Research On Impact Of Financial Development On Industrial Structure Upgrading In Hebei Province

As one of the core of modern economy,finance has the function of coordinating the economic operation and optimizing the resources allocation,providing essential financial support for the industrial structure upgrading.Compared with Beijing and Tianjin,the upgrading speed of the industrial structure of Hebei province is obviously lower now.Therefore,studying how the financial development of Hebei Province promotes the upgrading of industrial structure from the perspective of coordinated development of Beijing,Tianjin and Hebei region,it is of great significance to promote the economic development of Hebei Province and advance the coordinated economic development of Beijing,Tianjin and Hebei region.This paper summarizes the theoretical basis of financial development,industrial structure upgrading,and the transmission mechanism of financial development to industrial structure upgrading.In this paper,under the background of Beijing-Tianjin-Hebei coordinated development,financial development in Hebei province is in good financial situation and the trend of industrial structure upgrading is obvious.At the same time,it was found that financial development affecting the industrial structure upgrading in Hebei province have some problems,such as unreasonable credit orientation,inefficient financial development,the lower proportion of direct financing scale and so on.On this basis,we select the indicators from both financial development and industrial structure upgrading,and construct the panel measurement model by synthesizing the panel date of Beijing and Tianjin from 2004 to 2015,and the 11 cities' panel date of Hebei.The empirical results show that the scale of financial development has a positive impact on the industrial structure upgrading,but the positive effect in Hebei province is lower than Beijing and Tianjin;the financial development efficiency of Hebei province has an inhibitory effect on industrial structure upgrading as a whole;and the financial development structure of Hebei province has no significant influence on industrial structure upgrading as a whole.Finally,the recommendations togradually narrow development gap are given from the perspectives: to adjust the flow of financial resources;to improve the multi-level capital market and the development of the insurance industry;to focus on financial innovation and use regional coordination strategies.