Effect Of The Credit Policy On Industrial Restructuring

Long-term sustainable economic growth is always attributed to continuously adjustment and optimization of industrial structure.Against the backdrop of an increased economic size,conflicts in the economic structure have become an obvious obstacle in China's growth.With rapid growth of the national economy,the economy of Hubei province also changed sharply,however,facing the problem of incoordination between industrial structure and economic development which severely delays the healthy development of its economy.Finance is the core of modern economic development,and to achieve the goals of'adjusting industrial structure,promoting development,and Maintaining growth”is inseparable from without financial support.In our country,lending from banks which act as a Indirect financing method has been the major way of financing,so the support of credit policy is particularly important to the adjustment and upgrading of industrial structure.In previous literatures,scholars mostly studied on the finance' support on adjustment of industrial structure,but rarely economists researched on this issue by refining finance theory or as an independent study.This paper employ the way of combination of qualitative analysis and quantitative analysis,normative analysis and positive analysis.At first,this paper states the related theory about industrial structure and credit policy,and then explains the function mechanism of financial institutions' credit policy on industrial structure adjustment,and then discusses status of implementation of credit policy and the local development of industrial structure adjustment.Then trying to respectively build multi-variable VAR model to examine the relationship between credit scale?credit structure?credit efficiency and optimization rate of industrial structure?upgrading rate of industrial structure with the econometric methods of unit root test?cointegration test and Granger test so as to give an answer to the question.The conclusion is:the development of bank credit is related to industrial output values.A long-term equilibrium relationship between the industrial added value and the credit scale,the credit structure and the credit efficiency has been proved;The credit scale is the Granger reason of the output value of the primary industry,secondary industry and tertiary industry,while the credit structure and the credit efficiency output value of three industries isn't Granger reason of the output value of three industries;Industrial structure optimization rate and industrial structure upgrading rate has a long-term equilibrium relationship between the credit scale,the credit structure and the credit efficiency respectively;The credit structure and the credit efficiency is the Granger reason of industrial structure upgrading rate,while the industrial structure optimization rate is the Granger reason of the credit structure and the credit efficiency,besides,there is no granger causality between the credit scale and industrial structure upgrading rate as well as Industrial structure optimization rate.Finally,the article put forward proper credit policy suggestions that can optimize the industrial structure adjustment.In this way,the credit structure can better play the role to promote and realize the optimization and upgrading of economic structure,to play a role in promoting a better credit structure,which has very important practical significance and practical significance on the realization better and faster economic development of Hubei Province.