Research On The Impact Of Regional Financial Structure On Industrial Structure Upgrading In China

Since the reform and opening up,China's economy has experienced rapid growth for nearly 40 years.At this stage,China's economic downward pressure continues to increase.Overcapacity,serious pollution of the ecological environment,and the disappearance of resources and demographic dividends have become increasingly prominent.China's economy has entered a new normal.".The upgrading of industrial structure in this context has become an important driving force for China's economic growth in the next stage and has become an important strategic goal of the "new normal" China.Based on the analysis of the evolution mechanism of industrial structure,the process of upgrading industrial structure is actually the process of continuously optimizing the allocation of production resources and continuously improving production efficiency.The process of industrial structure upgrading is accompanied by the demand of a large amount of industrial capital,and the two types of financing markets that constitute the financial structure play an important role in promoting the conversion of idle funds into industrial capital.Therefore,there must be a close relationship between the financial structure and the industrial structure.contact.Based on the research results of financial structure and industrial structure relationship at home and abroad,this paper compares the impact of financial structure on industrial structure upgrading from both theoretical and empirical aspects.First of all,this paper briefly introduces the concept of financial structure and industrial structure upgrading.Secondly,it introduces theories related to financial structure and industrial structure,and expounds the mechanism of the impact of financial structure on industrial structure upgrading.Furthermore,it analyzes the status quo of the financial structure and industrial structure of the country and the eastern,central and western regions.Then,using the panel data of 30 provinces and municipalities directly under the central government in China in 2001-2016,we sought empirical evidence on the impact of financial structure on industrial structure upgrading,and made regional comparisons.From a national perspective,the current bank-led financial structure is more conducive to the upgrading of China's industrial structure at this stage.Under different regions,the influence of different system-led financial structures on the upgrading of industrial structure is obvious.The regression results of the model show that there is a similar “U” type relationship between financial structure and industrial structure upgrading.On this basis,this paper uses the threshold model to further explore the nonlinear relationship between financial system and industrial structure upgrading led by different systems.The empirical results show that the impact of financial structure on industrial structure upgrading may be subject to the difference between industrial structure development level and regional factor endowment.There is indeed a nonlinear relationship.Finally,based on the theoretical and empirical analysis,combined with the status quo of China and regional development,this paper proposes to accelerate the adjustment of financial structure from four aspects: adjusting financial structure,improving direct financing channels,rationally utilizing foreign capital and strengthening regional human capital investment.Policy recommendations to promote the optimization and upgrading of industrial structure.