The Study On Financial Support For Industrial Transformation And Upgrading In Late Industrialization

Finance is the most efficient capital formation and allocation tool, which optimizes the allocation of resources in a pivotal role. Taking Guangdong in late industrialization for example, A Study that a more developed economy plays the financial support role of industrial transformation and upgrading and interaction is done to achieve the purpose of sound and rapid economic development in the face of a potential economic slowdown and acrossing the "Middle Income Trap", etc.With the help of the general theory of financial development, optimal financial structure theory, industrialization stage theory and the theory of global value chains, etc. the theoretical analysis of financial support for industrial transformation and upgrading forms analytical framework and basic research ideas of this study. Then elaborate the status and characteristics of Guangdong industrial transformation and upgrading, and analyze problems of financial support for industrial transformation and upgrading. Construct the relational model of financial and industrial transformation and upgrading and the support model of financial support for industrial transformation and upgrading through the use of mathematical logic deduction, and the empirical analysis of the causal relationship between financial and industrial transformation and upgrading demonstrates the role of finance in promoting industrial transformation and upgrading. And based on the experience and inspiration from developed countries, newly industrialized countries and the BRIC countries, respectively, in terms of establishing and improving the financial system and the rule of law, the development of capital markets to provide financial support for the industrial transformation and upgrading, broadening the financing channels to promote industrial transformation and upgrading, giving market players the autonomy to promote the process of financial markets, and improving the information asymmetries between companies and investors, put forward policy recommendations that financial support for industrial transformation and upgrading in late industrialization.The main conclusions of this study are: First, financial development can promote industrial transformation and upgrading; Second, the financial system can promote economic growth through timely and appropriate to expand domestic demand, stimulate exports and other means to provide source of power to industrial transformation and upgrading; Third, the high level of financial development and the better financial system can help to improve economic growth and improvement structure in and between the industry to make the industrial structure rationalization and Advancement; Fourth, the implementation of a good financial system continue to reduce transaction costs and enhance efforts to financial support for industrial transformation and upgrading; Fifth, deepening the reform of property rights and revitalizing capital elements can increase financial supply; Sixth, giving market players more autonomy to accelerate the process of financial markets.