Research Of Financial Dependent Industry’s Vulnerability And Influencing Factors

In 2007, the global economic crisis caused by the U.S. sub-prime mortgage crisis had resulted huge losses and attracted a great deal of consideration in many countries. Experiences of the economic crisis economies are paid huge economic and social costs. Industrial vulnerability refers to the industrial organization influenced impact of internal and external factors and result in volatility and instability. Economic crisis occur frequently, means industries have serious vulnerability especially financial dependent industry vulnerability degree; the economic crisis caused huge economic losses, reducing industries, vulnerability is great necessity and significance. It is realized that financial development does not alleviate industries, vulnerability significant. Many scholars launch research financial fragility and industrial vulnerability broadly and deeply, and financial fragility and industrial vulnerability have become the forefront of theoretical research of the financial fragility theory and industrial theory.First of all, adopting the method of canonical correlation analyses the reliance on financial factors of extractive industry, manufacturing industry and electric power, gas and water production and supply industry the three types industries. Calculation results show that the coal mining and washing industry, agricultural food processing industry, textile industry, oil processing and coking and nuclear fuel processing industry, chemical raw materials and chemical products manufacturing industry, chemical fiber industry, rubber and plastic products, non-metallic mineral products, ferrous metal smelting and rolling processing industry, non-ferrous metal smelting and rolling processing industry, fabricated metal products, general equipment manufacturing industry, special equipment manufacturing industry 17 industries are the financial dependent industry. Oil and gas industry, ferrous metal mining chooses industry, non-ferrous metal mining chooses industry 21 industries are general industry.Secondly, using factor analysis method to measure industry vulnerability’s composite scores. The results show that the financial dependent industry’s vulnerability and the general industry’s vulnerability have basic same fluctuation tract. The means of the financial dependent industry’s vulnerability are higher than the general industry’s vulnerability at the same period. The vulnerabilities of the financial dependent industry and the general industry are present the M form fluctuation trend, and have the obvious period characteristics. The standard deviation of the financial dependent industry and the general industry tend to M form fluctuation, but the financial dependent industry’s fluctuation amplitude is less than the general industry’s volatility.Finally, the study of industry vulnerability’s affecting factors found that, improving the one-year lending rate will leads to rising industry vulnerability, the effect of one-year lending rate fluctuations on the financial dependent industry vulnerability is greater than the general industry vulnerability; The loan scale would result in rising of industry vulnerability, the impact of the loan balance growth rate fluctuations on the financial dependent industry vulnerability is greater than the general industry; Rising of M2 with financial institutions deposit ratio can relieve the industry vulnerability, and the effect become more stronger for the financial dependent industry vulnerability; The increase of business tax and additional leads to rising of industry vulnerability; Financial expenses increase will strengthen industry vulnerability which has the less impact on the financial dependent industry vulnerability; Enterprise labor force increase will leads to rising of industry vulnerability.