Study On Financial Support For Technological Progress And Industrial Structure Upgrading In Hebei Province

Under the circumstances of a slowdown in economic growth,a decrease in resource dividends and environmental pollution,it is a new economic issue that how to absorb excess capacity and develop middle and high-end industries.Against this background,our government has proposed supply-side reform,proactively using innovation-driven to improve the quality and efficiency of supply side,and to improve the structure of demand and supply.In response to the state's policies,Hebei Province vigorously developed emerging industries in the fields of new energy,high-end manufacturing and electronic information,and promoted upgrading.However,many problems emerged during the process of industrial upgrading.Such as small-scale high-tech industries,underinvestment,lack of scale industries,insufficient urban carrying capacity,low technological content in industrial added value and low employment in service industries.To achieve stable and economic growth in quality,Hebei Province needs to find new economic momentum and upgrade its industrial structure.This article first reviewed relevant literature at home and abroad on the development of finance,technological progress and industrial structure upgrading,and theoretically establishes the analytical framework among the three.On the one hand,financial development directly promotes the upgrading of industrial structure through transaction cost mechanism,capital-oriented mechanism and risk prevention mechanism.On the other hand,financial development promotes technological progress through the effects of FDI spillovers and enterprise independent innovation effects.Technological progress improves the industrial structure by improving resource utilization rate,industrial labor productivity reforming traditional industries,spawning emerging industries and ultimately industrial structure.Secondly,the data analysis method was used to analyze the current situation of financial development,technological progress and industrial structure upgrading in Hebei Province.The data shows that in terms of financial development,the financial scale of Hebei Province has been continuously expanded,the financial system has been perfected,the scale of social financing has been growing,the financial efficiency has been improved,and the credit allocation has been obviously optimized.In terms of technological progress,investment in science and technology has been continuously increased,and the efficiency of science and technology output has increased.In terms of industrial structure,upgrade the industrial structure in Hebei Province will be divided into three phases: the first in 1978-1987,the industrial structure,"213",initially entered the industrial age,Hebei Province,the second industrial dominant.The second stage is 1998-2008,the industrial structure,"231",Hebei Province,entered the period of industrialization,the development of secondary industry has made tremendous contributions to economic growth,while the rapid development of tertiary industry,Industrial structure to rationalize the direction of development.The third stage is from 2009 to 2016 when Hebei Province entered a period of new industrialization and the financial crisis broke out.Economic development turned into a medium and high-speed development through high-speed development.As environmental issues became increasingly prominent,the economy based on resources development was unsustainable and urgently needed.Therefore,Hebei Province pays attention to using technological progress to upgrade its traditional industries and at the same time increases its support for high-tech industries.In 2017,Hebei's high-end manufacturing industry surpassed the steel industry to become the leading industry.At the same time,the output value of the modern service industry in the tertiary industry has rapidly risen,promoting the transformation of industries to a knowledge-intensive one.Thirdly,using the method of STATA factor analysis and DEA,the index of industrial structure upgrading and technological progress in Hebei Province are measured respectively.The index of financial development is divided into two aspects,which include financial scale and financial efficiency.According to the relationship between the three to establish a vector error correction model,the study found that: financial development and technological progress have a long-term positive relationship with the industrial structure upgrading in Hebei Province.The impact of financial scale on the industrial structure is greater than the impact of financial efficiency,financial development and technological progress are mutually reinforcing.Based on the conclusions of the article,issues such as low quality of credit structure,low financial efficiency,and unreasonable industrial layout have led to the proposal to optimize bank credit according to the “Internet of Things+Bank” model to increase the scale of financial support and encourage the development of Internet finance to improve financial efficiency.We will improve the risk investment system,strengthen the innovation of financial instruments to promote technological progress,and strengthen the convergence between financial and technological advancements and industries.The government will rationally plan the industrial layout and prevent financial risks.