Research On The Impact Of Financial Development On The Upgrade Of Industrial Structure

At this stage,the economic development has entered the "new normal".In the past,it was only guided by the total amount,and the development mode of high input and low output of production factors is not suitable for the new situation.At present,we need to constantly improve the economic structure and the quality of economic development,fully tap the potential development power to ensure the rapid economic growth.Therefore,the optimization and upgrading of industrial structure has increasingly become the guarantee of rapid and sustainable economic development.In recent years,with the continuous expansion of the output value of the financial industry and the rising contribution rate in the economy,it has become an increasingly important part of the social economy,which plays an important role in the economic development and industrial structure upgrading.The Yangtze River economic belt includes 11 provinces and cities in the East,the middle and the west of China,with a social GDP of more than 40% of the whole country.There are downstream areas with developed finance and upstream areas with relatively low level of financial development.By studying the impact of financial development on the upgrading of industrial structure,this paper puts forward targeted financial policies to promote the optimization and upgrading of industrial structure and ensure high-quality economic development.This paper first combs the theory of financial development and industrial structure upgrading,and then analyzes the mechanism of financial development to industrial structure upgrading.Next,it makes a descriptive analysis of the current situation of financial development and industrial structure in the Yangtze River economic belt.Finally,this paper measures the level of financial development from three perspectives: financial scale,financial structure and financial efficiency.Then,we use the panel data of 11 provinces and cities of Yangtze River economy for empirical test.The empirical test results show that: first,the impact of financial development on the level of industrial structure upgrading.For the Yangtze River economic belt as a whole,the promotion of financial scale,financial structure andfinancial efficiency can promote the upgrading level of industrial structure,among which financial scale has the best promotion effect on the upgrading of industrial structure,while financial structure has relatively weak promotion effect on the upgrading of industrial structure.In terms of different regions,the financial scale and efficiency in the upstream region can promote the upgrading level of industrial structure,the financial scale in the midstream region can promote the upgrading level of industrial structure,and the financial scale and structure in the downstream region can promote the upgrading level of industrial structure.Second,in terms of the impact of financial development on the rationalization of industrial structure,the continuous improvement of financial scale and financial efficiency can promote the level of rationalization of industrial structure in the Yangtze River economic belt,while the effect of financial structure on rationalization is not significant.It shows that the level of direct financing is still relatively low,which does not show a good effect on the coordinated development of industrial structure.Finally,based on the conclusion of this paper,the following policies are put forward: continue to expand the scale of credit,improve the support of banks and other financial institutions to the funds needed for the development of enterprises,increase the support for the medium and long-term credit of key industrial enterprises;improve the service development ability and service level of financial institutions,do a good job in identifying the business development status of enterprises,and actively connect science and technology with emerging industries;further Develop and improve the financial market,deepen the construction of multi-level capital market,vigorously develop the financing mode combining multiple financing channels,especially increase the proportion of direct financing,ensure that enterprises can obtain more efficient financial support from finance;implement different financial policies according to the current situation of different regions and different resource endowments,so as to promote reasonable and balanced production among regions Optimize and upgrade the industrial structure.In order to promote the development and transformation of enterprises,we should give credit policies to the middle andupper reaches areas with low level of financial development and backward industrial structure,and constantly expand the scale of financing in this area.