| In recent years,more and more scholars have focused on the study of FDI on economic growth from the perspective of financial development.According to endogenous growth theory,the more abundant endogenous resources are,the greater the technology spillover effect will be,the more favorable for the host country's economic growth with the increasing of FDI.However,with the transformation of China's economy,GDP growth rate has been declining in recent years,China's economic growth is not enough,just focus on the economic growth in quantity is far from sufficient,but also pay attention to the quality of economic growth.Therefore,the study of industrial structure is not only beneficial to the successful transformation of our economy,but also to the sustainable development of our economy.Since financial development can play an important role in FDI's role in economic growth,can financial development play a role in the path of FDI for industrial structure?If so,what are the mechanisms and pathways of action?These problems have aroused more and more scholars ' attention.Firstly,this paper analyzes the mechanism and conduction path of FDI alone for industrial structure optimization.Then,on the basis of the theoretical research of Alfaro et al.(2003),the paper constructs the theoretical framework of FDI,financial development and industrial structure.On the basis of previous studies,this paper studies how financial development affects the optimization of industrial structure by acting on FDI.The research shows that the improvement of the financial development level of the host country will improve the FDI spillover effect and promote the optimization of the industrial structure by promoting the flow of human capital,promoting the model imitation and competition effect,promoting the industrial association effect of FDI,and rationally guiding the flow of FDI.Then,through a large number of charts and data on the FDI,financial development and industrial structure in Jiangsu Province to describe the status quo and analysis of their advantages and disadvantages.Then,taking Jiangsu Province and its sub region as the research object,this paper introduces the scale and efficiency of financial development into the empirical analysis,and uses the two-fixed effect model of individual point of view to further test the role of financial development in the path of FDI promoting industrial structure optimization.It concludes that the efficiency of financial development in Jiangsu Province cannot be well matched with FDI,and the improvement of existing financial efficiency in Jiangsu Province further aggravates the negative impact of FDI on industrial structure.And the scale of financial development can form a good relationship with FDI,and the expansion of the existing scale of financial development in Jiangsu Province will help to mitigate the negative impact of FDI on industrial structure.In further dividing Jiangsu province into Sunan and northern Jiangsu,the paper finds that the effect of financial development efficiency on the path of FDI affecting industrial structure is influenced by regional difference.For the economically developed southern Jiangsu,the efficiency of financial development can not be matched with FDI,which weakens the promotion of FDI to industrial structure.As for the underdeveloped northern Jiangsu,the financial development efficiency can form a good relationship with FDI,and the improvement of the financial development efficiency of subei slows down the negative impact of FDI on industrial structure.Whether it is Sunan or subei,the scale of financial development can form a good relationship with FDI,and the scale of financial development plays an active role in absorbing FDI spillover effect,which is beneficial to the adjustment of FDI to industrial structure.Finally,this article from the use of foreign investment and financial development two aspects,put forward the corresponding policy recommendations. |
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