Research On The Impact Of The Scale And Structure Of Social Financing On The Level Of Industrial Structure Upgrading

“New Normal”is the over-all situation which national current economic development involved in.To maintain the long-term healthy and sustainable development of economy,the government proposed the major strategic which is readjusting the industrial structure,accelerating the improvement of Industrial Restructure Upgrading Level and promoting economic reconstruction.Social financing scale reflects financial supporting to the real economy,which is included into the national macro-economic regulation indicators as one of the indicators of financial development.It is visible that social financing effect on national economy cannot be ignored,which should be completely used on the industrial restructure adjusting and upgrading.Give social financing into full play to industrial restructure and upgrading.Nowadays,the research of the social finance structure effect on industrial restructuring and upgrading is becoming one the major subjects regarding to the entity economy research in financial field.The worldwide scholars study the relationship between social financing structure and industrial restructuring and upgrading from various aspects.In this article,it starts from the social financing structure;it aims to expedite the steps of improvement of industrial restructuring and upgrading from various areas;it attempts to study the industrial restructuring and upgrading issue through the social finance level and structure and to contribute to the enhancement and improvement of the areas’ industrial restructuring and upgrading.It uses variable parameter state space model and area panel model to separately research the effect of social financing scale and structure on the national and area industrial restructure upgrading level.Research finding:(1)In the nationwide,the expansion of social financing scale will promote the improvement of industrial restructure upgrading level.In the structure of socialfinancing scale,direct financing will promote the improvement of industrial restructure upgrading level and indirect financing has negative impact on the improvement of industrial restructure upgrading level,off-balance sheet financing has no obvious promotion on the improvement of industrial restructure upgrading level.(2)In area research,social financing scale will promote the area which is with high and medium level of industrial restructure upgrading and has inapparent negative effect on the area with low level of industrial restructure upgrading.In the social financing structure,direct financing will promote the area with high level of industrial restructure upgrading and has braking effect on the area with medium level of industrial restructure upgrading.Indirect financing has braking effect on the area with high level of industrial restructure upgrading and will promote the area with medium level of industrial restructure upgrading.Off-balance financing will promote promote the area which is with high and medium level of industrial restructure upgrading.Social financing structure has inapparent negative effect on the area with low level of industrial restructure upgrading.Thus,the nation should accelerate the development of social financing scale and optimize the financing structure,meanwhile,should take the overall effect into consideration and pay more attention on the difference among the areas who need readjust the social financing restructure based on the actual situation.At the same time,for the area with low level of industrial structure upgrading,it must make first effort to improve its industrial structure level through other method and then bring play of social financing scale and structure to its promotion effect on the industrial structure upgrading.