The Study Of Supporting Role Of China’s Financial Structure To Industrial Restructuring And Upgrading

The process of industrial restructuring and upgrading’s essence is the free distribution of financial resources between sectors.The industrial restructuring and upgrading development depend on the the degree of coupling of the financial structure and industrial structure.The financial structure have an impact on industrial development by the flows of financial capital structure that stem from savings and investment,changing industrial capital stock and capital structure, affecting the process of industrial restructuring and upgrading.Based on the relevant literatures and the characteristics of the structure of financel and development of industrial restructuring and upgrading, this paper systematically study the relationship between industrial structure and banking, insurance, securities, and test the impact pathways between them, by the model of General panel model, dynamic panel data model and spatial econometric model. Studies suggest that,First and foremost, the development of the banking and insurance have an positive role on the rationalization and advancement of industrial structure. The role of insurance have phase characteristics.The securities can give impetus to the advancement,and have an unstable role on the rationalization. This shows that the allocation of funds to upgrade China’s industrial structure is mainly achieved through the leverage of banking and insurance.Second,The test of Moran’s I index showed, on the whole, the development of China’s financial structure has a a spatial correlation, especially in the banking and insurance industry. The spatial effects have gradually decreased trend from southeast coastal areas to inland, centered on the three major economic circles.Finally, on the whole, for the rationalization, the financial structure can significant promote the development of rationalization,and have a significant spillover effects. The coefficient of WBA and WIN is 0.197 and 0.163.Contrary to the role of Securities Industry, the banking and insurance have apparently spillover effects, consistenting with the development of unstable characteristics of Securities.for the advancement,The coefficient of WBA and WIN and Securities is 0.207,0.175,0.048. The financial structure have apparently spillover effects on the advancement in heterogeneity.Therefore, in the process of the regional financial system reform and industrial restructuring,government should strengthen regional financial cooperation, improve market compensation mechanism, promote the transform from the traditional industries to the brand benefit, enhance the leading role of gathering areas, in order to achieve efficient allocation of capital and Industry.