Financial Structure, Technological Innovation And Industrial Structure Upgrading

In the "13th Five-Year Plan",the adjustment of economic structure has become the main direction of changing the mode of economic development,and clearly put forward to change the mode of economic development must be scientific and technological progress and innovation as a support.In November 2015,when General Secretary of the Communist Party of China proposed the "supply-side structural reform" for the first time,he stressed that we should focus on improving the quality and efficiency of the supply system,not only emphasizing the "structural" supply side reform,but also put forward the" address overcapacity,reduce inventory,deleverage,lower costs,and bolster areas of weakness "five tasks" and "ensure macro-level policy maintains economic stability,industrial policy is targeted,micro-level policy injects dynamism into the economy,reform policy delivers results,and social policy sees basic living needs are met".The core position of the government on the supply side reform is "correcting the allocation of elements to distort and expand the effective supply".Therefore,this article has a very important practical significance to the study of China's financial structure,technological innovation and its impact on the upgrading of industrial structure in order to optimize the industrial structure under the background of structural reform in China.Based on the analysis of financial structure,technological innovation and industrial structure theory,this paper studies how the financial structure and technological innovation affect the mechanism and path of industrial structure upgrading.By using the corresponding data of 29 provinces and cities in China in 2005-2014,established a spatial panel data model with.On the basis of this,the paper analyzes the influence of financial structure and technological innovation on the upgrading of industrial structure.Through the step-by-step inspection,we finally build a financial structure,technological innovation,human capital,opening level,fixed asset investment,foreign trade fixed-effect spatial error model.The empirical results of econometric model show that financial structure and technological innovation can effectively promote the upgrading of regional industrial institutions.Economies with different stages of economic development have different elements of endowment structure,and thus endogenous decision to adapt to the optimal industrial structure in different industries of enterprises with different size characteristics of risk characteristics and financing needs,and different financial Institutions and their means of financing in the different types of enterprises to provide financial services have their own comparative advantages,only appropriate financial structure meet the different industries and different enterprises financing needs.In the specific application,by increasing R&D investment,effectively improve the enterprise research level.At the same time,we will further reform and improve the issuance system of direct financing instruments such as stocks,bonds and bills,reduce the system requirements of the issuance threshold,realize the diversification of the issuance and trading methods,enhance the activity and operation efficiency of the securities market.