Research On Optimization Of Industrial Structure Driven By Financial Agglomeration

The transformation and upgrading of industrial structure needs the support of a sound financial system.Financial agglomeration can promote the optimal allocation of resources.And financial agglomeration can promote the adjustment and optimization of industrial structure and the economic growth through agglomeration effect and diffusion effect.There are a large number of financial institutions in Beijing,and financial industry of Beijing is the core of the national financial system.Meanwhile,Beijing has become the national capital clearing center,financial decision-making center and management center.The added value of the financial sector of Beijing is 335.771 billion in 2014,accounting for 15.74 percent of GDP.The level of financial development of Beijing is relatively high.First of all,the theory of financial agglomeration and industrial structure is summaried,and the mechanism of how financial agglomeration affects the industrial structure is summarized as the following five aspects:Financial agglomeration can alleviate the capital constraint in the process of industrial structure adjustment and reduce the cost of financing and searching information,so as to make up for the mismatch between the demand and supply of funds;Financial agglomeration can promote the optimal allocation of resources,and capital can flow to the industry with high returns;Financial agglomeration can promote the improvement of the level of technological innovation,and provide technical support for the adjustment of industrial structure;Financial agglomeration can promote the development of emerging industries,and produce radiation effect on other related industries,so as to achieve the optimal allocation of factors and the coordinated development of various industries;Financial agglomeration can provide risk diversification and management mechanisms for the transformation of industrial structure.Secondly,the financial agglomeration and optimization of the industrial structure of Beijing are the objects of study.And the current situation of financial agglomeration and industrial structure of Beijing is described.Moreover,the level of financial agglomeration of Beijing is measured by using the factor analysis method based on the data from 2001 to 2014,and the optimization level of industrial structure is measured from the perspective of domestic and the globalization,respectively using the proportion of the tertiary industry in GDP and the value chain upgrading index.At last,the relationship between financial agglomeration and the optimization of industrial structure is studied by using the cointegration model and error correction model.The research conclusions are as follows based on theoretical and empirical study.Firstly,the characteristics of financial agglomeration of Beijing are obvious.And the tertiary industry is well developed,which makes a great contribution to the economic growth of Beijing.The industrial structure is relatively reasonable.But Beijing is at a disadvantage in terms of export competitiveness and is at the bottom of the global value chain.Secondly,from the domestic perspective,the financial agglomeration of Beijing has effectively promoted the optimization of industrial structure,which means that financial agglomeration has promoted the expansion of industrial scale and the adjustment of internal structure.Finally,from the perspective of the global value chain upgrading,The level of financial agglomeration of Beijing is negatively correlated with the upgrading of value chain,and the function of financial agglomeration on the upgrading of value chain has not fully exerted.