An Empirical Study On Financial Development And Industrial Structure Upgrading In Zhejiang Province

Under the circumstances of the current sluggish recovery in the global economy,China's economy has entered into a "new normal" period,with the gradually disappearing population and resources dividend,severe overcapacity,decreasing environmental carrying capacity and other increasingly prominent problems,China's economic downward pressure continues to increase.The upgrading of industrial structure is an important strategic objective under the background of "new normal" and the main source of power for sustainable economic development in China.In recent years,Zhejiang Province,actively implemented the supply side of the structural reform strategy,adhered to the upgrading of industrial structure as the primary task of optimizing the economic structure,vigorously developed the strategic emerging industries,achieved good results,but did not reach a substantive breakthrough.Finance is the core of the modern economy,with the function of optimizing the allocation of resources and coordinating the operation of the economy,provide an essential financial support for the industrial upgrading and development of strategic emerging industries.Currently,the imbalance of financial structure,the irrational allocation of financial resources and the complication of financial risks have seriously hindered the financial support for the upgrading of industrial structure.Therefore,Zhejiang Province needs to vigorously promote the financial industry to deepen reform,establish a sound financial system,improve the quality and efficiency of the financial services entity economy,thus boost the upgrading of industrial structure and occupy the commanding heights of future economic development.Based on the financial development theory and industrial structure upgrade theory,this paper first combs the domestic and foreign research results in this area and discusses the mechanism between financial development and industrial structure upgrading from the angle of capital formation,money oriented,credit,information reveal and risk management.Then this paper analyzes the present situation of financial development and the industrial structure upgrading in Zhejiang Province,revealing the advantages and shortcomings of Zhejiang Province at present.By using the rationalization of industrial structure,advanced and sustainable development as a first-class indicators and the factor analysis method,this paper try to build the comprehensive evaluation index to measure upgrading of industrial structure in Zhejiang Province,empirically research the correlation between financial development and industrial structure upgrading from the three aspects of banking,securities and insurance industry.In addition,innovation drive has become an important driving force for the upgrading of industrial structure currently,and strategic emerging industries are the key industries to lead the innovation-driven.Therefore,take the strategic emerging industry as an example,this paper selects strategic emerging listed companies in Zhejiang Province to establish a dynamic panel data model to analysis existing disadvantages of financial development in supporting of industrial structure upgrading,finally,puts forward some countermeasures based on theory,current situation and empirical analysis.