| The process of industrial structure adjustment is the one of continuous optimal allocation for the economic resources. And the optimal allocation is one of the basic functions of financial market. Industrial structure adjustment needs the corresponding financial support to make it possible that industrial structure adjustment is carried on highly efficiently. However, the promoting effect of finance on industrial structure adjustment is not invariant. Due to the difference in the level industry development and the development status of finance, the relation between industrial structure adjustment and finance can't be the same in different countries, different areas or at different time in the same area. Generally speaking, the finance is beneficial to industrial structure adjustment, but sometimes the promoting effect may not be obvious. Even it could bring certain inhibitory effect.This paper collects lots of relevance history data from 1984 to 2008, by setting Shanxi province as the research subject. The financial developing index (financial relevance rate, financial structure rate and financial efficiency rate) and the index of industrial structure adjustment are chosen as the explanatory variables and the explained variable. According to the relation of the financial development and the industrial structure adjustment in Shanxi, the econometric model is established. The quantitative description is presented by using non-stationary time series analysis, meanwhile, on this basis the relation of the financial development and the industrial structure is analyzed by the same method. The results of the empirical analysis show that the long-term equilibrium relation exists between the financial developing index and the index of industrial structure adjustment. Because of the inertia in the changes of industrial structure, the long-term and short-term relationships between the financial development and the industrial structure adjustment in Shanxi are inconsistent. There exists an unidirectional causal relationship between the financial developing index and the index of industrial structure adjustment, which is the same as the relationship between financial interrelation ratio and financial efficiency ratio. There was a positive correlation between all the financial developing indexes and the index of industrial structure adjustment, where the effect of financial structure ratio(FSR) on industrial structure optimization ratio(ISR) is significantly greater than the financial interrelation ratio and the financial service efficiency. So one can see that the financial development has promoting effect on the industrial structure adjustment in Shanxi, meanwhile, the improvement of financial structure ratio has the most significant effect on industrial structure adjustment. The reasons for those results are analyzed in this paper, on this basis some policy suggestions are presented on promoting the industrial restructure adjustment with the development of finance. |
