The Study Of The Impact Of Stock Market Financing To China’s Industrial Structure Upgrade

From our country’s reform and opening up in the eighty s to the 21st century’s first decade. The average annual growth rate of China’s economy has reached 9.8%.In 2015, China’s GDP reached US ＄100 million, which is the economy of more than one hundred thousand GDP after the United States and more than second billion dollars in the United States.Secondly, in 2015 China’s per GDP was ＄8016, reached the level of middle-income countries, while facing the "middle-income trap" of the crisis.This is due to the rapid development of the contradictions brought about by agglomeration.Again, at present, China’s economic development has entered a new normal period, faced with the rapid growth of the economy into the high and rapid growth, large-scale economic stimulus triggered by excess production capacity, industrial structure adjustment challenges. Environmental and resource binding on economic development is increasingly prominent, economic development faces a lot of challenge.Therefore, in order to successfully cross the "middle income trap", and achieve sound and fast economic development, we must make economic growth possible, and promote the upgrading of China’s industrial structure and rational.In the industrial economics, industrial structure upgrading, including the rationalization of the industrial structure and industrial structure.And whether the rationalization of the industrial structure or the high level of industrial structure needs the support of funds, in essence, is to guide the funds to these two directions.In the process of guiding funds to favor the upgrading of the industrial structure, regardless of quality or quantity, the stock market financing for the real economy and the role of the supporting role of the industrial structure upgrading can not be ignored.On the other hand, with the increase of per capital disposable income of residents and the rise of the mobile Internet and the rapid development of the third party payment platform, it provides a more convenient way for the residents to enter the stock market.However, due to the virtual capital stock and physical capital in the operation period, the rational degree, the price rigidity, the scope of investment and other aspects of the different. While the stock market promotes the circulation of industrial capital, the stock market also presents some cyclical fluctuations, which is usually the bull market and the bear market.Corporate finance during the bull market is more easy, bear market financing from the stock market becomes more difficult.The success of the enterprises into the development process of the required funds, from a macro perspective, the impact of a country or region to upgrade the industrial structure excellent degree.Based on the perspective of stock market cycle, this paper studies the impact of stock market financing on the upgrading of the industrial structure.First of all, using the gray correlation analysis method to analyze the impact of the three basic financing paths on the industrial structure upgrading and empirical analysis.Then based on stock market cycle of bull market and bear market perspective,empirical analysis and summary are made on the impact of the stock market financing on the rationalization of industrial structure and the high level of industrial structure in the bull market and bear market in the stock market.