The Impact Of Stock Financing On The Optimization Of Industrial Structure

Chinese economy has achieved unprecedented development in recent 20 years,has become the world's second largest economy,the total amount of foreign trade gradually expand the RMB in 2016 to join SDR,indicates that China's increasing influence on the global economy.However,after the brilliant achievements,some problems also emerge in an endless stream: for example,many Chinese industry is still low value-added manufacturing sector;modern service industry lags behind the western developed countries;by a series of problems of shortage of funds bottlenecks and other strategic emerging industries.Therefore,our country urgently needs to promote the transformation and upgrading of the industrial structure.From the development of foreign countries,the stock market plays a role in promoting the development of the industry.In view of the stock financing scale and the level of industrial structure,showing a difference in the different region,based on the difference in financing the eastern region of the stock perspective on the impact of industrial structure has a certain theoretical and practical significance.Based on the related theories of Finance and industrial economics,this paper uses grey correlation method and panel regression model to analyze the influence of stock financing on the optimization of industrial structure from two aspects of function mechanism and empirical study.The mechanism is mainly from the point of view of the function of the stock market,analyzed the function of the stock market to optimize the industrial structure;empirical research is mainly carried out in the eastern region,analyzed by 2000-2015 provincial panel data.Finally,the conclusion of the research is summarized,and some policy suggestions are put forward for the development of stock market and industry in the central and Eastern regions.Overall,China's stock financing differences in the eastern and central regions in terms of scale,the eastern region of the stock market is clearly better than the central region is developed;the degree of optimization of industrial structure also shows the difference between the eastern and central regions,the industrial structure of the eastern region than the central region developed.The empirical results show that: first,in the eastern region of China,taking into account relevant control variables,promote equity financing on the industrial structure is more significant in the central region is not significant;second,foreign investment has inhibitory effect on the eastern region to optimize the industrial structure,and to promote the role of the central region third,whether it is;central and eastern regions,government expenditure have a role in promoting the optimization of industrial structure;fourth,the proportion of labor coefficient increase will also bring the optimization of the industrial structure in eastern and Western regions.The suggestions are as follows: first,to develop and improve the central region of the stock market,the stock market financing function especially the function to display;second,but also to expand the scale of stock financing on the eastern region;third,actively guide foreign investment transfer from the eastern to the central area;fourth,the local government should make use of finance the funds,and actively guide the transfer of funds to the modern service industry and strategic emerging industry.Fifth,the government should actively guide the transfer of talent in modern new industries.The purpose of the proposal is to promote the optimization of regional industrial structure.