The Impact Of China's Financial Structure Adjustment On The Upgrading Of Industrial Structure

With the continuous transformation of economic growth mode and the implementation of supply-side structural reform policies,the upgrading of industrial structure has become one of the priorities of current economic development.The financial sector affects the distribution of resource elements among industries through the allocation of capital and supply of funds,and thus becomes an important support for the upgrading of industrial structure.Therefore,it is important to clarify the mechanism of the impact of financial restructuring on the upgrading of industrial structure,and to analyze the impact of China's financial restructuring on industrial structure upgrading and its regional differences,which is of great significance to the advanced development of China's industrial structure.On the basis of literature research,the article first combs the relevant theories of financial structure and industrial structure,and deduces the mechanism of the influence of financial structure adjustment on industrial structure upgrading under the perspective of "dichotomy".Secondly,based on the economic development data of China's 30 provincial economies from 2004 to 2017,this paper analyzes the evolution process and regional differences of financial structure and industrial structure in various regions of China,and based on this,from scale,efficiency and vitality.Dimensions build a scientific and effective financial structure and industrial structure measurement index system,build a panel data model,and explore the impact of financial structure adjustment on the industrial structure upgrade and its regional differences in the country and the eastern,central and western regions.The empirical results show that:(1)The scale,efficiency and vitality of the financial structure have a significant role in promoting the upgrading of industrial structure.(2)The expansion of financial scale plays a positive role in the development of industrial structure in the whole country and the eastern region,and has no significant effect on the upgrading of industrial structure in the central and western regions;(3)the improvement of industrial efficiency in the eastern region due to the improvement of financial efficiency The impact is not significant,but it has a greater role in promoting the upgrading of industrial structure in the central and western regions;(4)From the perspective of financial vitality,indirect financing based on bank credit has promoted the upgrading of industrial structure in the country and the central and western regions.The role of direct financing based on the stock market can accelerate the industrial structure upgrading process in the eastern region.Finally,based on the theoretical and empirical research conclusions,from the perspective of improving the financial structure,it proposes policy recommendations to promote theoptimization and upgrading of industrial structure,such as accelerating financial system reform,improving the efficiency of financial structure;optimizing financing structure,enriching financing channels;and promoting financing tools.