| The Jing-Jin-Ji region is the largest and most dynamic region in northern China.The economic development of the region has a good foundation and trend,but the problem of unbalanced development is also highlighted.The industrial structure of the Jing-Jin-Ji region is unbalanced,that is,Beijing is in the post-industrial period,Tianjin is in the late stage of industrialization,while Hebei is in the middle of industrialization.Simultaneously,the financial development of the Jing-Jin-Ji region is also uneven.The financial industry of Beijing is relatively developed,that of Tianjin is structurally deficient,while that in Hebei is relatively backward.Financial development is one of the most important means to promote the upgrading of industrial structure and thereby the overall benign development of regional economy,however,owing to the lack of coordination within the Jing-Jin-Ji region,the role of financial development in the promotion of the advanced industrial structure is still low,and the role of financial development in promoting the rationalization of industrial structure needs to be improved.Under the background of the national strategy for the coordinated development of the Jing-Jin-Ji region,it is of a theoretical value and practical significance to explore how to optimize the allocation of financial resources in the three places,to further analyze the mechanism for the development of financial industry to promote the optimization and rationalization of regional industrial structure,and to research the complementary regional industrial division of labor,structure optimization and the rational space layout in the Jing-Jin-Ji region.According to the research objectives of this thesis,the related concepts of financial development,industrial structure upgrading,and regional cooperation are defined,especially the three-tier meaning of upgrading industrial structure from the perspective of regional cooperation.The related literature has been analyzed and reviewed.Then this thesis gives a realistic description of regional financial development,industrial structure and gradient differences of the Jing-Jin-Ji region,and analyzes the current of regional differences and uncoordinated situation of the Jing-Jin-Ji region.After that,this thesis proposes the mechanism of the upgrading of industrial structure in low-gradient regions through financial development in high-gradient regions,and realizing the overall industrial structure of the Jing-Jin-Ji region from the direct and indirect channels.Moreover,the detailed mechanism of achieving the advanced and rationalized industrial structure are elaborated.Based on the realistic description and theoretical analysis,the empirically analysis of the impact of financial development on the advanced and rationalized industrial structure are carried on by using cointegration,VAR,threshold models and spatial Durbin models.The results show that the financial scale can effectively promote the advanced industrial structure,but the elasticities are different.Financial efficiency has different effects in different regions.The development of regional financial science and technology also needs to be coordinated.Jing-Jin-Ji regional financial scale has a U-shaped impact on the rationalization of industrial structure.The financial efficiency plays a significant promoting role,but the effects of financial development in different regions are quite different.The spatial correlations in the financial development and the rationalization of industrial structure in the Jing-Jin-Ji region are different,and the regional competitiveness is strong and the synergistic effect needs to be improved.Regional financial development has hindered the rationalization of industrial structure in other areas.In general,current financial development can promote the rationalization of industrial structure,but the coordinating needs to be improved,the regional polarization effect is more obvious,and the diffusion effect is insufficient.Finally,this thesis proposes the countermeasures and suggestions for the impact of financial development on the upgrading of industrial structure under the Jing-Jin-Ji regional coordinated development:establishing a regional integrated financial market,strengthening the ability of the financial market to upgrade the industrial structure,perfecting the supporting mechanism and policies.The innovation of this paper mainly embodies the following three aspects:First,a theoretical framework of financial development promoting industrial structure upgrading has been constructed in the perspective of regional coordinated development with a multi-disciplinary theory.It proposes the mechanisms to correct financial misalignment through financial efficiency improvement,play a policy-based financial function to promote the rationalization of industrial structure,and promote the realization of advanced industrial structure through capital accumulation and technological advancement.It also highlights the importance of spillover effect to the rationality of industrial structure under the perspective of regional cooperation.Second,the spatial and nonlinear effects of financial development on the of industrial structure upgrading have been empirically analyzed.The time-varying characteristics and threshold characteristics of the influence of financial development on the industrial structure upgrading are identified.In addition,the related variables of coordinated development are taken as the control variables to test the robustness of the relationship between financial development and industrial structure upgrading from the perspective of regional coordination.Third,the spatial Dubin model is used to test the effect of financial development on the rationalization of the industrial structure of Jing-Jin-Ji.The polarization effect and diffusion effect of regional financial development on the rationalization of industrial structure are analyzed,and the coordinating effect between regional finance and industry is quantified,thereby deepening the understanding of the spatial spillover effect mechanism of regional financial development that affects the industrial structure upgrading. |
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