Research On Problems And Countermeasures Of Financial Support Industry Structure Upgrading In Hunan Province

Since the financial crisis in 2008,the global economy has been in a state of fatigue,and the Chinese economy has begun to experience a structural decline in growth.As China's economy enters the "new normal",the upgrading of industrial structure has become an important strategic goal to promote the sustainable development of China's economy in this context.In recent years,Hunan Province has reviewed the situation and actively implemented the supply-side structural reform and development goals,and implemented the industrial structure upgrade as a key strategy to promote further economic development.As the key to the operation of modern economic system,finance and resource allocation functions provide important financing guarantee for the upgrading of industrial structure and the development of high-tech industry.Similarly,in the current financial development process in Hunan Province,there are still factors such as financial structure imbalance,poor resource allocation efficiency,and high risk,which seriously restrict the role of finance in supporting the upgrading of industrial structure.Therefore,Hunan Province urgently needs to explore the constraints of financial support in the upgrading of industrial structure,promote financial industry reform,improve the quality and efficiency of resource allocation,and thus provide the source of power for Hunan Province to achieve industrial structure upgrading and sustainable economic development.This paper combs the research results of scholars at home and abroad in this respect.Based on the theory of financial support and industrial structure,it expounds and analyzes the mechanism of financial support industrial structure upgrading.Then it analyzes the status quo of financial development and industrial structure upgrading in Hunan Province,and reveals the advantages and disadvantages of the upgrading of financial support industry structure in Hunan Province at this stage.On the empirical side,the text rationalizes the industrial structure measured by the three industrial structure upgrades and the advanced industrial structure measured by the development of high-tech industries as the explanatory variables,and uses the empirical model ofthe panel data of 14 prefecture-level cities in Hunan Province from the financial support.The relationship between scale and financial support efficiency empirically tests the relationship between financial development and industrial structure upgrading in Hunan Province.From the perspectives of rationalization of industrial structure and advanced industrial structure,it analyzes the problems existing in the upgrading of financial support industry structure in Hunan Province.The empirical conclusions of this paper show that the expansion of financial support has significantly promoted the development of Hunan's industrial structure in a rational direction;the financial support efficiency coefficient is positive,but not significant,financial intermediaries fail to efficiently convert deposits into loans to support industrial structure.Rationalized development,financial support industry rationalization and upgrading efficiency needs to be improved.The ever-expanding scale of financial support is conducive to the realization of industrial structure in Hunan Province;the financial support efficiency coefficient is negative,but not significant,indicating that the current financial support for Hunan's industrial structure is not efficient.The regression of instrumental variable method also shows that the measurement results in this paper are robust.In addition,based on the individual fixed effect model of each city and state in Hunan Province,the financial support industry structure upgrade shows a certain regional difference in Hunan Province.Finally,based on the theoretical and empirical analysis,this paper combines the development status of Hunan Province and various cities and states,from the perspective of improving the scale of financial institutions,promoting the reform of financial institutions,increasing relevant supporting policies and measures,and improving the financial market environment in Hunan Province.Proposed policy recommendations to accelerate the financial development of Hunan Province and promote the upgrading of industrial structure in Hunan Province and various cities and states.