Analysis On The Influence Of China 's Stock Market On Industrial Structure Adjustment

Adjustment of industrial structure is an important strategic foundation to maintain high growth of our national economy and keep the structure reasonable. It need the help of variety of policy instruments and tools to achieve industrial restructuring. capital market has an important effect to industrial restructuring. stock market is a part of the capital market and the effect it may have to Adjustment of industrial structure is the main content of this paper.By analyzing the principles and mechanisms of how capital markets adjust the industrial structure, the paper discusses the role of the stock market to promote industrial restructuring. The analysis revealed that the driving of capital market adjusting industrial structure is seeking profit,. As there are different of productivity and profitability between different industries, capital will flow to the high rate industrial automatically, and then makes industrial structure adjustment come true.In order to analyze the relationship between China’s stock market and the adjustment of industrial structure, the paper studies the role of the principles and mechanisms of the stock market and analyzes the status quo of the three industries, the problems and the development process of China’s capital market then laid the theoretical and practical basis.This paper has an empirical study of the stock market and the adjustment of industrial structure and efficiency of secondary stock market and industrial restructuring efficiency. Although the study found that a stock market adjustment of industrial structure efficient, efficiency is not high, while the secondary stock market correction the efficiency of the industrial structure is not obvious. After studying the relationship between the stock market and industrial structure adjustment, further specific the relationship between the stock market and the difference industries. Drawn:(1) the stock market has little support to the first industry, at the same time it is absence of Granger causality between the two;(2) it is too more support to the secondary industry from the stock market, but there is no Granger causality;(3) the stock market has a role in promoting the tertiary industry, and there is Granger causality. It will use statistical to study the highly Industrial Structure, by statistical analysis the relationship between the small plates, the GEM and high-tech industries it come to appropriate conclusions. The Mainly way to study industrial structure is to study the effect from the GEM the growing of industrial structure The research shows that the GEM, small board high-tech corporate finance, promote growth and high-tech enterprises in terms of venture capital has a positive effect.Finally, based on the paper it come to the concluded: promote the platform enterprises listed and financing of the first industry, reform stock offering system and trading system, establish stock bones system reforming, perfecting the exit mechanism of listed companies.