Research On The Impact Of Financial Structure On Industrial Structure Upgrading In Open Economy

At present,China's economic development has entered a new era,but the problem of insufficient regional development still exists.Promoting the upgrading of regional industrial structure reasonably and efficiently is the key to solving the imbalance of regional development in China.Both the 19 th National Congress Report and the 2018 Central Economic Conference clearly pointed out that we should always adhere to the supply-side structural reform as the main line,vigorously promote high-quality economic development and accelerate the upgrading of industrial structure.The core function of finance is the allocation of funds.The rapid development of the financial industry can provide a large amount of financial support for the upgrading and adjustment of industrial structure,and make the optimal allocation of resources among various industries.Financial structure determines financial function,and industrial structure is the result of capital allocation.Promoting China's financial deepening reform and industrial structure upgrading is the key to the success of economic system reform and economic structure adjustment strategy.However,due to the irrational financial structure and low efficiency of capital allocation,the impact of financial structure on the upgrading of industrial structure has not been fully exerted.Therefore,it is particularly urgent to adjust and optimize the financial structure so as to serve the upgrading of the industrial structure.The 2018 Central Economic Work Conference also pointed out that it is necessary to promote the co-construction of " the belt and road initiative",focus on stabilizing foreign trade and foreign investment,enrich the connotation of opening to the outside world,comprehensively deepen reform and promote China's opening to the outside world at a higher level.Therefore,under the current new international and domestic economic situation,promoting the upgrading of industrial structure and realizing the transformation of China's economic structure has become an urgent problem to be solved under the conditions of an open economy.The paper is divided into six parts: The first part is the introduction.It mainly introduces the research background and significance of this paper,the related literature review at home and abroad,the research content and framework,the research ideas and methods,and the innovations.The second part is related concepts and theoretical basis.The concepts of open economy,financial structure and upgrading of industrial structure are clearly defined,and relevant theories and mechanisms are combed.The third part is the analysis of the current situation.This paper analyzes the current situation of economic opening,financial structure and industrial structure upgrading in nine provinces along the Silk Road.The fourth part is spatial econometric analysis,using spatial econometric model for empirical research.The fifth part is panel threshold analysis,using panel threshold model for further empirical analysis.The sixth part is conclusions and suggestions.Summarize the research conclusions and put forward targeted suggestions.The research results show that:(1)From the analysis of the current situation: Firstly,the level of economic development of the nine provinces along the Silk Road is continuously rising,and the growth rate is relatively fast.Secondly,the financial structure as a whole is in a process of continuous optimization,in which the total amount of financial assets is increasing,but the financing mode is still mainly indirect financing,supplemented by direct financing.The scale of the insurance market is gradually expanding,but banks and financial institutions still dominate,and the development of the securities market is relatively slow.Thirdly,from the overall and provincial perspective,the industrial structure is developing in the direction of gradual optimization,but the irrational distribution of industrial structure and employment structure still exists,and there are obvious differences between provinces.In addition,through measuring the upgrading level of industrial structure,it is found that the provincial industrial structure along the Silk Road is irrational and the upgrading level of industrial structure is relatively low.(2)From the estimation results of the spatial econometric model: Firstly,there is a significant spatial correlation between the rationalization of provincial industrial structure and the upgrading of industrial structure along the Silk Road.Secondly,the impact of financial structure on the rationalization of industrial structure in an open economy: financial institution structure promotes the rationalization of industrial structure,but it is not significant;Financial market structure hinders the rationalization of industrial structure;Financial financing structure has promoted the rationalization of industrial structure.Thirdly,the impact of financial structure on the upgrading of industrial structure in an open economy: financial institution structure and financial market structure have promoted the upgrading of industrial structure;Financial financing structure hinders the upgrading of industrial structure.(3)According to the estimation results of panel threshold model: Firstly,there is no threshold effect on the impact of financial institution structure on the upgrading of industrial structure,and there is threshold effect on the impact of financial market structure and financial financing structure on the rationalization and upgrading of industrial structure.Secondly,in terms of the impact of financial structure on the rationalization of industrial structure under an open economy,the financial market structure and financial financing structure have a single threshold effect on the rationalization of industrial structure based on financial opening.Thirdly,in terms of the impact of financial structure on the upgrading of industrial structure under an open economy,the financial market structure and financial financing structure have a single threshold effect on the upgrading of industrial structure based on trade opening and financial opening,with different effects.