Research On The Influence Of Financial Structure On Industrial Structure

At present,China is in a critical period of industrial structural transformation.It is important to promote the reform of financial structure so that funds are invested more effectively in the real economy.This paper aims to study the impact of financial structure on industrial structure,and provide theoretical support for adjusting financial structure.This paper proposes that the financial structure affects the industrial structure through capital-oriented mechanism and technological innovation promotion mechanism.At the same time,there are differences in the effects of financial structure in different stages of economic development.Based on theoretical analysis,this paper selects the 1980 to 2017 unbalanced panel data from 14 countries as the research object,constructs an intermediary effect model to examine the capital-oriented mechanism and technological innovation promotion mechanism.The empirical results prove that the financial structure has a positive role in promoting the industrial structure,and technological innovation has played a significant intermediary effect,that is,the increase in the proportion of direct financing promotes the technological innovation,which in turn promotes the increase in the proportion of non-agricultural industry and tertiary industry.In addition,this paper constructs a panel threshold model to examine whether the effects of financial structure in different stages of economic development is different.The empirical results prove that during the early period,the financial structure dominated by direct financing can promote the increase in the proportion of non-agricultural industry,but cannot promote the increase in the proportion of tertiary industry.As the economic develops,the higher the proportion of direct financing,the larger the influence of promoting the proportion of tertiary industry,but the marginal influence of promoting the proportion of non-agricultural industry declines.The evolution of the industrial structure of the United States and Japan can also prove that the financial structure can promote the upgrading of the industrial structure by promoting technological innovation.Besides,government should timely adjust the financial structure adapting to the characteristics of core industries in different period.Therefore,this paper proposes relevant optimization suggestions for the adjustment of China's financial structure: further improve the multi-level equity market,continue to advance the pilot of the registration system,improve the vitality of the New OTC Market;optimize the internal structure of indirect financing and improve the efficiency of indirect financing;encourage direct financing to invest in technological innovation and keep accelerating financial opening up.