| Theoretical studies on modern economic growth show that the upgrading of industrial structure is an important driving factor for economic growth. As a core component and the basic structural morphology of the national economic, a country’s economic competitiveness will be largely determined by the industrial structure. In essence, the modern mode of economic growth is based on the change in industrial structure. China’s economic development is in a "steady growth, adjusting structure, promoting reform" transitional stage. To adjust the mode of economic growth, industrial structure upgrading is the key. Finance is the core of modern economy. The development of economy cannot succeed without the support of finance. Upgrading of industrial structure also need financial support. While the capital market is the core of modern finance and the base modern financial system is built on, it occupies an important proportion in the financial activities. Capital market will become an important means to promote the upgrading of industrial structure.Whether capital markets can effectively promote the upgrading of industrial structure can be a way to test on the effectiveness on resource allocation of capital market. Based on this hypothesis, in this paper, the relationship between China’s capital market and industrial structural upgrading is demonstrated by theoretical and empirical research. It also summed up the deficiencies of the capital market upgrading in current stage, while pointing out how to gradually improve China’s current capital market. The main content and conclusions of this paper can be divided into the following three parts.(1)The mechanism analysis of how the capital markets support the upgrading of industrial structure. This part is when the systems theory on capital markets to support industrial structural upgrading is not formed, through the introduction of enterprises, to explore a path on which capital markets support the upgrading of industrial structure.(2)Based on the theory and mechanism, this part uses data for the years1994-2011to perform empirical analysis on the capital markets supporting industrial structure upgrading. This can be divided into three main folds. Firstly, the co-integration analysis of capital markets supporting the upgrading of industrial structure, which proves that the former has a positive effect on the latter. Secondly, based on different sources of financing in accordance with the classification of the capital market, the correlation between the various sub-markets and the industrial structure upgrading is analyzed by the grey correlation degree analysis. The result suggests that the stock market is highly related to the industrial structural upgrading, then the credit market, while the bond market is the last one. Finally, based on an analysis of the entire capital market and high-tech industrial structural upgrading, the correlation between SME board plus ChiNext and the structural upgrading is investigated. Comparison from the dynamic point of view found that the expansion of capital markets have not yet reached their desired effect.(3) Combining empirical results, considering the status of China’s capital market, from the macroscopic to microscopic point of view, combing overall perspective and local perspective, this part made a feasible proposal to perfect the capital market, such as the establishment of a standard area and grace period in the transfer mechanisms. |
PDF Full Text Request