shaped curve relationship between financial agglomeration and industrial structure upgrading,indicating that there is an optimal agglomeration level of financial agglomeration,and that the greater than the optimal agglomeration level will inhibit the industry.Structure upgrade.Further panel threshold regression results show that the financial agglomeration has a marginal diminishing effect on the promotion of industrial structure.That is to say,China's financial agglomeration has not reached the optimal agglomeration level during the sample period,and continuing to improve the level of financial agglomeration can still promote the upgrading of China's industrial structure.The sub-regional threshold model regression results show that the financial agglomeration in the eastern and central regions has similar threshold characteristics,and the promotion of industrial structure upgrading is characterized by marginal diminishing.However,in the western region,there is a U-shaped relationship between financial agglomeration and industrial structure upgrading.The low level of financial agglomeration is not conducive to the upgrading of industrial structure in the western region.When it crosses certain thresholds,it has significantly promoted the upgrading of industrial structure.5.This paper explores the transmission path of financial agglomeration affecting industrial structure upgrading.Using the intermediary test model,this paper examines the mediating effects of capital formation and technological innovation in the process of financial agglomeration affecting industrial structure upgrading.The results show that the mediating effect of capital formation and technological innovation is significant,and both are partial mediating effects.By comparing the mediating effects of capital formation and technological innovation,it is found that the mediating effects of the two are different in the process of financial agglomeration promoting the rationalization of industrial structure and the advanced industrial structure.Specifically,financial agglomeration promotes the rationalization of industrial structure by affecting capital formation and the advanced industrial structure by affecting the level of technological innovation. |
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