Research On The Interactive Relationship Between Capital Market Development And Industrial Structure Adjustment In Yunnan Province

The industrial structure reflects the stage of the industrialization process of a country or region,and also represents the quality and efficiency of macroeconomic development to a certain extent.The highly optimized industrial structure is the foundation for the coordinated and efficient development of the economy.Industrial structure optimization is a long-term process that requires stable and sustained financial support in a relatively standardized,open,and dynamic financial market.As an important part of the financial market financing,the capital market can effectively promote the optimization of industrial structure through functions such as financing,price discovery,resource allocation and defining property rights.While the industrial structure is optimized,it will also promote the continuous formation and concentration of industrial funds,which in turn will promote the development and improvement of the capital market.Therefore,seeking to build a capital market structure suitable for industrial development and exploring the return path of industrial capital is a necessary means to promote regional economic development.As far as China’s current situation is concerned,there are different economic developments,industrial development stages and capital market structures between regions,especially in the eastern and western regions.As a typical western frontier province,Yunnan Province has significantly different industrial structure evolution and capital market financing from the eastern and central regions.The analysis of Yunnan Province as a research sample is not only important for promoting the economic transformation and development of Yunnan Province,but also has certain reference value for other provinces in the western region.This paper analyzes and analyzes the development status of capital market and industrial structure in Yunnan Province,and constructs a vector autoregressive(VAR)model to analyze the overall relationship between industrial structure development and capital market financing in Yunnan Province,and further explores capital using gray correlation analysis.Theimpact of various financing methods on the three industries.The results of data and model calculations show that from 2005 to 2017,the industrial structure of Yunnan Province has been continuously optimized,but there are problems such as the promotion effect of capital market on the optimization and development of industrial structure,the lack of capital market financing and the lag of financing structure.Finally,the corresponding policy recommendations are put forward based on the current situation and empirical conclusions of Yunnan Province.