Research On The Impact Of Financial Development On Energy Industry Upgrading

Fossil energy consumption,represented by coal,oil and natural gas,has been an important factor in the "Miracle" of China’s economic development in the past 40 years of reform and opening up."Made in China 2025" puts forward the requirements for high-end development of the manufacturing industry,which also requires the energy industry to achieve advanced and high-end development.As a capital-intensive industry,the energy industry cannot be high-end without the support of financial development.Therefore,based on the theoretical analysis of the influence mechanism of financial development on energy industry upgrading,this paper empirically analyzes the multiple influences of financial development on energy industry upgrading,and proposes the policy reference of promoting energy industry upgrading based on financial development.This research includes three aspects: one is to clarify the influence mechanism of the energy industry to upgrade financial development,in-depth analysis of the financial development of the mechanism of the energy industry to upgrade,that financial development is based on size,structure and efficiency of three dimensions,through the capital formation mechanism,fund guidance mechanism,catalytic mechanism and credit risk management mechanism for four kinds of ways for upgrading the energy industry.Second,based on DPSR model,an energy industry upgrading measurement system of four dimensions,namely,"driving force of industrial upgrading and innovation-industrial upgrading pressure-industrial upgrading status-industrial upgrading response",is constructed to measure the energy industry upgrading level of western energy-rich provinces.3 it is to adopt the method of combining static and dynamic estimation,the empirical regression analysis financial development effect of the energy industry to upgrade,the results show that the subsystem of three levels: financial development and financial development scale,the structure of the financial development,financial development efficiency will have significant promoting effect on the energy industry to upgrade,there were some differences,but the effect of financial scale effect is the largest,followed by financial development efficiency,and finally to the financial development structure.The research shows that the western region should further deepen the financial development and give full play to the function of financial support for the development of real industry.Based on the research conclusion,the policy system of financial support for the upgrading of energy industry can be constructed from the aspects of the scale growth,structural degree and effective configuration of financial development.