The Research On The Financial Competitiveness Of Shanghai How To Affect The Economic Restructuring And Development

In recent years,economic restructuring and development has become themainstream in our country to the direction of the development of the economy. Boththe central government and local government, are making great efforts to promoteeconomic development mode shift from extensive to intensive. They have recognizedthat the economic development should no longer follow the high energyconsumption, high pollution of the road, but should improve efficiency, low-input,high output. Depend on what to achieve economic development has become themost pressing issue. The commonly used methods are technological progress,innovation and so on. In this paper, I will take Shanghai as an example, have aresearch on that how the financial competitiveness affect the economic restructuringand development.In order to analyze the competitiveness of the financial industrys role in theeconomic restructuring and development, firstly, the paper defines the connotationof economic restructuring and development, and think that economic restructuringand development includes not only the enhancement of economic growth, but alsothe optimization of the industrial structure. Then analysis the way of the financialcompetitiveness by improving the economic growth rate and the optimization of theindustrial structure to promote the transformation of economic development,andfound the theoretical base of this article. Secondly, analysis the factors of affectingthe competitiveness of Shanghai, including three factors, the financial environment,financial scale and financial efficiency, then construct the index system of thefinancial competitiveness and collect data of related indicators, using principalcomponent method to study the development of the financial competitiveness ofShanghai. After the analysis, find that the financial competitiveness of Shanghai isgradually improving. Then, construct the evaluation index system, including fourmajor aspects, the mode of economic growth, the driving force of economicdevelopment, economic development constraints and economic development resultsto reflect the regions economic restructuring and development, and use scoring by experts to determine their respective weights, then collect indicators data to have aresearch on economic restructuring and development in the area, found that theregions economic restructuring and development in the index shows a growth trend,which means significant result. Finally, Take a unit root tests on the two sets of data,found that the two sets of data are first-order single integer. Then use the OLS toestimate regression model, and test its residuals to confirm the co-integrationrelationship, Then establish the co-integration equation and get the error correctionmodel. Then establish the co-integration equation and get the error correction modelto reflect the equilibrium relationship in the long-term and short-term.After the theoretical and empirical analysis, this paper considers that thefinancial competitiveness and economic restructuring and development havelong-term and short-term equilibrium relationship, and the financial industrycompetitiveness can promote economic restructuring and development. Based onthe conclusions and economic development experience of developed countries,some policies and advice are offered to improve the Financial Competitiveness ofShanghai, in order to better play its role in promoting economic restructuring anddevelopment.