The Influence Of The Financing Structure On The Upgrading Of The Industrial Structure In Western Region

The irrational industrial structure and the lack of core competitiveness of the industry in the western region lead to its economic level lagging behind the developed areas.The slow upgrading of industrial structure is an important manifestation of the lack of core competitiveness of the industry.Therefore,the transformation and upgrading of the industrial structure can help the western region to achieve economic development.As the important support of the industry development,the optimization of the financing structure is very important to the upgrading of the industrial structure.The level of financing structure optimization in the western region is lagging behind the developed areas.Therefore,the study of how the financing structure affects and promotes the upgrading of the industrial structure is of great practical significance.Based on the background and significance of the research,the paper reviews the literature and theory of financing structure and industrial structure,and explains the path of direct financing,indirect financing and financing structure affecting the upgrading of industrial structure and builds the theoretical basis for the research.The analysis of the current situation of the financing structure and the industrial structure shows that the scale of the western region's financing is expanding.The financing structure is still mainly indirect financing,and the credit investment is constantly optimized.The industrial structure has gradually shifted to the "three,two and one" mode,and the internal structure of the three industries has been gradually optimized.The panel model and the state space model are constructed to analyze the impact of the financing structure on the upgrading of the industrial structure with 2001to2016 data.The panel data show that expanding the scale of financing can effectively promote the upgrading of industrial structure;the increase of direct and indirect financing has a positive effect on the upgrading of industrial structure,but the role of indirect financing in upgrading industrial structure is greater than that of direct financing.Optimizing the financing structure can speed up the upgrading of industrial structure,but when the proportion of direct financing and indirect financing exceeds a certain proportion,the continuous increase of direct financing will slow down the upgrading of industrial structure.Besides,technology level and fixed investment are also important factor affecting the upgrading of industrial structure.The state space model shows that direct financing and indirect financing play a complementary role in the upgrading of industrial structure.The impact of direct financing on the upgrading of industrial structure is fluctuating,and the impact of indirect financing on industrial structure upgrading tends to fluctuate.Based on the analysis of the status quo and the empirical results,to promote the transformation and upgrading of industrial structure,this paper puts forward countermeasures to promote the adjustment of the financing structure by expanding the scale of financing,Improving credit environment,optimizing credit investment,expanding financing channels and improving the financial environment.