Research On The Impact Of Technology Finance On The Upgrading Of Industrial Structure

After more than 30 years of sustained and rapid economic growth,China’s economic growth rate has entered from the high-speed growth to the mid-highspeed growth stage,and the growth rate has been below 8% for five consecutive years,entering a critical period of industrial restructuring.Particularly,problems such as overcapacity and serious environmental pollution in recent years reflect that there are still many unreasonable and uncoordinated problems in China’s industrial structure.Therefore,accelerating the transformation of economic development mode and accelerating the upgrading of industrial structure has become an urgent task.As an emerging industry,science and technology finance is the key to improving China’s total factor productivity and technology transformation into real productivity.It can adjust the industrial structure of the country and the region,promote economic quality and efficiency,and promote the sustained and rapid development of China’s economy.Most of the existing literatures have studied the role of industrial structure upgrading from the perspective of financial or technological innovation.This paper expounds the connotation and characteristics of science and technology finance from the perspective of technology finance and analyzes the mechanism of the role of technology finance in upgrading industrial structure.Subsequently,the industrial structure upgrading index was constructed to quantify the industrial upgrading of the provinces across the country.By constructing a spatial weight matrix,the spatial fixed effect lag model is selected to study the impact of technology finance on industrial structure upgrading.Firstly,it studies the role of the overall development level of technology finance on the upgrading of industrial structure,and then refines the indicators of technology finance into government science and technology expenditures,enterprise science and technology expenditures,financial institutions’ technology loans and venture capital investment,and divides China into the eastern,central and western regions to analyze their respective roles in the upgrading of industrial structure.The results show that there is spatial correlation in the upgrading of industrial structure.Technology finance generally plays an important role in promoting the upgrading of industrial structure directly or through inter-regional interactions.At the national level,The technology finance in the eastern and central regions has a significant role in promoting the upgrading of industrial structure.The western region is not significant.It may be due to the fact that the western region is temporarily in a state relative to the eastern and central regions.Backward status,the efficiency of the use of scientific and technological financial resources is not effectively guaranteed,and the effect can not be exerted.The eastern region has a relatively high level of economic development,and it has more powerful companies and more advanced venture capital investment levels,which can make more effective use of science and technology financial resources.From the perspective of spatial spillover effects,the upgrading of industrial structure in the eastern and western provinces and cities will lead to the transformation and upgrading of the industrial structure in the surrounding areas.