Empirical Study Of The Financial Development On The Industrial Structural Optimization

As a special resource,finance play a significant role in promoting technical upgrading and accelerating industrial structural optimization.There are two ways for the finance resource to realize the target.One is direct way by changing the scale and improve financial resources flow to the industry’s financial "multiplier effect" to promote industrial structure optimization.Another is Spillover way 。The “spillover effect” are deeply connect with convergence of financial resource,by “growth effect”“compensation effect”and ” diffusion effect” the financial resource optimize the industrial structural intermediately.Therefore it’s of theoretical significance and practical significance to study the relationship between financial resource and industrial structural optimization in the perspective of constructing regional financial center building multi-level financial market,promoting industrial structure optimization.The data of 30 provinces in 2005-2014 was used to construct the The financial development indicators,the financial development indicators can be diverse as three dimensions which is financial scale financial efficiency and financial structure.On this basis,models were built to test the influence of financial scale,financial efficiency,financial structure to Industrial structural rationalization and Industrial structural upgrading through static panel model and spatial Durbin model.By empirical analysis the distance and spillover scope of financial development were certified.Then the Malmquist method was exerted to test the efficiency of financial development to industrial optimization.The conclusion of this paper can be summarized as follows:firstly financial size exert a positive effect on industrial structural optimization The financial scale of the industrial structural rationalization more embodied in spillover effect and the financial scale of the industrial structural upgrade more embodied in direct effect.Secondly,both the direct and spillover effect of financial efficiency to industrial upgrade are positive.However,Financial efficiency has inhibitory effect to the rationalization of industrial structure.Thirdly at the present stage,our country financial market structure is not conducive to rationalization of industrial structure and high-level industrial structure.Inhibition of financial structure on the rationalization of industrial structure is mainly embodied in the spillover effect.Inhibitory effect of financial structure on the industrial structural upgrading is mainly in the direct effect.Fourthly,when calculate the the efficiency of financial development to industrial optimization,anperiodic character can be revealed.At the same time,the efficiency differ in region,which is closely related to regional economic structure and macroeconomic policy.According to the empirical research,relevant suggestion were put to optimize the financial structure in the perspective of finance.Firstly large financial institutions should take advantage of its access to information,increasing the proportion of financial input of science and technology and involving in hatching,growing,maturity of each link.By this way,capital can be appropriately inclined to small and medium-sized enterprises precisely.Secondly,we should attach more attention on direct financing,Standardizing the operation of the capital market laws and regulations,perfecting financial docking mechanism of investment and financing for science and technology enterprise.Thirdly we need encourage various forms of capital to participate in the capital market operation.in the scope of the law.A complete the financial system that involve various institution should be built to expand the supply of financial resource so that all enterprise including bank trust corporate and securities corporate can easily participate to competition.Fourthly,we need reasonably planning the development of the regional financial center.The construction of the regional financial center should not be too dense.meanwhile more financial resource should be inclined to the relatively weak region such as Middle and west of China.The financial center should highlight the characteristics of this region,giving full play to the resource endowment advantage in this district.Given that the vast of our country,each area differs too much in resource endowment and industrial layout,not only should we obey the basic economic rule but also depend on local fact to make financial policy and coordinate regional industrial development to realize industrial structural optimization.