| As a country with large scale of manufacturing,Jiangsu is the No.1 power province in manufacturing of China,it has gradually developed an extensive economy growth mode during long term economic adjustment.However,along with the gradual decrease of demographic dividend and cost advantage,Chinese manufacturing industry are facing many challenges like structure imbalance,high cost of the resources and environment,too low ROI and so on.At the same time,it also sits in a terrible situation that advanced manufacturing flowing into developed countries like America and the Europe,and low-end manufacturing flowing into some developing countries which have much less cost instead China.Obviously,it's time to speed up the transformation of economic development mode and promote the transformation and upgrade of manufacturing industry.Therefore,finance should play a decisive role,among which the direct financing especially equity financing can have a positive impact on manufacturing industry.Such impact will be helpful to use finance in a reasonable way for Jiangsu province,and promote a transformation from “Made in China” to “Made with Wisdom”.The total equity financing since the establishment of Chinese stock market has maintained annual growth as a whole.Equity financing has become a vital way for Chinese manufacturing enterprise to finance.But we should realize that some factors like immature stock market of China,current institutional environment and the level of economic development would lead to uncertainty about equity financing.So it's necessary to analysis the impact on the transformation and upgrade of Jiangsu manufacturing industry from equity financing in depth.Considering these purposes above,this paper absorbs the achievement of domestic and international research,uses a theoretical and empirical study,makes the content of the transformation and upgrade of manufacturing industry divided into transformation of industry and upgrade of enterprise' efficiency.What's more,this paper uses the unbalanced panel data of Jiangsu province manufacturing industry listed enterprise from 2006 to 2016,examines whether equity financing affect the transformation and upgrade of Jiangsu manufacturing industry.This paper can be divided into six parts.The first chapter is the preface which is about the background and significance,and the analysis of basic concepts.The second chapter is literature review,which is about the theory concepts of equity financing affecting the transformation and upgrade of manufacturing industry at home and abroad.The third chapter is mechanism analysis of equity financing affecting the transformation and upgrade of manufacturing industry,which divided into transformation of industry and upgrade of enterprise'efficiency.The forth chapter analysis the current situation of equity financing in Jiangsu province and the development of it's manufacturing industry.The fifth chapter is empirical analysis of the impact on the transformation and upgrade of Jiangsu manufacturing industry from equity financing,which divided into transformation of industry and upgrade of enterprise' efficiency and examines its propulsive effect.The sixth chapter mainly discusses conclusions and policy suggestions.Considering the analysis above,this paper reached the following conclusions.The increase of equity financing can promote the transformation and upgrade of human,physical capital structure and technological structure of Jiangsu manufacturing industry,and make a positive effect on manufacturing enterprises' TFP.But it differs refers to the types of industry,nature of ownership,scale and periods of time.In view of the above results,this paper puts forward policy suggestions and solution which is advantageous to improving the transformation and upgrade of Jiangsu manufacturing industry as well as equity financing.By understanding the specific relationship between equity financing and the transformation and upgrade of Jiangsu manufacturing industry,it's helpful to improve manufacturing enterprises' efficiency,innovation ability and upgrading effect,thus promoting a healthy and sustainable development for Jiangsu manufacturing enterprises. |
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