The Empirical Research On The Stock Market Financing And The Optimization Of The Industrial Structure In Hunan Province

The development of the economy is not only manifested by the growth of the economic aggregate,but also by the optimization of the industrial structure.A large number of literatures at home and abroad indicate that the development of the stock market contributes to the optimization of the industrial structure.However,no scholars have begun research on the regional market in Hunan Province in this area.The optimization of industrial structure is manifested both in the rationalization of industrial structure and in the development of industrial structure.The analysis from these two perspectives will more deeply understand the impact mechanism of stock market financing on the optimization of industrial structure in Hunan Province.Therefore,this paper will discuss the impact of the stock market financing of listed companies in Hunan Province on the rationalization and development of the industrial structure from the perspective of theory and evidence,and carry out comparative analysis,and then put forward some policy recommendations.Firstly,this paper clarifies the related theory of stock market and t industrial structure optimization and analyzes the mechanism of stock market to promote industrial structure optimization.Then,by analyzing the data o f listed companies in Hunan Province from 1993 to 2017,the paper summarizes the financing scale of listed companies in Hunan Province and the structure of listed companies.Then this paper analyzes the output value structure of three industries in Hunan P rovince,the employment structure of three industries,the development of high-tech industries,and compares the situation of Hunan Province with the situation of the whole country and the provinces in central region.Based on the above theoretical mechani sm and actual investigation,this paper sorts out the relevant data from 1993 to 2017.Through adopting co-integration analysis,VAR model and VECM model,the paper analyzes the impact mechanism of stock market financing on the optimization of industrial structure in Hunan Province.The results show that stock market financing promotes the optimization of industrial structure in Hunan Province.The positive promotion effect of stock market financing on the rationalization of industrial structure is greater than the positive promotion effect on the industrial structure.Compared with the effect of financing rate on industrial structure optimization,the promotion effect of capitalization rate on the optimization of industrial structure lasts longer and has a greater impact.Moreover,the increase in the financing rate has inhibited the development of the industrial structure.In order to make better use of the role of stock market financing and promote the optimization of industrial structure in Hunan Province,the province should expand the scale of listed companies and enhance financing capabilities;optimize policies to improve the structure of listed companies;improve the financial ecological environment;and vigorously promote the construction of regional equity markets.