| In the new era,China's economy has entered the stage of high-quality development from the stage of high-speed growth.Transforming the pattern of economic growth,optimizing the industrial structure,and improving the quality and efficiency of economic growth have become key links in promoting high-quality development of China's economy.On March 5,2019,the government work report of the second session of the 13 th National People's Congress pointed out that with the continuous development of the economy,China's economic structure is continuously optimized,emerging industries are booming,the service sector contributes nearly 60 percent to economic growth,and traditional industries are accelerating transformation and upgrading.It can be seen that the transformation and upgrading of industrial structure is the key to the high-quality development of China's economy.But the transformation and upgrading of industrial structure is not financial support,and the financial agglomeration as the main form of modern finance,financial agglomeration effect on industrial structure upgrade and its influence on the development of the second and third industry exists heterogeneity of regional heterogeneity and industry,and of high regional financial agglomeration level will impact on the rest of the regional industrial structure upgrade radiation effect,is the present academia and industry policy makers more focus on an important issue.Therefore,it is of great theoretical and practical value to study the influence of financial agglomeration on the upgrading of industrial structure.Based on the above problems,this paper first sorted out the relevant research literature on financial agglomeration and industrial structure upgrading at home and abroad,discussed the influence mechanism of financial agglomeration on industrial structure upgrading,and proposed the research hypothesis of this paper on the basis of theoretical analysis.Second in view of the financial agglomeration effect on industrial structure upgrade possible regional differences,industry differences and the radiation effect of financial agglomeration,using 2004-2017 China's 31 provinces of panel data,using the trend diagram and scatter plot overall simulated financial agglomeration and upgrade the industrial structure of the relationship between general situation and present situation in the region.Because of the economy may be a lag,the paper uses the 2004-2017 China's 31 provinces of panel data,the upgrading of industrial structure lag as explained variable,build dynamic panel model,application of two step System of generalized moment estimation regression method,empirical studies of financial agglomeration of regional industrial structure upgrade and the influence of financial agglomeration effects on the second and third industry respectively,and the empirical analysis result was robustness test.Whether it is the overall regression or the sub-regional regression,the results show that financial agglomeration has a positive promoting effect on the upgrading of industrial structure.However,the influence of financial agglomeration on the upgrading of industrial structure in different regions varies in significance.In addition,from the overall regression results,financial agglomeration has a positive promoting effect on the development of the tertiary industry,but a negative inhibiting effect on the development of the secondary industry,indicating that the influence of financial agglomeration on the development of different industries has industrial heterogeneity.This paper combines relevant theories with empirical analysis to propose the following policy Suggestions: first,strengthen inter-regional exchanges and cooperation,improve the allocation efficiency of financial resources,give full play to the radiation effect of financial agglomeration,and promote regional coordinated development;Second,accelerate the new model of combining financial agglomeration with industrial innovation,strengthen the mechanism of financial agglomeration's influence on the upgrading of industrial structure,and accelerate the cultivation of new drivers of technological innovation.Third,establish and improve the financial system,strengthen the management of regional financial centers,so as to give better play to the advantages of regional financial agglomeration;Fourth,with the government as the leading role,we should pay attention to the coordinated and coordinated development of regional economies and adopt practical industrial policy measures to promote the optimization and upgrading of the industrial structure.Fifth,we will promote innovation in financial services,strengthen the ranks of financial professionals,and accelerate the development of venture capital.Sixth,we need to leverage fiscal and tax funds to support the financial sector and serve the real economy. |
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