Research On The Impact Of Financial Resource Allocation On The Industrial Structure

Since the reform and opening up,China's economy has been developing rapidly and growing at a raid speed.China has achieved fruitful results.However,the development mode of long-term extensive pattern of economic growth can not persistence.And with the introduction of the new economic normality,we need to actively transform the mode of economic growth to achieve the purpose of steady growth through the structural adjustment.As an important part of the economic structure,the industrial structure will play a key role in the process of upgrading and adjusting the economic structure.The adjusting of industrial structure requires technology to provide key support for it,and technological R&D and innovation requires the support of a large amount of funds for the development of the industry.Funds as an important financial resource,then how to configure it to satisfy the needs of the industrial structure becomes the key issue.As a developing country,China has adopted a mode of financial resource allocation as “mainly based on government allocation,supplemented by property rights allocation and market allocation”.It can promote the adjusting of industrial structure and economic development through bank-based achieving the allocation and reconfiguration of financial resources.However,due to the introduction of the new economic normality,the allocation of the financial resources need to help the transformation of economic development mode and the adjustment of industrial structure to more advanced states.Based on this,this paper mainly researches the influence of financial resources allocation on the industrial structure.This paper consists of five parts.First,it introduces the background and significance of the research,and summarizes the domestic and foreign literature.It starts from the two kinds of financial resource allocation mechanism: the based-bank allocation mechanism and the capital market-based allocation mechanism to research the dynamic impact of the industrial structure,through constructing the VAR models and using the relevant data from 1993 to 2015.The impulse response function and variance decomposition analysis are used to further elaborate the dynamic characteristics of the financial resource allocation mechanism and industrial structure.The relationship between the configuration of the financial resources and the the industrial structure is analyzed by the empirical analysis.According to the empirical research,we have obtained the following conclusions: First,bank-based and capital market-based financial resource allocation have a significant correlation with the industrial structure,but under the current new economic background,the correlation of bank-based financial resource allocation is gradually weakened to the industrial structure,while the correlation of capital market-based is gradually enhanced.Second,the influence of bank-based and capital market-based financial resource allocation on the industrial structure is somewhat dynamic different.The impact of bank-based financial resource allocation on industrial structure has also shown a certain convergence trend,but the convergence trend of capital market-based financial resource allocation is more obvious and robust.Third,with the rapid development of the bond market,some countries have even contributed more than the stock market to the bond market,which has become the mainstream of capital market development.It means that the bond market will promote positively the industrial structure.