| Our country has entered a new era of socialism with Chinese characteristics.In the new development history period,upgrading the industrial structure under the all-round socialist modernization has been of great significance.With the development of economy,the trend of economic of financialization is more and more obvious and financial development is also becoming more and more important for the development of the real economy.In theory,finance has had a profound impact on industrial structure through five aspects: capital formation,capital allocation,credit creation,information disclosure,and diversification prevention.In the real economy financial development on the upgrading of industrial structure has played a catalytic role or the role of constraints.Whether it is affected by the external market level,in other words,under the different level of marketization,the influence of financial development on the industrial structure remains unchanged,and is there any difference in different regions the role of financial development in the industrial structure is affected by the level of marketization? These problems are the focus of this article.Through theoretical and empirical exploration of these issues,the article draw the conclusion that the level of external marketization should be noticed in the future when the industrial structure is promoted by the financial development.That has a strong practical significance.This paper verifies the effect of financial development on the upgrading of industrial structure and the existing threshold effect by empirical analysis.The empirical results show that the double threshold of the market index of the scale of the financial intermediary development measured by the ratio of loans and deposits of financial institutions to GDP and expressed in FIR to the upgrading of the industrial structure is 2.94 and 8.48.When a region's marketability index is less than the threshold of 2.94,the coefficient of influence of FIR on the advancement of the industrial structure is 0.114.When the threshold is greater than 2.94 less than 8.48,the coefficient of influence of FIR on industrial structure index is 0.195.And when a region's marketability index is greater than the threshold of 8.48,the coefficient of influence of FIR on industrial structure index increased to 0.236.Checking the threshold effect of the eastern,central and western regions separately,the threshold value of the marketization index in the eastern region was found to be 8.58,and that of the western region was 2.9 and 6.28.With the increase of the threshold,the influence coefficient of the FIR on the industrial structure was enhanced.As can be seen,The development of financial intermediaries has played a positive role in promoting the advanced industrial structure and the impact of the scale of financial intermediary development in a region on the adjustment of industrial structure is not static,it will take a progressive role as the degree of marketization in the region improves.Stock market development measured by the stock market capitalization /GDP FIS of the upgrading of the industrial structure also exists the threshold of market-based utility.When a region's marketability index is less than the threshold of 8.23,The coefficient of influence of FIS on the advancement of the industrial structure is 0.060.When the threshold is greater than 8.23 less than 9.45,the coefficient of influence of FIS on industrial structure index is 0.116.And when a region's marketability index is greater than the threshold of 9.45,the coefficient of influence of FIS on industrial structure indicators is reduced to 0.029.Examination of the threshold effect in the eastern,central and western regions did not show the internal threshold.As can be seen,The development of the stock market has played a catalytic role in the advanced industrial structure and the impact of a regional stock market development on the adjustment of industrial structure is not static.It will rise and fall as the marketization of the region increases first.According to the empirical conclusion,this paper proposes three optimization suggestions: Further give play to the role of credit support for financial intermediaries,improve the structure of the stock market,and reasonably raise the level of marketization.Giving full play to the role of credit support for financial intermediaries requires that credit resources require financial intermediaries to raise the level of risk control.Improving the structure of the stock market requires further building of a multilevel stock market,giving full play to the role of the Gem and the new three boards,and giving full play to the support role of the stock market for new technologies and industries.Through the development of the non-public economy,the improvement of product and factor markets,the improvement of market intermediary organizations and the legal system environment,the marketization level will be improved,the market system will be improved,and the role of financial development in upgrading the industrial structure will be enhanced. |
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