Financial Development,Industrial Structure Changes And Real Economic Growth

The real economy is the foundation of the national economy and the source of wealth.Financial development is the lifeblood of real economic growth.The industrial structure is an important support for the growth of the real economy and an internal driving force for financial development.If too much financial resources flow into the non-physical industry sector and deviate from the real economic development track,it will pose a huge threat to the long-term healthy development of the economy.Therefore,it is of great significance to systematically study the impact of industrial structure changes and financial development on real economic growth.This paper uses panel data from 30 provinces in China from 2005 to 2017 to incorporate financial development,changes in industrial structure,and real economic growth into a unified research framework.Firstly,it expounds the theoretical mechanism of financial development used for real economic growth by influencing the changes of industrial structure;secondly,it constructs an intermediary effect model,analyzes the intermediary effect of industrial structural changes between financial development and real economic growth,and passes the threshold model The two dimensions of structural rationalization and advanced analysis analyze the degree of impact of financial development on real economic growth at different levels ofindustrial structure.Finally,construct a spatial Dubin model to study the spatial spillover effect of financial development,industrial structure changes,and the interaction between the two on real economic growth,and decompose the spillover effect.The research conclusions of this paper are as follows:(1)Changes in industrial structure play an intermediary role between financial development and real economic growth.Financial development can have a positive effect on real economic growth through the two transmission channels of advanced and rationalized industrial structure.(2)There is a single threshold for the advancement and rationalization of industrial structure,and the role of financial development in promoting the growth of the real economy is affected by different levels of industrial structure.(3)Financial development and changes in industrial structure are not conducive to the gro wth of the local real economy,but have a positive spillover effect on the development of the real economy in other regions.In the geographical adjacency weight matrix,the interactive items of financial development and industrial structure changes significantly promote the growth of the local real economy and hinder the development of the real economy in the surrounding areas;in the economic distance weight matrix,the interactive items of financial development and industrial structure changes Not only can it promote the growth of the local real economy,it can also drive the development of the real economy in regions with similar economic development levels through economic linkage effects and radiation effects.According to the empirical results,this article puts forward corresponding policy recommendations:(1)Improve the market,products and supervision,establish a multi-level capital market system,and promote the development of the financial industry.(2)Strengthen the innovation drive and promote the optimization and upgrading of the industrial structure to meet the needs of economic development.(3)Establish a coordinated development mechanism for financial development,changes in industrial structure and real economic growth,give play to the leading role of urban agglomerations,and promote coordinated regional development.