| China is in a critical period of transition of economic development and upgrading of industrial structure. The upgrading of industrial structure is inseparable from the liquidity support of capital. Without the support of capital, it is impossible for factors of productivity to flow from a low industry sectors towards emerging industry with high technology. So the finance for the upgrading of industrial structure plays a vital role. For the real economy, “Aggregate financing to the real economy” was seen as the total amount of funds obtained from the financial system, reflecting the financial support for economic development. Since the birth of “Aggregate financing to the real economy” is to provide services to the real economy, the upgrading of industrial structure as an important process of the real economy should also be influenced by “Aggregate financing to the real economy”. Therefore, this paper will analyze the relationship between financial support and industrial structure adjustment based on “Aggregate financing to the real economy”.Firstly, the paper will review the relevant research at home and abroad. Concepts and theories about the upgrading of industrial structure, with the theoretical basis and practical mechanisms, patterns about financial support for upgrading of industrial structure also will be analyzed. This will lay a solid theoretical foundation for the empirical analysis. Secondly, based on the data of 2002-2013 of “Aggregate financing to the real economy” and the industrial structure, the paper will make descriptive statistical analysis about the financial development and industrial development of China. Then by correlation analysis, test for unit root, long-term impact analysis based on cointegration test, short-term impact analysis based on the error correction model, the dynamic effects analysis based on the impulse response function and Granger Causality Tests, the paper will make detailed measurements of the relationship between upgrading of the industrial structure and financial support since the “Tenth-Five-Year Period” of China. Then with data envelopment model(DEA), putting “Aggregate financing to the real economy” as input indicator and the industrial structure variables as output indicators, to study and compare the input-output relative efficiency of the impact of financial support to upgrading of the industrial structure in 2002-2013 and between China’s 31 provinces. Finally, to give the final policy and recommendations based on research findings. |
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