Study On The Problem Of Financial Support The Upgrading Industrial Structure In Hebei

To maintain sustain and stable growing tendency in Hebei economic, which depend largely on the upgrading of industrial structure. Among various factors affect industrial structure upgrading, this paper focus on financial support the upgrading of industrial structure of Hebei province.On the basis of existing literature and research, the paper analyzes the mechanism of action of the industrial structure from indirect finance, direct finance and policy finance, in order to theoretically analyze the relationship between the financial and upgrading of the industrial structure. Specifically, indirect finance adjusts the industrial structure through the capital formation mechanism, capital mechanism, credit catalytic mechanism, and supply demand adjustment mechanism. Direct financial influence industry structure through the IPO mechanism, shareholders choice mechanism, spontaneous adjustment mechanism, equity holdings mechanism and borrow shell.The policy financial use policy preferences, policy oriented mechanism and credit supplement mechanism to affect the industrial structure.Then, the third chapter analyzes the status of the industrial structure and financial development in Hebei Province. We use the three industries in GDP ratio and ISR to illustrate the course of industry structure of Hebei province during1978-2009to point out that the existing unreasonable place of industrial structure. Next, we analyses the development of financial course from indirect finance, direct finance and policyfinance in our province. And, we selected financial related rate (FIR) and saving loan rate(SLR) in the indirect finance part, capital market financing rate of the securities market(CAP) in the direct finance part, Policy-oriented financial-related rate(PFR) in the policy finance market. The forth chapter empirically analysis upgrading of industrial structure from indirect finance, direct financial, and policy finance market. During the indirect finance part, we select FIR, SLR and ISR for the cointegration test and granger causality test, then conclude a negatively relationship between ISR and FIR and a relationship between SLR and ISR. As direct finance part, we selected the CAP and ISR as indexes. The results show that CAP and ISR do not exist between cointegration relation or causality. According to the above analysis, we conclude that financial support the upgrading of the industrial structure in Hebei province some limitations. As policy market, we select PFR and ISR as indexes. The result shows there is not a regression relationship.Combined with the actual situation in Hebei province, the author puts forward the policy suggestions of the financial support the industrial structure upgrading in Hebei province, designed to achieve indirect finance, direct financial and policy financial to support the industrial structure upgrading. These include are improving the full range of the indirect financial market, making full use of capital market, policy-oriental finance to improve their support ability to upgrade the industrial structure and strengthening macro-control and financial resources.