| Development finance is a financial form based on national credit,supported by market performance,and aimed at implementing the government's macroeconomic policies.The rise of development finance began after World War II.It has both the advantages of policy finance and commercial finance,and has made an important contribution to the economic recovery of countries after World War II.In recent years,with the slowdown of global economic growth and the rise of trade protectionism,various contradictions and new and old problems have become prominent.In the face of complex and changeable international environment and downward pressure of domestic economy,promoting industrial structure upgrading is a necessary condition for deepening reform at this stage,and is also the only way for China to achieve high-quality economic development and enhance international competitiveness.Industrial structure refers to the relationship and proportion within and among industries.Its high and reasonable level is an important representation of the transformation of macroeconomic growth mode and development mode.How to use the financial system to play the role of resource allocation and promote the upgrading of industrial structure is an important issue facing China.Scholars at home and abroad have made full research on the relationship between commercial finance and industrial structure upgrading,but there is still a lack of research on how development finance affects the upgrading of industrial structure.Therefore,this paper discusses the impact of Development Finance on the upgrading of China's industrial structure It has important theoretical value and practical significance.Existing studies have shown that although the financial market can promote the upgrading of industrial structure by easing the external financing constraints of enterprise investment,there are also constraints.For example,commercial financial institutions prefer to allocate funds in the form of short-term loans to industrial sectors with lower risk,better liquidity and higher return rate when they choose capital allocation methods and investment fields There is a lack of enthusiasm for investment in the areas such as post industrial areas and low yield traditional industries.How to alleviate the problems of credit rationing and market failure in the financial market has become an important problem to be solved to promote the upgrading of China's industrial structure.As a financial form with national credit and reflecting the government's will,development finance has relatively low requirements for project yield and repayment cycle,and plays a significant supporting and supplementary role in the fields of cooperation mode between government and social capital.Based on the systematic review of domestic and foreign literature,this paper widely collects the data of China's development finance and industrial structure and conducts field research.On the basis of introducing the development process and experience of foreign development finance,this paper analyzes the development status of China's development finance and industrial structure upgrading,explores the mechanism and path of the impact of Development Finance on industrial structure upgrading,and uses the theory of development finance Based on the panel data of 31provinces(cities,districts)in China from 2012 to 2018,this paper empirically tests the relationship between the two,and concludes the relationship between development finance and the upgrading of China's industrial structure.The main conclusions are as follows:First,development finance mainly alleviates credit rationing and market failure and promotes the upgrading of industrial structure through capital formation mechanism,capital oriented mechanism,credit catalytic mechanism and risk management mechanism.Under the condition that the factor endowment constraint is not tight and the external financing constraint is tight,a country can increase the development financial input to improve the output level of capital intensive industries,and then promote the upgrading of industrial structure.Secondly,development finance promotes the upgrading of industrial structure mainly through supporting infrastructure construction,supporting urbanization construction and promoting the development of high-tech industry.Development finance can make up for market defects and has the characteristics of long-term and advanced.Development finance helps to provide public goods and sufficient financial support for urbanization Financial support and development finance support for high-tech industry help to provide policy and financial support for innovation subject,improve innovation output efficiency and promote the construction and improvement of national innovation system.Third,development finance can promote the upgrading and rationalization of China's industrial structure,and thus promote the upgrading of China's industrial structure,but there are regional differences in this role.Through the empirical study of intermediary effect model,it is found that development finance can promote the upgrading of China's industrial structure by promoting the level of regional infrastructure construction,urbanization and innovation.The main innovations of this paper are as follows: first,it analyzes the influence mechanism of Development Finance on the upgrading of industrial structure.The existing research on the relationship between financial development and industrial structure upgrading is mostly from the perspective of commercial finance,while the research on the role of development finance is less.This paper compares and analyzes the impact of commercial finance and Development Finance on the upgrading of industrial structure,puts forward the constraints of Commercial Finance on the upgrading of industrial structure,analyzes the impact mechanism of Development Finance on the upgrading of industrial structure,and breaks through the previous research on the impact of Finance on the upgrading of industrial structure from the perspective of commercial finance.Secondly,it empirically tests the path of development finance to the upgrading of industrial structure by using the intermediary effect model.The existing research on the impact mechanism and path of Development Finance on the upgrading of industrial structure is relatively less.Based on the analysis of the impact mechanism of Development Finance on the upgrading of industrial structure by constructing a mathematical model,this paper uses the intermediary effect model to investigate the impact of Development Finance on the upgrading of industrial structure by supporting infrastructure construction,urbanization and high-tech development.Thirdly,it analyzes the influence of Development Finance on the upgrading of industrial structure from two aspects of industrial structure upgrading and rationalization.In the past,scholars used to measure the upgrading of industrial structure by the proportion of secondary and tertiary industries in GDP or the proportion of tertiary industry in GDP.This paper not only considers the upgrading of industrial structure(both qualitative and quantitative),but also considers the rationalization of industrial structure,which further improves the existing research on the measurement of industrial structure upgrading. |
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