The Study On The Synergy Effects Of China's Financial Innovation And Industrial Restructuring

As China's economy is going to be in a new normal period,the economic structure of this country has been getting optimized and upgraded these years.That means the industrial structure is upgraded from the low-end level to the middle and high-end level.Meanwhile,the external conditions and the internal environment of the financial industry are also undergoing some profound changes.Financial resources are needed in each stage of industrial restructuring so capital can be guided and kept in right place.With the impact of the emergence of financial innovation and transfer of proliferation,the traditional industrial sector will also be upgraded and more and more new industry sectors will expand quickly.Therefore,we can say there is a certain synergistic effect between industrial restructuring and financial innovation.Firstly,the article theoretically analyzes the synergistic effect of financial innovation and industrial restructuring and then elaborates the synergistic mechanism and form.This paper firstly analyzes the synergistic effect of financial innovation and industrial restructuring in theory,and elaborates the synergistic mechanism of the two.And the financial innovation through its own innovation and development,the output value of the financial industry can be increased and can be directly related to the industry restructuring to achieve synergy.In addition,financial innovation can achieve indirect coordination through demand follow-up mechanism,supply guidance mechanism,technological breakthrough mechanism,capital formation mechanism,national industrial policy guidance mechanism and industrial restructuring.Then,in the part of empirical research,the structural equation of structural equation and the theory of financial innovation and industrial restructuring are used to fit the structural equation of financial innovation and industrial restructuring.Constructing comprehensive evaluation index system of financial innovation and industrial restructuring with the time series data from 1997 to 2016,the financial innovation is divided into financial business innovation ability,financial innovation and technology level,financial innovation human resource level,financial innovation risk control ability,and measure the industrial restructuring with the rationalization of industrial structure and industrial structure of the advanced.On this basis,build the measurement equations and structural equations respectively,and the fitting model is tested,modified and retested,in order to make an empirical study on the synergetic relationship between financial innovation and industrial upgrading in China.Finally,the main conclusions are as follows:1)From the theoretical point of view,there is a direct and indirect synergistic mechanism between China's financial innovation and industrial restructuring;2)From the empirical analysis,industrial restructuring and financial innovation in the financial business innovation ability,financial innovation and technical level is closely related.And financial business innovation ability can be explained through the financial industry non-interest income,the number of financial instruments.The factors influencing the level of financial innovation are mainly electronic bank turnover,R&D investment;3)The intensity of financial innovation will have a great impact on the parameters such as Theil index,The proportion of the output value of the tertiary industry to GDP,and More structural change index.And these parameters are a direct indicator of industrial restructuring.(4)In general,the coefficient index between financial innovation and industrial restructuring is 0.108,and pass the significant test.So there must be a synergistic effect between the two.