Study Of Development Of Securities Market To The Industrial Structure Optimization

During thirty years of reform and opening up, China’s economy has maintained at a high growth speed, China surpassed Japan and become the world’s second largest economy only behind the United States for the first time in2010.Meanwhile, China’s economy has also created a wonder of the world for thirty years’ average9.8%growth rate. However, at the same time we should see there are still some shortcomings in China’s economic structure. in the international financial crisis, China’s economy showed some problems, for example, agricultural foundation is weak, some industries are high-energy high-cost, service industry lags behind. To solve these problems, we must accelerate the industrial restructuring. China’s securities market has shown a growing trend in overall scale from its inception. The allocation of capital is the most important function of the securities markets and also the root causes of its presence and existence. Therefore, the role of securities market in the industrial structure adjustment has great practical significance.In this paper, on the basis of articles by Chinese and foreign scholars on the securities market and industrial structure optimization, Firstly, from the function of securities market, we analyzed the securities market to the industrial structure adjustment mechanism. Secondly, based on the China’s industrial development and the status quo of the securities market, we get the specific impact of the securities market of the industrial structure adjustment from an empirical point of view. Cointegration test analysis shows that there’s the long-run equilibrium relationship between the securities market and the industrial structure, and the securities market promotes the optimization of industrial structure.At the end of the article, there are still some of the problems that exist in the current securities market, such as the bond market is still small scale, directly financing is low proportion, investors structure is still not reasonable, not to form a multi-layer market system which can’t meet a wide range of investment needs, so we give a number of policy recommendations.