Study On The Industry Structure Optimization In China-base On The Development Of The Securities Market

The securities market of our country have been playing an important role in our countryeconomic development since the birth of it. the national economic sustainable developmentand the direction of development depends largely on the optimization and upgrading ofindustrial structure. firstly The paper elaborates the development of the securities market ofour country history and the optimization and upgrading of industrial structure evolutionhistory. on the basis of the elaboration,the paper conducts the model of the relation betweenthe securities market and the optimization and upgrading of industrial structure.The paperelaborate the mechanism that Securities market play an role in the optimization andupgrading of industrial structure:(1) the financing function mechanism;(2) resourceallocation mechanism;(3) risk dispersion and exchange;(4) information disclosure andtransmission mechanism. Finally,the paper make certain empirical analysis and test in threeaspects:(1)The empirical analysis of the impact on the three industries output from China’sstock market and bond market (2) The empirical analysis of the relation between thesecurities financing rate flow the mobility and industrial optimization rate;(3) The empiricalanalysis of the effect of the Optimization and upgrading of the high technology industrialstructure from the development of China’s securities market.The paper draws the followingconclusions after the theoretical research and empirical analysis:(1) The growth of marketvalue of stock and bond play substantial more important role in the second and the thirdindustry output growth than in the first industry output growth(about5times).(2)Theindustry optimized rate rises0.322646%while the securities financing rate, increases1%.And the Granger causality test shows that the stock liquidity is not the cause of industryoptimization rate.(3) the rate of high technology industry optimization rises0.118507%inhigh technology industry optimization while securitization ratio increases1%. After all,thedevelopment of securities market play a positive role in optimization and upgrading ofindustrial structure.However,the effect is limited due to the imperfect security market and thedefct of legal system and supervision.therefore,we have obligation to enhance the securitymarket of our country to make full use in industrial structure optimization and upgrading...