Study On The Optimization And Upgrading Of Industrial Structure Influenced By Financial Structure In Yangtze River Economic Belt

Chinese economy has to face “New Normal”,which will last long time.In order to make economy keep sustainable and healthy,our government put forward to adjust the industrial structure and promote economic transformation.After exploring the evolution mechanism of industrial institution,we found its essence is to re-optimize the allocation of resource.Financial development,especially the adjustment of financial structure can make full use of idle fund to promote the formation of production capital,so it is closely linked with the optimization of industrial structure.In this paper,both panel regression model and panel threshold regression mode are used to study the relationship between financial structure and industrial restructuring in Yangtze River Economic Zone.This paper chooses bank concentration,direct financial and indirect financial as the core explanatory variables to define financial structure.After empirical analysis,we fund some results:(1)The increase of the proportion of stock and bond has a significant effect on the rationalization of the industrial structure,but the effects has time lag.In other words,the level of rationalization of the industrial structure is only raised by the last period of direct financing not current direct financing.(2)The increase in the proportion of indirect financing of bank credit has a significant hindrance to the rationalization of industrial structure,but the role also shows the threshold effect.The study shows that there is no significant relationship between indirect financing and rationalization of industrial structure when bank concentration is higher than 33.522%;When the bank concentration is lower than 33.522%,the increase in the proportion of indirect financing will significantly hinder the improvement of the rationalization of industrial structure.(3)The increase in bank concentration will significantly hinder the rationalization of industrial structure,but the relationship with the high level of industrial structure is not obvious.(4)The high level of industrial structure will be affected by the scale of financial development,but not the adjustment of financial structure.Therefore,so as to promote the industrial structure optimization and upgrade the Yangtze River economic zone,the relevant economic and financial management department should deepen the financial reform,improve the market position of the financial industry,optimize the banking financial structure and improve the efficiency of its capital allocation.In addition,we should further develop and improve the capital market to promote the healthy development of capital markets for the majorityof enterprises to create a good financing environment.