| This dissertation focus on how to finance influence the industrial structure upgrading and adjustment, as well as what finance influence the industrial structure upgrading and adjustment in China. Industry structure theory, finance development theory, investment theory, capital theory and econometric methods are used in this dissetation. And how finance affects industrial structure upgrading and adjustment is deeply studied by the way of learning from experience of other countries and combining with our nation's actual situation. And how different kinds of financial way affect the industrial structure upgrading and adjustment is discussed in this dissertation. And then the real situation of our nation's industrial structure upgrading and adjustment affected by finance is evaluated too. Through analysis, the main conclusions are the following:The capital is shifted and allocated in different industrial sectors through financial activities, which is affected by capital formation, capital shifting, credit creation, industry and finance combination, information revealing and risk management mechanism. Because the production factors are mainly influenced by capital, the industrial structure upgrading and adjustment is promoted and affected by this way. The way is that finance affects saving and investment which affects the flow and stock changes of capital which affects the allocation of production factors which affects industrial capital changes which influences the industrial structure finally.The relationship between financial development and industrial structure upgrading and adjustment in China is significantly positive. Firstly, our industrial structure upgrading and adjustment is influenced by commercial banks greatly because of its dominant position in our nation's financial system. The ways of commercial banks affecting industrial structure are raising and allocating funds through credit activities, collecting and producing information about industrial structure changes and supporting SMEs technology innovation. Especially the effect in underdeveloped areas is more significant than that in developed areas in our nation by using dynamic panel model. Secondly, the effect of capital market on industrial structure upgrading and adjustment are mainly through capital stock changes in the first market and capital flow changes in the second market accordingly. Of course, developing core enterprises and choosing main industries are more important. Because our capital market is not mature and small, its effect on industrial structure upgrading and adjustment are not obvious. On the one hand, it affect the second industry especially the manufacturing sector greatly which supports the capital and technology intensive production sectors which is mainly middle production sectors. And by this the second industrial structure is advanced greatly. Particularly through mergers and reorganization stock adjustment, the size of the second industry sectors is expanded sharply such as the machinery and equipment industry, the petrochemical industry and the electronics industry and the like. Through this, the competitiveness of these sectors is enhanced positively. On the other hand, however, the existing capital market is too small overall size. It can not satisfy the capital needs of the industrial structure upgrading and adjustment in our nation at this stage. And the distribution structure of our listed companies is not accordance with the direction of our industrial structure changes. Political finance affects some key industry just like infrastructure, basic industries and important industries which are closely connected with industrial structure upgrading and adjustment by inducing and complementing commercial banks and providing long-term capital support. It is very significant in those nations which make catching-up plans realize industrial structure upgrading and adjustment fast. However, empirical analysis shows that the impact of industrial structure upgrading and adjustment is more passive adaptation by our political finance which is lack of initiative because of the imperfect decision-making mechanism.High-tech industries have greatly significant impact on industrial structure upgrading and adjustment, through creating new leading industries, the transformation of traditional industries and achieving industry leapfrog development. As there are different characteristics of financing needs in the growing stages of high-tech industry and different preference of different kinds of financial methods, high-tech industry can be promoted by all kinds of financial methods accordingly. Our high-tech industry development is lack of supporting by capital market and mature venture capital. It is mainly provided funds by budget allocations and bank loans. From the financial supply view, banks'potential supply of adequate funding should be translated into actual supply ability through the reform of financing mechanism. Empirical tests show that the growth of high-tech industries is contributed by financial technology funds and banking technology loans from the capital contribution. Capital markets not only have not positive impact on high-tech industries but also have a negative impact on high-tech industries in China. In the long term, there is only a cointegration relationship between bank loans and the development of high-tech industries.So it is very necessary that study about the mechanism or way how finance affect industrial structure upgrading and adjustment and evaluate our nation's real situation accordingly, which is not only with strong practical significance in our nation, but also with certain theory value about understanding the relationship between finance and economic development from the industrial structure aspect. |
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