Research On Financial Supporting Industrial Restructuring In Fujian Province

The adjustment of industrial structure contains the optimization of the efficiency of resource allocation and enhancing the proportion of secondary and tertiary industries, which is not only an important indicator of national economy and social development of Fujian Province during the 12th "Five Year Plan", an important way of building a moderately prosperous society, but also the main focus in the current and future period in Fujian Province Economic Work. Traditional research argues that the main factors affecting the adjustment of industrial structure are trading policies、 demand、supply Etc. This paper argues that capital is the most direct driving force for the adjustment of industrial structure. Therefore, we come from core elements of affecting the modern economic development—finance, to study how to paly its core function of resources allocation to achieve the adjustment of industrial structure and promote a sound and rapid economic development. This is not only a hot topic of theoretical circles, but also a more practical level, an urgent need to address the major issues.In theory, this paper will base a different environment of the finance system for the analysis of background, exploring a depth discussion about the mechanism that the total finance structure (financial assets/GDP) and internal financing structure (direct financing and indirect financing ratio) role in the causes of the adjustment of industrial structure. Then a mathematical model is built on the basis of theoretical analysis to further demonstrate the impact of the financial structure to the adjustment of industrial structure. Then taking Fujian Province as an example to study the historical evolution and the problems of status quo of the finance structure and industrial structure and how the finance structure supporting the restructuring and changing of the three major industrial. Based on theoretical analysis then this paper selects three indicators:total financial structure、capital allocation ratio of bank credit marked、capital allocation ratio of stock market to build an econometric model and have an empirical test. The results show that the total financial structure of Fujian Province cointegrated negative correlation with the proportion of primary industry, and positive correlation with the proportion of secondary industry. Total financial growth is far greater than the role of the secondary industry and tertiary industries, the industry positioning in Fujian Province in a long future period of time remains industrial-based. A long-term positive cointegration relationship exists between indirect capital allocation of bank credit and the proportion of secondary industry. Fujian’s overall economy is highly dependent on bank credit, industrial restructuring has obvious characteristics of bank credit pull. A long-term negative cointegration relationship exists between direct capital allocation of stock market and the proportion of secondary industry, and a positive cointegration relationship with the proportion of tertiary industry Currently the Fujian securities market development lags behind, in support of the function of the industrial structure adjustment mechanism should be further improved. In the government-led financial system environment the empirical results matches the theoretical analysis. Finally, according to the conclusions of the historical situation, this paper establishes the guiding ideology about how to build a modern financial system to support industrial restructuring from the aspects of establishing the guiding ideology、clearing industrial re structuring、building a modern financial system Etc.