| The scale of China's manufacturing industry has ranked the first in the world since 2010,but the problem of big but not strong has always been prominent.There is still a big gap between independent innovation capability,quality and efficiency level,and resource utilization efficiency compared with developed countries.Particularly,in recent years,with the rising cost of land and labor,the extensive development model of manufacturing industry that has relied mainly on factor input and scale expansion has been difficult to sustain.The situation of industrial upgrading is urgent and arduous.The report of the 19th National Congress of the Communist Party of China put forward "promoting China's industry to move towards the high-end of the global value chain and cultivating some world-class advanced manufacturing clusters",which pointed out the goals and tasks for promoting the industrial upgrading of the manufacturing industry.As an important resource allocation tool in market economic activities,finance has always been regarded as a booster for economic growth and industrial upgrading.In recent years,in order to guide the financial system to better serve the real economy and promote the upgrading of the manufacturing industry,the central government has successively formulated and issued a series of documents to plan and arrange for the financial transformation of the manufacturing industry,but today,regardless of From the perspective of data statistics or operational status,the financial problems faced by the manufacturing industry and the capital dilemma have not been effectively resolved.This study takes the upgrading of China's manufacturing industry as the research object,trying to clarify the following key issues through systematic analysis and research:First,the mechanism and influence mechanism of financial support for industrial upgrading,especially financial How the three dimensions of scale,structure and efficiency affect the upgrading of manufacturing industry;second,the definition of the industrial upgrading of manufacturing industry and the measurement of indicators;third,the quantitative relationship between the financial impact of the industrial upgrading of the manufacturing industry;Fourth,Is there an optimal financial range suitable for the upgrading of China's manufacturing industry?Fifth,the effectiveness of existing financial support policies and new policy recommendations.In terms of logical arrangement,this study is carried out step by step according to the idea of asking questions-theoretical analysis-status analysis-positive analysis-policy analysis-summary conclusions.In the research method,the combination of theoretical analysis and empirical analysis,combined with global analysis and local analysis,combined with static analysis and dynamic analysis,and combined with statistical analysis and comparative analysis.This study builds the China Manufacturing Industry Upgrade Index(CMUI)measurement system,measures the upgrading of China's manufacturing industry and the 28 double-digit industry upgrades.Based on this,a panel regression model and a threshold panel model are established.Using the method of fixed effect panel regression and threshold effect regression,combined with theoretical analysis and current situation analysis,the following conclusions are drawn:First,China's manufacturing industry upgrades generally show an "inverted U" type distribution,and the proportion of structure and efficiency factors gradually increases;Second,the current financial scale,financial structure and financial efficiency,although the utility of the industrial upgrading of the manufacturing industry is significant,but the direction is negative,indicating that China's real economy and manufacturing industry upgrades have not been well received for financial needs.Satisfaction,the contradiction between supply and demand of financial resources in the physical field and structural mismatch is still very prominent,especially the shortcomings in financial efficiency are particularly serious;the third is to find that financial scale has a significant threshold effect,while the threshold of financial structure and financial efficiency The effect is not significant.The threshold value of the return is the financial industry's added value accounted for 4.19%of GDP,roughly equivalent to the European level(EU 4.90%,Eurozone 4.60%,Germany 3.59%),and Germany is the stable development of the manufacturing industry,steadily upgraded The typical representative of the country,countless "invisible champions" make the German manufacturing industry always maintain a competitive advantage.The empirically calculated threshold coincides with the expected value in reality,further confirming that the assumption that only the financial scale is maintained in the appropriate range is the most favorable for promoting the upgrading of the manufacturing industry;the fourth is that the financial system is A whole,consisting of financial scale,financial structure and financial efficiency,is organic and complementary.The reason why all three have a negative effect may be due to structural imbalance caused by excessive scale and efficiency failure caused by financial resources being squeezed out.This also shows that China's financial system still has huge room for improvement.Based on the above research conclusions,this study further analyzes the reasons why the policy utility of the existing financial support manufacturing industry upgrades is not up to expectations,and believes that the direction of policy exertion is not clear enough,the policy force perspective is not accurate enough,the policy power level is not clear enough,and the policy content Execution is not strong enough,etc.is the main reason.Therefore,in order to improve and optimize the policy of financial support manufacturing industry upgrading,this study proposes a policy framework system including policy implementation framework,policy content framework,policy timeline framework and policy support and safeguard framework.The main policy contents include:The first is to build a financial macro-control mechanism that upgrades the real economy and key industries(manufacturing)to "anchor",so that finance can return to its origin and play its role as an economic lubricant,realizing financial scale and finance in a long-term perspective.The linkage and coordination of structure and financial efficiency,no longer rely on short-term super-currency to solve the problem of financial structure optimization and financial efficiency improvement.The second is to promote the supply-side structural reform of the national economy and financial system,promote financial openness in an orderly manner,and form a comprehensive support for innovation by establishing a highly efficient capital market with orderly,standardized and unified,so that the risk pricing mechanism can play a role.Guide the society and the economy to achieve sound development,and avoid further "de-realization." The third is to accelerate the development of industrial funds,financial leasing,supply chain financing,accounts receivable financing and intellectual property financing in response to the characteristics of the manufacturing industry,and provide effective financial support for the transformation and upgrading of the manufacturing industry under new historical conditions.To make the manufacturing industry truly the foundation of the country,the instrument of rejuvenating the country and the base of a strong country,and promote the high-quality development of the national economy in the new historical period. |
PDF Full Text Request