| For over 30 years reform and opening up,China's economy has grown sustainably and rapidly,and china successfully enter the ranks of middle-income countries,which has become a veritable economic power.But with the demographic dividend,the middle-income trap risk accumulation,profound adjustment of the international economic structure and a series of internal and external factors,economic development is entering a new normal.The industrial structure of our country exposes some serious problems that can't be ignored.On the one hand,the impact of the global financial crisis on the real economy,fully reveals China's "low-end" industrial structure vulnerability;on the other hand,for a long time,with low efficiency and high consumption of the extensive economic growth pattern is facing the bottleneck of resources constraints.The industrial structure can't meet the requirements of economic development has become the main factors restricting the sustainable development of economy in our country,how to realize the upgrading of the industrial structure in China,the transformation of China's economic growth,economic restructuring has become China's urgent problem to be solved.2016,in the face of China's economic growth rate of decline,and in order to solve the structural imbalance of supply and demand in the process of China's economic development process,general secretary Xi Jinping put forward the reform of the supply side.Supply side structural reforms are in the adjustment of economic structure,so that the elements can achieve optimal allocation,improve the quality and quantity of economic growth.The elements in supply side include labor,land,capital,system creation,innovation and others.Among them,the capital is an important factor in the process of economic development.In our country,beside the bank loan,stock market financing is another important way for enterprises to obtain funds.So it is very meaningful to study the influence of stock market financing on the upgrading of industrial structure in China.IN 2015,we have witnessed the crazy of the whole people whom devoted in trading stock,and with the expansion of the new three board and continuous innovation,we also see the determination that supervisor is developing the multi-level capital market.However,what is the role of the stock market financing in China's industrial structure upgrading? This needs us to carry on the thorough discussion.Firstly,this paper described the background,purpose and significance of the study,and then reviewed the domestic and foreign research status and theory.Secondly,this paper discussed the current situation of China's stock market and industrial structure,and expounded the mechanism of the effect of the stock market financing on the industrial structure upgrading.Finally,this paper used the 2004-2015 panel data of 31 provinces in China,in the control of bank credit level,the level of capital accumulation,human capital factors under the condition,had established the Static Panel Model and Empirical Dynamic Panel Model to study the stock market financing effect on industrial structure upgrading,and then divided Chinese stock market into Shanghai A?Shenzhen A?SME board?the GEM and the New Board,using the data of 1995-2015 and the method of grey correlation analysis studied association of the stock market financial and industrial structure upgrading.The results show that:(1)China's stock market financing has a significant role in promoting the upgrading of industrial structure.(2)the level of bank credit and the accumulation of human capital have a significant positive impact on the upgrading of industrial structure,although the level of capital accumulation has a positive impact on the upgrading of China's industrial structure,but not significant.(3)the upgrading of the industrial structure has the characteristics of dynamic adjustment,the impact of the previous period on the current period is greater than the stock market financing,bank credit level,the level of capital accumulation and human capital.(4)there is a high degree of correlation between the financing of stock market and the upgrading of industrial structure.This shows that the stock market financing plays an important role in the process of upgrading the industrial structure.(5)the correlation between the stock market financing and the upgrading of the industrial structure is the highest of the three new board is 0.8696,higher than the overall stock market financing.Followed by Shanghai A.The correlation between Shenzhen A shares,small plates and three new board and the upgrading of the industrial structure is smaller,and less than the degree of association between the overall stock market financing and the upgrading of the industrial structure. |
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