Research On The Interaction Relationship Between China's Financial Development And The Transformation And Upgrading Of Manufacturing Industry

Financial development is an important part of the modern economic system,and it is also the main driving force for industrial upgrading.As the main part of the industry,the transformation and upgrading of the manufacturing industry is bound to be inseparable from the financial development.The manufacturing industry is the main body of the national economy,the main battlefield of scientific and technological innovation,the foundation of the establishment of the country,the implements of the rejuvenation of the country and the strong power of the country.At present,China is in a critical period of economic restructuring,transformation and upgrading.Manufacturing transformation and upgrading is an important part of the upgrading of the whole industrial structure and the structural reform of the supply side.It is also the key to the revitalization of the real economy and the full play of the new economic functions.The transformation and upgrading of manufacturing industry refers to the transformation of traditional manufacturing industries,such as labor intensive,to technology intensive and other modern manufacturing industries,which will lead to the reconfiguration of various social resources.In today's society,strong financial support is the key factor for the optimal allocation of resources.Under the new normal condition,the cost of labor and other production factors in China has risen sharply,and financial services have been "Tranform the economy from substantial to fictitious".Effective financial supply can not meet the development of manufacturing industry.The development mode of traditional manufacturing industry has been difficult to continue,and manufacturing industry is in urgent need of a new round of change.Therefore,the development of manufacturing industry and upgrade the supply side structural reforms must seize opportunity,accelerate the supply side structural reform of manufacturing and finance,improve financial supply and development of manufacturing quality,improve the financial development and the transformation and upgrading of the manufacturing system coupling.In this paper,the theory of financial development,industrial transformation and upgrading theory,system coupling theory literature theory and method as the foundation,the transformation and upgrading of the interaction problem analysis method,the empirical method by means of system coupling on the development and production of China's financial industry,the financial development and the manufacturing industry to upgrade two subsystems in motion interaction process,mutual influence and dynamic evolution in the market economy through their respective coupling elements,defined as the financial development and the transformation and upgrading of manufacturing industry coupling.Starting from the financial demand and supply of manufacturing transformation and upgrading,this paper analyzes the financial supply and demand equilibrium mechanism of manufacturing transformation and upgrading,which is achieved through the coupling between the two systems of manufacturing development and financial development.In reference to the domestic and foreign research literature on the basis of the manufacturing industry into labor-intensive manufacturing industry,capital intensive manufacturing and technology intensive manufacturing industries into three categories,using the empirical analysis method present situation of the development of Chinese manufacturing industry and China's manufacturing industry transformation and upgrading were analyzed by introducing external;financial dependence,foreign direct investment,resource endowments as control variables,the financial scale,financial efficiency,financial structure for the three indicators to measure the level of financial development,first analyzes the relation between financial industry and manufacturing industry,research on upgrading of the role of financial development in transition and then using fixed effect model of manufacturing industry segments the data and data on China's financial development through various industries in China Financial Development on the role of manufacturing and manufacturing.Based on the analysis of theory and data,we draw some conclusions,and put forward countermeasures and suggestions to enhance China's financial development,promote transformation and upgrading of manufacturing industry,upgrade manufacturing industry and promote financial development level.It is found that there is a system coupling mechanism between China's financial development and the transformation and upgrading of manufacturing industry,and the degree of coupling coordination is on the low side and is in a moderate coupling state.But the financial development and China's manufacturing industry transformation and upgrading of composite system coordination degree is increasing year by year,at the same time,upgrade the system order parameters showed some inconsistency in the financial development and the transformation of China's manufacturing industry,financial development and financial structure in the system of low order parameter index,from the social financing scale,financial ratio,commercial bank management cost rate,net interest margin,macro financial efficiency,currency interest rates,the stock market value of more than GDP,the turnover rate of stock market index,in order to enhance the overall coupling degree,promote the transformation and upgrading of manufacturing industry,realize the sustainable development of the national economy.The empirical analysis shows that the promotion of the level of financial development has a significant role in promoting the transformation and upgrading of the manufacturing industry,especially in the industry with high dependence on external financing.In the analysis of the impact of the transformation and upgrading of manufacturing industry on the financial development,the transformation and upgrading of the manufacturing industry is conducive to the improvement of the level of financial development.But labor endowment has little effect on the upgrading of "quality" in manufacturing industry,and excessive finance in manufacturing will inhibit the improvement of financial development level.