The Empirical Analysis Of The Influence Of Bond Financing Impacting On The Upgrade Of The Industrial

Industrial structure’s optimizing and upgrading is an eternal theme in economic development, and also the important indicator of economic development, which is objectively reflected by it. Optimizing and upgrading industrial structure is necessary for China to promote economic development and enhance competitiveness, and funds are the direct driving force. In1990, Shanghai Stock Exchange officially launched operations, then capital and stock market starts development in the true sense in China. Two decades later, our capital market has made remarkable achievements, both in overall size of the market and financing channels for enterprises. At the same time, we still have to remain sober because of "lame phenomenon", which hinders optimal allocation of resources in capital market. Relatively underdeveloped bond market, especially corporate bonds, reduce choices of company’s financing channels。The theme of this study is exploring how to exercise the role of bond market and upgrade industrial structure in order to promote economic development.From capital market’s standpoint, there are a lot of studies about industrial structure’s upgrading. However, most of them come from equity financing, and few scholars’studies the influences of the development of bond market on promoting industrial structure’s upgrading in China. This article, whose center thing is the development in bond market, focuses on the role of bond market financing for the upgrading of industrial structure based on theories about industry structure, financing and development of modern market. and the thesis analyze the similarity coefficient between China’s bond market financing industry structure and national economic industrial structure, In this article, the theoretical framework of the influences of bond market financing on the upgrading of industrial structure will be established and empirical analysis will be taken. Finally, we arrive at the conclusion that bond market financing has long-term and stable influences on the upgrading of industrial structure.In addition, this article makes some policy recommendations about how to exercise the function of bond market in the economic development and industrial structure’s optimizing and upgrading. I also put forward some ideas and opinions about the moderate loose of junk bond and development and supervision of the capital bond market which are the hot topic at present.