The Research On Influence Of Regional Financial Innovation On Service Structure Upgrading

Since the new century, the progress of science and technology take further development ofeconomic globalization, many countries continue to transform from industrial economy to serviceeconomy, service industry as the economic development of the “glue”,reflects the economic andsocial development level.Based on the summary of the scholars at home and abroad, this paper selecting financialinnovation perspective, research the impact of the service industry structure upgrade. First of all,based on finance, the theory of financial innovation, the upgrading of the industrial structuretheory, regional financial innovation effect on upgrading the structure of service industry, find thatfinancial innovation correlation effect and the supporting effect of the service industry structureupgrade. Secondly, by introducing the Cobb-Douglas production function, take the financialservices as an input, production efficiency analysis of service industry promotion; then take thestudy of financial innovation to upgrade path of service industry structure from two aspects ofmicrocosmic and macroscopic. After analysis, to validate the theory, this paper selects the specificeconomic data in Shandong Province, a vector autoregression model of quantitative analysis, thechange of financial expansion and financial structure due to financial innovation and financialinnovation significantly affects the upgrade structure of service industry, financial investment andincrease the proportion of positive influence on service industry structure upgrade. According tothe analysis of the specific situation of Shandong province and the empirical results, this paperputs forward countermeasures to financial innovation and upgrading of industry structure: deepenthe reform, promote the comprehensive development of financial industry, promote the serviceindustry structure upgrade; improve the financial and foreign investment proportion, broaden thefinancing channels for small and medium service industry; promote the reform of the bankingindustry, meet the credit the demand of service for small and medium-sized enterprises; improvethe financial infrastructure construction and related policies and regulations, prevention andcontrol of credit risk.