Financial Structure And Industrial Structure Upgrading

The article try to establish the relationship between the financial structure and industrial structure upgrading, on the basis of searching the relevant domestic and foreign literature. From the perspective of the five effect factors of industrial structure upgrading and the five function of the financial system, we use multinational panel data to build a dynamic econometric model between them and use the system GMM to empirical analysis the impact of financial structure to industrial structure upgrading. This article can divide into five parts, namely introduction, literature review, the theoretical mechanisms of financial structure to upgrading of industrial structure, empirical analysis, and conclusions.Section1is the introduction which focuses on the background and practical significance of this topic, and the scientific definition of the related object. Section2is literature reviewed. This part combs the existed literature and make a comment, then put forward the innovation and the areas where needs further research. Section3is one of the core parts of this article which intend to explore the impact of the financial structure on industrial structure upgrading from five functions of financial structure and five effect factors of industrial structure upgrading. Section4is an important component of the paper, using the system GMM and dynamic panel model to do the regression and empirical analysis the impact of financial structure to the industrial structure upgrading. Section5is the last part of this article which analysis the regression results for part4and give some policy recommendations.The final conclusion of this paper is that the market-based financial structure can promote the industrial structure upgrading and have the statistically significant, which is consistent with our theory and some of the previous analysis.