Research On Financial Support In Industrial Transformation And Upgrading

Industrial transformation and upgrading is an important content of economic development and economic growth,and it is a dynamic process.The four stages of economic development are factor-driven,investment-driven,innovation-driven,and wealth-driven.In the 40 years of reform and opening up,the rapid economic development has been mainly driven by factors and investment.To achieve sustained economic growth,it is necessary to transform innovation-driven.Finance plays a central role in the modern economy and plays an important supporting role in the process of industrial transformation and upgrading.The financial system has an impact on industrial scale,structure,and technology through industrial accumulation and technological innovation.Through the capital formation mechanism and credit expansion mechanism,the financial system increases the accumulation of capital within the industry and thus promotes the increase of industrial scale;the capital-oriented mechanism promotes the optimization of the industrial structure by changing the direction of capital flow;the information disclosure mechanism and the credit catalysis mechanism in the financial market spread the risk of innovation.At the same time form an innovation mechanism and continuously promote technological innovation and progress.The content of this study is divided into three parts: theoretical analysis,current situation analysis and empirical analysis.First,the theoretical analysis section.First of all,through combing relevant literature on economic development and financial development,industrial transformation and upgrading,and financial development at home and abroad,theoretically combing the transmission mechanism supported by financial development in the process of industrial transformation and upgrading.Secondly,based on the implications of industrial transformation and upgrading by many scholars,this paper proposes the connotation of industrial transformation and upgrading.Second,the status analysis section.According to the analysis of the status quo of industrial transformation and upgrading in Guangdong Province,the focus is on manufacturing to analyze its financial support in the process of transformation and upgrading.Third,the empirical analysis section.The analysis of the measurement model takes the 2005-2016 data of 29 industries in the manufacturing industry of Guangdong Province as an example to quantitatively analyze the overall coupling coordination and the degree of influence of the transformation and upgrading of manufacturing systems and financial development.The study found that the development of the manufacturing industry in Guangdong Province lags behind in the process of transformation and upgrading;financial scale has a significant role in promoting the scale of manufacturing;financial scale has no significant effect on the total factor productivity of the manufacturing industry;Factor productivity has a positive promotion effect.In view of the research conclusions,this paper believes that the overall financial scale development should be strengthened in the process of industrial transformation and upgrading.At the same time as the development of financial scale,we must focus on the optimization of financial structure and the improvement of financial efficiency.The optimization of financial structure will help optimize the industrial structure.To this end,it is necessary to develop a multi-level financial system and focus on the development of regional equity trading centers.The improvement of financial efficiency will contribute to technological progress within the industry.