Research On The Influence Of Social Financing Structure On Industrial Structure Upgrading

In recent years,China's economic growth has slowed down and entered a new normal stage of economic development.This requires us to further transform the economic development model and growth drivers and promote the optimization and upgrading of the economic structure.At the same time,in order to solve the problems of unbalanced supply and demand structure,serious overcapacity and unbalanced industrial development,China has carried out supply-side structural reform,which requires us to promote the upgrading of industrial structure while optimizing the supply structure.In addition,from the 12 th five-year plan to industrial structure adjustment and upgrading as the focus of economic development to the 13 th five-year plan to emphasize the dominant role of the service sector,it is not difficult to see that promoting industrial structure upgrading is an urgent demand for economic development.The upgrading of industrial structure cannot be separated from the supply of capital,and the upgrading of industrial structure can be promoted by optimizing the financing structure.At the end of 2010,after learning the lessons of the 2008 international financial crisis,China released a new financial statistic index--the scale of social financing,to reflect the financial support of the financial system to the real economy.Therefore,it is of great significance to study how the social financing structure affects the upgrading of industrial structure and explore how to further optimize and adjust the relationship between the two.This paper mainly takes China's social financing structure and industrial structure as the object of discussion.Based on relevant domestic and foreign literature,this paper expounds the relevant theories of social financing and industrial structure and the mechanism of social financing affecting the upgrading of industrial structure,and gives an intuitive description of the current situation of social financing and industrial structure.Then,based on China's 31 provinces,municipalities and autonomous regions in the fourth quarter of 2013 to 2019 in the third quarter of the related data,by constructing dynamic panel model using GMM method system for empirical research,the results show that the financing in the table only haveobvious positive effects on industrial structure optimization rate,equity financing and debt financing to high-level industrial structure have obvious promoting effect,only the off-balance-sheet financing effect on industrial structure upgrade existing obstacles.To reflect regional social financing structure difference of the impact of industrial structure upgrade,this paper respectively in the eastern,central and western regression analysis,the study found that:stock financing,in addition to the eastern part of the industrial structure optimization rate has a significant positive impact,impact on regional industrial structure upgrade all showed negative effects;Bond financing only has a positive impact on the optimization rate of industrial structure in the central region.The financing in the table promotes the optimization rate of industrial structure in the central region,but has a significant positive effect on the upgrading of industrial structure in the western region.Off-balance sheet financing has a positive impact on both the optimization rate of industrial structure and the upgrading of industrial structure in the eastern region.Finally,based on the analysis of the current situation and the empirical results,the paper puts forward some Suggestions on adjusting the social financing structure according to local conditions,vigorously developing and improving the multi-level capital market system,actively promoting the innovation of financial products,services and institutions,and improving the financial environment.