Study On Influence Of Capital Market On Industrial Structure Escalation

Since reform and opening up, China’s economy has quickly risen and become the second largest economy for thirty years’average 8% growth rate of GDP, as a rising star standing in the world of east. However, on the back of great achievement, we should see there are still some problems in China’s economy, such as agricultural foundation is weak, some industries are high-cost, service industry lags behind. So in order to maintain the continue high growth, government put forward we should transform economic development mode, accelerate the economic transformation, adjust the industrial structure, promote the upgrading of industrial structure and pay attention to economic development speed and economic quality in the Twelfth Five-year Plan and the 18th Congress. At the same time, the scale of China’s capital market expanded several times through strategic and system support, especially the development of securities market. Raised money, trading volume, participate institution number and market system have large change compared with its setting time. In theory, resource allocation, as the basic function of capital market, has ignored function in the upgrading of industrial structure, but the specific influence degree cannot be observed directly, so studying the influence degree of capital market on industrial structure upgrade has very important practical significance.Based on the previous articles of carding and analysis, the paper studies the action mechanism of capital market influencing on industrial structure upgrade starting from the connotation of capital market and industrial structure upgrade. Article sees capital market can provide financial support for core industry, then reaching the goal of industrial structure adjustment, and further uses the region date of 2006 to 2013 for pool empirical research. The empirical results show that the provincial capital markets have a promoting effect for industrial structure upgrade, the promoting function of the central region is larger than eastern and western region, at the same time, the influence of each province is different. In addition, capital market has structure effect for the upgrading of industrial structure, the promoting function of bond market is greater than medium and long-term loan market, and the market of smallest promoting function is stock market which even has blocking effect. At the last, the paper offers some suggestions and measures for our country in the field of regional harmonious development, capital market development and industrial policy adjustment.