Research On The Relationship Between Financial Structure And Industrial Structure Upgrading

After 30 years of high speed development,China's economy began to transition into the “new normal”.Under the “new normal”,structural excess capacity and insufficient effective supply become the typical features,leading to an increasing disconnect between consumption and production.Therefore,the central government put forward taking measures from the “supply side”.To strengthen the “structural reform of supply side”,rectifying the allocation of factors and expanding effective supply,to promote the transformation and upgrading of industrial structure.Under the condition of modern market economy,the transformation and upgrading of industrial structure is the change of flow of funds sector,accordingly,it can not be separated from the financial system support,while the financial system can be divided into two types: bank dominated financial structure and market driven financial structure,to explore which kind of financial structure is more conductive to the transformation and upgrading of China's industrial structure has become the starting point of this article.On the basis of summarizing the previous research productions,this paper summarizes the development of the theory of financial structure and industrial structure,from the point of “dichotomy”,this paper makes a theoretical derivation of how the two kinds of financial structure affect the upgrading of industrial structure.And then analyzes the current situation of China's financial structure and industrial structure,revealing the current problems and shortcomings of those.Whereafter,using factor analysis method to construct the evaluation system of industrial structure of 31 provinces in China from the following three aspects: the benefit index,the advanced index and the input-output efficiency index,to calculate provincial industrial structure composite score of 2004-2015,taking it as a dependent variable,at the same time,financial development,foreign trade and government support are taken as control variables,to construct an empirical regression model of GMM to study the relationship between financial structure and industrial structure.In view of the imbalance of regional development in China,this paper divides China into two regions: eastern and central-western regions,to investigate the relationship between financial structure and industrial structure under different economic and financial development level.Finally,according to the empirical results,this paper puts forward some countermeasures from two aspects: optimizing the financial structure and improving financial efficiency...