Research On The Impact Of Financial Development And Industrial Structure Upgrading On The Real Economy

The real economy is the foundation of our country's economy,without sound and solid foundation,our country's economy is difficult to develop healthily and continuously.Financial markets are derived from the real economy,the first should better service entity sector,and then play some of its own attributes,but if the trajectory of financial development seriously deviated from the real economy,the real economy will bring more and more risks to our country,and these risks will become a huge threat to our entire economy.The upgrading of industrial structure is the intrinsic impetus of the real economy development,and also the solid foundation of the sustained development of the real economy,which is also a key way for the financial market to play an important role in real economy.Financial market closely follow the upgrading of industrial structure,will reduce the possibility of financial deviating from the entity,the process of industrial structure upgrading due to the existence of financial market,conducive to the formation of a reasonable industrial structure,financial market and industrial structure upgrade effective cooperation,will be the real economic development impetus.Therefore,the systematic research on financial development,industrial structure upgrading and the integration of the two are of great significance to the real economy.From the way of thinking,this paper puts the financial development,industrial structure upgrading and the real economy into a research system;In the application of the method and the selection of the model,this paper,in view of the increasingly close ties between the provinces of our country,and the increasing fluidity of physical capital and human capital among provinces,In this paper,the concept of space-time is included in the analytic framework,that is,the space factor and the time factor are added under the basic panel model.First,the spatial correlation test of the main variables,the test results confirm the spatial correlation hypothesis,and then establish different spatial panel models to study the influence of financial development and industrial structure upgrading on the real economic growth,and also add human capital,material capital and other factors that influence the growth of real economy as control variables;Through the comparison of test and some parameters,we finally choose the Dynamic Space Durbin Model,on the basis of this model,add the interaction between financial development and industrial structure upgrade,and get the estimation result of long and short term effect,further analyze the influence of core variables and the interaction of the two on the real economic growth.The empirical results show that there is a significant spatial correlation between the regional real economy and a significant spatial spillover effect.Regional financial development and industrial structure upgrading have significant effect on real economic growth,that is,perfect financial market and good industrial structure are beneficial to the growth of regional real economy.In the results of long and short term effect analysis,the development of regional finance and the upgrading of industrial structure are not consistent in the different effects.In addition,the interaction between financial development and industrial structure upgrading is negative,it points out that there is an inconsistency between financial development and industrial structure upgrading in the process of real economy development,Thus inhibiting the growth of the real economy.