A Research On The Relationship Between Financial Structure And Industrial Structure In Sichuan Province

Industrial structure is essentially the allocation of funds between the various industrial sectors in the state, the financial is in heart of the modern economy and its main function is to achieve the function of the allocation of funds, the upgrade of the industrial structure will promote economic development, and reasonable financial structure is also the key factor of affecting economic progress, theory is the existence of a relationship of mutual influence between financial and industrial structures, however, In the current research, due to different definitions of the meaning of the financial structure, the difference of the indexes and the lack of selected financial data, the existence of the relationship between the two and how they interact and influence each other did not reach the same conclusion.Based on the existing research results on the previous sort summary, relevant theories from the financing structure, the structure of financial assets, financial market instruments structure, and the structure of the financial industry were used on the relationship between financial and industrial structures in Sichuan Province which were theoretical and empirical analysis. Firstly, the theoretical argument exists between financial and industrial structures of interaction mechanism and the mechanism of interaction diagram was constructed, then the current situation in Sichuan Province's financial structure and industrial structure to be described and analyzed, finally the empirical analysis using Granger causality test and regression analysis was on the relationship between the financing structure, the structure of financial assets, financial market instruments structure, financial industrial structure and industrial structure under the guidance of theoretical models.The study found that changes in the financial structure would bring the adjustment of industrial structure, upgrade of the industrial structure would also bring optimize of the financial structure. Specifically, the total financing structure was not Granger cause of the industrial structure, the proportion of primary industry was not Granger cause of the total financing structure, but the proportion of the second and tertiary industries were Granger cause of the total financing structure; Financing constituted structure was not Granger cause of the proportion of primary industry but the proportion of the second and tertiary industries, the financial structure were not Granger cause of financing constituted structure. Financial asset structure, the financial industry structure and the structure of financial market instruments had not a causal relationship with the industrial structure. By regression analysis could be drawn that the development of the first and tertiary industries were negatively correlated with direct financing but a positive correlation with indirect financing. Increase in the proportion of the insurance industry assets played a catalytic role to increase the proportion of secondary industry, but to suppress an increase in the proportion of tertiary industry, while the proportion of the securities industry assets, the structure of financial market instruments and the proportion of primary industry were not cointegrated.In the last part of the article by comparing the results of theoretical analysis and empirical analysis, proposed the problems of financial structure and industrial structure problems in the development in Sichuan Province, There were indirect financing than the major, slow development of securities market and insufficient development of the tertiary industry, and put forward policy recommendations of these issues, such as accelerate the diversification of industrial financing, improve capital allocation efficiency of financial institutions, improve the function of the stock market, accelerate the development of the insurance market and reduce the proportion of primary industry, promote the development of the secondary and tertiary industries.