| Capital is the direct impetus to ensure industrial restructuring and upgrading, and the core function of finance is funds allocation. Therefore, how to use finance to promote industrial structure adjustment and improve the economic development is an important question we now confront.Based on the capital allocation function of financial system, this paper analyzes the impact of financial structure on the industrial structure from the perspective of total financial structure (the ratio between the total financial structure and total economic output), and empirically tests the relations among the total financial structure, capital direct allocation mode of stock market, capital indirect allocation mode of bank credit market with the industrial structure in Guangdong province. The theoretical research shows:under the market economy, financial structure can make a positive effect on industrial structure adjustment by the function of funds allocation. However, under the institutional environment of funds allocation controlled by government, the effect of financial structure on industrial structure is restricted. Demonstration in econometrics shows:the development of financial structure makes for industrial restructuring and upgrading, especially for the third industry; There is a long-term positive co-integration between funds allocation in securities market and the second industry; While there is a long-term positive co-integration between funds allocation in banking market and the third industry. Based on the conclusion of theoretical and empirical analysis, this paper comes up with some suggestions to upgrade and restructure industrial structure according to the current situation in Guangdong Province, such as accelerate the development of financial industry, improve the capital allocation function of security market and bank credit market, optimize the financial environment, shaping the legal status of financial corporation and so on. |
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