| The industrial development process of developed countries shows that the upgrading of industrial structure is one of the important characteristics in the long-term growth of the world economy,which is also the key to transform the pattern of economic development in developing countries.Essentially,Industrial transformation and upgrading is the result of the changes of economic development pattern and the economic development power,and the premise of Industrial transformation and upgrading to optimize the mechanism of resource allocation and efficiency.Therefore,as the key part of modern economy,finance is increasingly becoming the important realization mechanism of the industrial structure upgrade(Chaoping Luo,2016).However,along with macro economical and financial development caught in a critical period of transformation and upgrading period,a series of new contradictions and problems emerges in the relationship between Chinese finance and economy.On the one hand,under the pressure of the "new normal" which means the continuous decreasing of macro economy and the fierce competition among international manufacturers,the long-term accumulation of Chinese economic structural contradiction becomes more prominent.On the other hand,the rapid development of the financial industry and the phenomena of financial exclusion are in stark contrast,which means the growing contradiction and conflict of financial resources allocation.Therefore,it can't solve the financial constraints problems in the process of Industrial transformation and upgrading for real just by the expansion of financial scale or depth.It's needed to strive to build an inclusive financial system which will guide the industrial structure to become more rational,highly development.The facts above are increasingly turning to the focus of academics and policymakers.Based on this,this research focuses on: the inclusivefinancial development impact on the industrial structure upgrade mechanism and the effect of this channel.To analyze these problems above,this article follows the logical train of"theoretical research(analysis framework)?empirical research(micro foundation),policy research(to put forward the improvement measures)".Then we hold the realistic contradiction of Chinese economic and financial development as a starting point,and hold the purpose to ease the financial constraints on the transformation and upgrading of industrial structure to combine normative research and empirical research methods to carry out this research.The theoretical research focuses on the core concepts definition of inclusive finance and industrial structure upgrade.And then we use the theory of financial development,the theory of inclusive growth and the theory of transformation and upgrading of industrial structure to explore the effect mechanism of inclusive financial development on industrial structure upgrade.The empirical research is based on the analysis framework of theoretical research part to build three dimensionalities of inclusive financial development evaluation index system,which include "the inclusion of financial development "," the coupling of economy and finance" and "the innovation of financial development ”,considered the special operation contradiction of Chinese economy and finance.We use 2004-2014 Chinese 31 provincial panel data,adopt the parameter method(extended GMM regression method)and the nonparametric method(local linear regression method)to carry out the empirical test of static and dynamic impact the inclusive financial development which is put on the upgrading of industrial structure.Based on steady research conclusions,this article put forward to policy choices about promoting inclusive financial development and playing its' industrial structure upgrading effect.The study found that:(1)Our country's finance inclusive development level is in a rising trend overall.But the "coupling" of economic and financial has a volatility and shows a disconnect contradiction of virtualness and reality,since the financial crisis.At the same time,the development level of Chinese inclusive finance has relatively obvious regional differences.The financial inclusive development level of the central and western regions is poor which also has more lagging economic development.(2)Inclusive finance development promotes the upgrade of industrial structure,and along with the inclusive development,its promoting effect on industrial structure upgrade is more obvious.Relative to the central and western regions,the promoting effect on the eastern part is more obvious;(3)Inclusive financial development plays its upgradingeffects on industrial structure by means of the mechanism of “ the inclusion and universality of financial development”.However the “coupling” of economy and finance isn't effective on the upgrading of industrial structure,as well as "the innovation of finance idevelopment ".(4)Based on nonparametric point regression,this research reveals that the dynamic process of the industrial structure upgrading effect of inclusive financial development presents a "U" type trend.Therefore,improving the the market mechanism in low marketized areas is the key to strengthen the upgrading effect of industrial structure. |
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