Research On The Influence Of The Development Of Financial Industry In Northeast China On The Optimization Of Manufacturing Structure

The manufacturing industry in Northeast China has developed rapidly along with China's 40 years of reform and opening up.It has provided important support for the country's complete industrial system construction and rapid economic growth,and has made tremendous contributions.However,in the new era,the manufacturing industry in Northeast China has been affected by many factors such as the drag of the receptor mechanism,lack of technological innovation,backward manufacturing process,severe shortage of development funds,and excessive proportion of traditional products.The industrial structure is seriously backward and the industrial competitiveness is declining.How to speed up the structural transformation and upgrading of manufacturing industries in Northeast China and realize the rejuvenation of manufacturing industries in Northeast China has become a problem that we must pay attention to and solve.From the experience of domestic and foreign manufacturing development,we can see that the financial industry has a natural connection with manufacturing.Whether it is the United States,Japan,Germany or other developed countries or the domestic Yangtze River Delta,Pearl River Delta region,the integration of its financial industry and manufacturing industry,that is,the financial industry to support the manufacturing industry,is one of the effective ways to optimize the manufacturing structure.As a very important component of the productive service industry,the financial industry has always been the core of the modern economy.The producer service industry,especially the financial industry,is a key input in the development of the manufacturing industry and is a source of improving the development efficiency of the manufacturing industry.According to this logic,the development of the financial industry should positively promote the upgrading of the manufacturing structure.However,by analyzing the situation of the financial industry and manufacturing industry in Northeast China,we found that although the current financial industry is developing rapidly,the manufacturing industry has not been positively affected.It is this abnormal phenomenon that has triggered the author's thinking: As part of the productive service industry,the financial industry is playing a role in the upgrading of the manufacturing structure.Taking this as a starting point,this article studies the impact of the financial industry on the structural upgrade of the manufacturing industry.Based on the multidisciplinary theories of financial development theory and industrial structure optimization theory,this paper sorts out related domestic and foreign literatures,and studies how the financial industry in Northeast China influences the optimization of manufacturing structure and the degree of influence.Through the study of domestic and foreign financial support experience in the optimization of manufacturing industries,the mechanism of the influence of the financial industry on the structure of manufacturing was summarized.Based on the existing theories,the status quo of financial industry development and manufacturing structure in Northeast China was analyzed.This paper uses the provincial panel data of the three provinces in Northeast China from 2004 to 2016,using the fixed effect model to analyze the impact of the development of financial industry in Northeast China on the optimization of its manufacturing structure.The empirical results show that the development of the financial industry in the Northeast does not promote the structure of the manufacturing industry.Even to a certain extent,it plays an inhibitory role.Finally,from the perspective of the development of the financial industry,it proposes several policy suggestions for promoting the optimization of the manufacturing structure in the Northeast region.