| In recent years,in the complex situation of the period of rate shift in economic growth,the pain period of structural adjustment and the digestion period of pre-stimulation policy,China's economic development is trapped in the quagmire of overcapacity deeply.There is a opposite situation within the Macroeconomic,the shrank in Domestic consumption shrank and the rapid growth in overseas consumption.This reveals a phenomenon from the side of China's long-term "surplus in low-end supply,shortage in high-end supply ",the supply side is difficult to meet the needs of the pace of replacement in the demand side.Therefore,The Central Economic Working Group put forward the structural reform of the supply side at the beginning of 2016,this reform aims to lead the production elements deeply assimilate into the new high-quality industries through a optimized configuration in production factors,reshape the industrial value chain,Build a new mode of production,a better industrial situation and a higher point of economic growth to match the new demand structure.To realize the adjustment of "Quantity" of Economic Structure and the Promotion of "Quality" in the future.The transformation and upgrading in industrial structure is a important "pass" to ease the excess capacity and to promote the structural reform in the supply side.As the "dispatcher" of the whole capital in the process of industrial transformation and upgrading,it has a very important effect on the structural reform of the supply side.As there are serious mismatches of resources in China's financial system currently,The supply side of the financial resources includes the monopoly of the banking sector and the irrational investment in the stock market;The demand side of the financial resources includes the investment of fixed assets and the squeezing effect of the state-owned enterprises on the private enterprises.the "Connivance" of the over-investment in Low-level industry,but show a "stingy" attitude toward the development demands of emerging industries,result in the existing financial system is not beneficial to the optimal allocation of funds and optimize the allocation of production functions,the Industrial upgrading is difficult to be implemented.This paper uses the provincial panel data of China in 2006 to 2014,Starting from the two aspects of direct financing department and indirect financing department,researched the relationship between financial resource mismatch and industrial structure upgrading is studied.The results shows that,the mismatch of the financial resources in the supply side and the mismatch of the financial resources in the demand side inhibit the upgrading of the industrial structure.The mismatch of the financial demand side has a greater effect on the suppression of the industrial structure.The root cause of this phenomenon lies in the financial market "policy monopoly" and the"loss of profits" caused by the irrational investment.Second,from a regional perspective,Relative to the eastern region,Due to the lower degree of financial market in the central and western regions,compared to the eastern region,The financial resources mismatch is relatively large in the central and western regions and has A greater degree of inhibition for industrial upgrading,Which should speed up the pace of financial market reform,Especially to increase the financial reform of the central and western regions,Reduce the degree of institutional barriers and regional segregation... |
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