| China’s economy has been developing dramatically and the economic aggregate has been increasing instantly since the reform and opening up policy. In2009, the economic aggregate of our country ranked the second place among the world,, following the United States, besides people’s living standards have improved significantly. However, we should pay attention to a series of problems that exist in China’s economic development behind the rapid growth of economic aggregate. For instance, China’s economic growth declined sharply after the international financial crisis in2008. Although our economy recovered quickly in2009, the interior impetus in economic development is insufficient; our independent innovation capacity is weak; overcapacity in some industries is contradictory and outstanding. The industry structure is unreasonable. Most of the manufacture industry is in the lower level of the international division of labor, and the addition value is quite low. We generally lack of the core technology and leading talents in the development of emerging high-tech industry. the development of tertiary industry is relatively slowly than the overall development of economy. On the other hand, China’s economic and institutional mechanisms are inadequate. All these problems have become the main elements preventing our further development. So we have to upgrade the industry structure, eliminate the outdated industry and pay more attention to the regulation of industry structure in the future economic development. At the same time, the stock market has had an unprecedented development. The alternative investment market has been launched in succession. But minor enterprises and high-tech industries still have the difficult to finance in stock market. So the research of the function played by IPO financing in stock market in industry upgrading will have great practical significances.This thesis’s topic is "the relationship between IPO financing of stock market and the upgrading of industry structure". At first, I analyzed the principle and function mechanism of the stock market to the adjustment of industry structure. I think that the stock market can support the industrial structure for incremental adjustments, through the growth of core industry, industry selection, AIM effect, the promotion of industrial structure optimization and stock market efficiency of the industrial organization and management. The stock markets plays a role of optimizing the resource allocation in the process of industry structure adjustment and so on, guide the development of high-tech and high growth industry.Then, on the theoretical analysis, this paper used the data of1993-2009and the endogenous growth model proposed by Pagano. and the panel data analysis from a regional level to explore the impact of IPO financing on the upgrading of industrial structure in the different issuing systems. The findings showed that compared with the examination and approval system, the IPO financing in the approval system is more conducive to the optimization and upgrading of industrial structure; the higher IPO financing rate of a region,the more the reflection of the industrial structure upgrading effect is obvious. I also used the data of1991-2009, and Jonhansen’s method, under the control of variables that are investment, import, export, consumption, financial loan organization and the year-on-year growth rate of financial expenditure on behalf of the fiscal policy and the year-on-year growth rate of M2on behalf of the monetary policy (or the dummy variables EAF1and EAF2on behalf of our macroeconomic policies of the Ninth Five-Year Plan and the Tenth Five-Year Plan), I used the co-integration analysis,VECM and Granger Causality Tests to do the empirical analysis of IPO financing to the industrial structure optimization and upgrading. The results showed that IPO financing has a significant role in the industrial structure. IPO financing rate for every increase of one percentage point can promote industrial structure optimization rate of1.6956percentage, the significance of IPO financing to upgrade the industrial structure is higher than loans from financial institutions to upgrade the industrial structure. At the same time, this paper also analyzed the impact of China’s macroeconomic policies on the upgrading of industrial structure, the empirical test results found that under the10%significance level, the year-on-year growth rate of the financial expenditure and the year-on-year growth rate of M2are the Granger causes of industrial structure optimization rate.At last, I try to make some recommendations for the optimization and upgrading of China’s industrial structure, I think that to promote the optimization and upgrading of China’s industrial structure, we should vigorously develop the stock market encourage direct financing, especially the emerging high-tech enterprises and high growth companies to be listed, perfect the governance structure and promote the healthy development of listed companies, perfect the laws and regulations and management systems of the bond market, forming an open, fair and just market. Upon the macroeconomic policy, we should take relatively positive fiscal policy and loose monetary policy. |
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