Research On The Impact Of Financial Development On Industrial Structure Optimization

The 18th National Congress of the Communist Party of China called for "optimizing industrial structure and promoting coordinated regional development",the Fifth Plenary Session of the 19 th Central Committee of the Communist Party of China upgraded to "accelerating the development of modern industrial system and promoting the optimization and upgrading of economic system",and the 20 th Party of the Communist Party clearly proposed "building a modern industrial system".At different stages of development,the Party’s judgment and decision-making on industrial structure optimization and upgrading focus layer by layer.It shows that the optimization and upgrading of industrial structure is the internal driving force of economic development.As a core component of modern economic development,finance guides the speed,efficiency and direction of industrial development and is an important factor affecting the optimization of industrial structure.Take financial institution as the link,financial resource as the link,promoting industrial structure to rationalization,high degree,high efficiency,green and innovative development,has great significance to promote the coordinated development of regional economy,realize our country economy highquality development,it is our country economy maintains medium-high speed growth important measure in the new period.In this context,it is of great theoretical and practical significance to study the influence of financial development on industrial structure optimization.This paper carries out the research through the following ideas: First,through the review of the literature related to financial development and industrial structure optimization,to find the research perspective of the impact of financial development on industrial structure optimization.At the same time to expand the connotation of industrial structure optimization,on the basis of traditional research on the rationalization and enhancement of industrial structure optimization,combined with the five new development concepts of "innovation,coordination,green,open,sharing",innovatively put forward its connotation including rationalization,enhancement,efficiency,green and innovation.Second,it explains the transmission path and mechanism of the influence of financial development on the optimization of industrial structure,and points out that financial development influences the rationalization,refinement,efficiency,greenness and innovation of industrial structure through four transmission paths of capital formation,capital orientation,credit catalysis and risk management from three aspects of financial scale,financial structure and financial efficiency.Thirdly,China and 31 Provinces and Cities Statistical Yearbook(2000-2021)and China Financial Statistical Yearbook were used to collect panel data related to the financial industry and tertiary industries of 31 provinces and cities in China during 2000-2020,and quantitative analysis was used to analyze the current situation of China’s financial development and industrial structure optimization.The results show that:first,the financial scale of our country presents a trend of increasing year by year,the financial structure presents a trend of optimizing year by year,and the financial efficiency shows a trend of "declining-flat-rising".Two is the three value-added industries in our country grow year by year.The industrial structure rationalization,high degree,green and innovation as a whole presents an increasing trend,and the industrial structure with high efficiency fluctuates up and down within a certain range.Fourthly,PVAR model is used to empirically analyze the influence of financial development on industrial structure optimization.The results show that:(1)financial development has little positive influence on the rationalization of industrial structure;(2)Financial development has a positive impact on the upgrading of industrial structure;(3)Financial development can promote the efficiency of industrial structure;(4)Financial development has a significant positive impact on the greening of industrial structure;(5)Financial development plays an obvious role in promoting the innovation of industrial structure.Fifth,countermeasures and suggestions: first,appropriately expand the scale of finance to meet the needs of industrial development;Second,accelerate the optimization of the financial structure,expand industrial financing channels;Third,actively improve financial efficiency,enhance industrial competitiveness;Fourth,give full play to the role of financial transmission path and promote the rational allocation of financial resources;Fifth,strengthen the integration of financial policies and industrial policies and strengthen financial support.Possible innovations and shortcomings: first,on the basis of summarizing the previous research results and combining the five new development concepts of "innovation,coordination,green,open and sharing",the connotation of industrial structure optimization is expanded;The second is to explain the transmission path and mechanism of financial development to rationalization,advanced,efficient,green and innovative industrial structure;Through empirical test,it is found that financial development has inconsistent promoting effects on various aspects of industrial structure optimization,and corresponding countermeasures and suggestions are put forward to provide reference for relevant decisionmaking and supplement the existing research results to a certain extent.Due to my limited academic level and experience,it is inevitable that I do not know enough about the breadth and depth of theory.I will continue to strengthen my study in the future.