| China's economy is in a critical period of transforming the mode of development,optimizing the economic structure and transforming the driving force of growth.The Nineteenth National Congress of the Communist Party of China explicitly calls for further deepening the structural reform on the supply side.Since 2017,the new and old energy transformation requires the demand-side "troika",large-scale factor input and GDP-oriented.The old kinetic energy centered on the assessment system is transformed to the new kinetic energy characterized by innovation-driven and efficiency-driven economic growth.The optimization of industrial structure is the necessary basis for the establishment of modern economic system and economic growth,and the optimization of social financing structure is an important way to promote the upgrading of industrial structure.After the reform and opening up,China has gradually formed a financing structure system dominated by indirect financing,and has played a huge role in promoting industrial structure optimization and economic growth.However,the indirect financing-led financial structure will lead to the accumulation of systemic risks in the banking system,which is the experience of the major developed economies in the world during the transition process.Such risks will not be conducive to economic transformation,and will hinder the upgrading of industries.For a long time,the proportion of indirect financing and direct financing in China is unbalanced,which inevitably leads to a large number of macroeconomic risks.Especially after the global financial crisis in 2008,the economic recovery is weak,the allocation of various financial resources is inefficient,non-performing loans soar,the financial sector is highly leveraged,the debt burden of enterprises is heavy,and the contradiction of financial structure imbalance is becoming increasingly prominent,which hinders the further optimization and adjustment of China's industrial structure.The supply-side reform and the transformation of new and old kinetic energy have put forward new requirements for the adjustment of industrial structure.The indirect financing-oriented model can no longer meet the needs of the development of modern market economy to a great extent.The emergence of Internet finance and the rapid development of information technology have accelerated the construction of direct financing in capital market and indirect financing in bank intermediaries.The modern financial system provides conditions and technical support.This is the key to the overall framework of China's financial system reform in the future,and is also the necessary condition to further guide and promote the optimization and upgrading of industrial structure.Based on the theory of related industrial structure and financing structure,this paper analyzes the relationship between financing structure and industrial structure,especially the influence and guidance of financing structure on industrial structure,and sums up the new and old dynamic energy based on the main ideas and requirements of supply-side reform and new-old kinetic energy conversion.Transform the demand for financing structure in the innovation driven development.Based on the analysis of the present situation,historical evolution and spatial distribution of China's financing structure and industrial structure,this paper uses panel data of 30 provinces from 2007 to 2016 to test and regression.The results show that the proportion of indirect financing has a significant negative impact on the upgrading of industrial structure under the two definitions,especially on innovation-driven.The proportion of investment in fixed assets and education has a significant positive impact on the control variables,while the other variables have a negative impact.Based on this,we should promote the reform of financial institutions,optimize the proportion of direct and indirect financing,and improve the efficiency of financing by combining the diversified financing channels of Internet finance.The scientific and technological innovation capital supports to guide the new and the old kinetic energy transformation several angles separately puts forward the policy proposal. |
