Study On Financial Support In Shandong Industrial Structure Adjustment

In 1969, as U.S. economist Goldsmith's book - "Financial Structure and Financial Development," the advent of the modern theory of financial development in the forefront of financial sector problems, financial development and economic development, economic research into the relationship between a new topic, causing extensive research scholars from various countries and discussed, and conclusions drawn relatively consistent, such as through a large number of empirical analysis, economists generally draw for economic growth financial development significantly promote.The economic development has sustained rapidly and promotes regional financial industry to flourish since Shan dong Province open to the world in 1978. But in the process of economic development, the industrial structure of Shan dong is still irrational. We are facing the every important issue: how to exert the active role of finance to rationalize the resource allocation, push the adjustment of industrial structure and prompt the economic development. As the great economic province in eastern, little relevant research can be found. In this paper, the results of existing economic theory, based on the use of econometric methods for optimization and upgrading of industrial structure in Shandong Province in the role of the financial support of the empirical analysis and evaluation, and on this basis, make relevant policy recommendations, with certain practical significance.Based on the existing literature, the author introduces the theory of industrial structure and financial development, concluded that the finance support the adjustment of industrial structure by supporting the selection of industrial, the rationalization of industrial structure and the advancement of industrial structure. Then describe the mechanism that financial support adjustment of industrial structure. In the empirical, according to the above theory frame, setting the model of the financial role in the upgrading of industrial structure. Then the author does the unit root test and co integration test on financial volume and industrial structure, financial structure and industrial structure, identify that there exist a long-term stable relationship between them. And Granger test finds that financial volume has a fast impact on industrial structure, but due to the slow development of capital market, financial structure is not the Granger reason of industrial upgrading. The upgrading of the industrial structure promotes the development of the capital market, improve the radio of direct financing, improve the financial structure, and promote the finance sector development. Through the research, the author found that financial development makes a significant impact on the secondary industry.At last, the qualitative and quantitative analysis, based on the proposed optimization of industrial structure in Shandong Province to support the development of financial adjustment suggestions.