| Since the Chinese 17 th National Congress proposed the civil-military integration strategy,civil-military integration has made the important contribution in promoting economic restructuring and marketizing the defense industry,optimizing the allocation of resources,releasing the driving force of innovation and promoting industrial agglomeration in several years.But according to “The Report of Development of Civil-military Integration in 2014”,the development of civil-military integration still remain in the stage of transition at present in China,and the overall input-output efficiency is not high.Besides,there is technology spillover channels occlusion and the technology difference is too large,so there are many uncertainty factors of civil-military integration to optimize and upgrade the industrial structure.At the same time,along with the gradual deepening of the integration of military and civilian,the situation that military enterprises rely on government subsidies will be broken.In addition,the demand for funds of military enterprises and private enterprises will also increase significantly for the development of the new two army supplies while in the process of civil-military integration.So multi-level capital market may be the important basis of healthy development of civil-military integration and the release of innovative driving force,and it is the important engine of promoting industrial structure optimization and upgrading.In view of this,we try to clarify the dynamic relationship between the development of capital market,civil-military integration and industrial structure through theoretical and empirical analysis.Firstly,we review the capital market,civil-military integration and industrial structure optimization and upgrading mechanism from financial function and industry external perspective,and through the construction of the integration of military and civilian production function,and study the relationship between capital market,civil military integration and industrial structure by using the new classical growth model.Secondly,based on the results of theoretical analysis,we use the panel data and system GMM model of 30 provinces in China from 2007 to 2014 to investigate the impact of the multi-level capital market on the development of civil-military integration.The results show that the long-term bank credit on the whole effect of civil-military integration,the stock market to promote civil-military integration effect is not obvious as a whole,but has a positive impact on the "military-into-civilian" and "civilian enterprises entering into military production".Besides,the corporate bond market of civil-military integration has more negative effect and impact on "civilian enterprises entering into military production",and there are regional heterogeneity and policy lag effect the capital market has regional heterogeneity and policy lag effect on the influence the caption market on civil-military integration.Thirdly,we further investigate the influence of capital market and civil-military integration affect the upgrading of industrial structure,find that the civil-military integration contributes to the rationalization of industrial structure,but it is not conducive to the upgrading of the industrial structure.In addition,it has a positive effect on the development of the second industry,the impact on the third industry is not significant,and the high-tech industry has the crowding out effect.At the same time,we find that the stock market and corporate bond market can affect the second industry and high technology industry through the path of civil-military integration,but the bank′s long-term bank credit market on the optimization and upgrading of industrial structure is not obvious.Finally,based on the results of theoretical and empirical analysis,we put forward policy suggestions from improving the construction of multi-level capital market,optimizing the development of civil-military integration mode,expanding the civil-military integration industrial radiation as well as strengthening the combination of the capital market and civil-military integration. |
