Rearch On The Mechanism Of Financial Supporting To Strategic Emerging Industry Based On Financial Development

In order to give responses to the financial crisis in2008and comply with thetrend of world economic development, Chinese Government put forward a significantplan for developing the strategic emerging industries, which could promote theindustrial structure upgrading, and transform the drive of economic growth modefrom investment into innovation. Because of the close symbiotic relationship betweenthe systems of modern industrial and financial, to achieve the goal of the industrialdevelopment, how to mobilize adequate financial resources to support strategicemerging industries became a crucial and urgent issue.By comprehensively integrating the theories of finance, industrial economics,and innovative economics, starting from the analysis of basic characteristics ofemerging strategic industries, this dissertation reveals the mechanism of financialsector supporting emerging strategic industries development. By adopting someempirical analysis, it gives some countermeasures accordingly. The study is of greatsignificances both practically and theoretically, for it tries to make some contributionsto enriching the theories of industrial economics, and providing some guidelines tothe development strategic emerging industries.This dissertation is constituted by eight chapters: Chapter1is an introduction tothe whole research. Chapter2tries to form the theory basis of financial support tostrategic emerging industries, by describing and integrating the classic theories offinancial development and industry economics. In Chapter3, the author firstly revealsthe features of strategic emerging industries and characteristics of their financingneeds, then elaborates mechanisms of financial supporting emerging strategicindustries development. Combining the descriptions and the analysis on the currentsituation of Chinese financial system’s development, it finally shows the routes offinancial supporting under these mechanisms. From Chapter4to chapter6, it givesthe empirical analysis on the mechanisms respectively, which include fosteringtechnology innovation mechanism, alleviating financing constraints mechanism, andimproving the efficiency of capital allocation mechanism. In Chapter7, it gives somepolicy suggestion on how to build a reasonable financial system to support strategicemerging industries. Chapter8makes a conclusion and the prospects future studies. This study shows that, firstly, based on the theory of industrial economics andthe economics of innovation, strategic emerging industries have five basiccharacteristics: global long-term growth、dynamic evolution、driven by innovation、risk and heterogeneity, which determine the financial services needs of strategicemerging industries are enormous but restricted. Secondly, results of empiricalanalysis show that Chinese current financial component has some defects in fulfillingthese mechanisms. In order to build an effective financial system to support thedevelopment of strategic emerging industries, it could be concluded that, the keysolutions are: to promote banking system development by optimizing credit allocation,to promote financial markets development by reforming basic institution, and topromote the development of new financial by realizing its basic function.