| At present,China’s economy has entered a new normal,and the improvement of the quality of economic development,especially the optimization and adjustment of industrial structure,is an important goal of our country.FDI plays a great role in promoting our country’s economic development and the adjustment of industrial structure.How to attract FDI inflow and better promote FDI technology spillover so as to help our country’s industrial restructuring target has become the focus of the current research.From the point of view of financial development,developed financial market and perfect financial system can help enterprises obtain adequate stock of productive capital and allocate resources effectively.Can financial development play a role in the effect of FDI on industrial restructuring?Therefore,this paper conducts theoretical and empirical research on the role of FDI in promoting industrial restructuring under the financial development threshold.On the basis of introducing the relevant theories and literatures of financial development,this paper analyses the transmission mechanism of financial development’s effect on industrial structure adjustment of FDI.Then,the current situation of FDI,financial development and industrial structure development are sorted out.What’s more,the panel threshold model is used to analyze the adjustment effect of FDI on industrial structure taking the data of 30 provinces in China(except Tibet).The results show that FDI has a threshold effect on the adjustment of industrial structure.FDI has a negative effect on the adjustment of industrial structure when the financial development is below the minimum threshold.After the financial development has crossed the minimum threshold,FDI is conducive to the adjustment of industrial structure in China,and the role of FDI is gradually expanded with the promotion of financial development.After further empirical study of the eastern,central and western regions of China,it is found that there are regional differences in the threshold effect of FDI on industrial restructuring.Finally,this paper puts forward policy recommendations on how financial development and FDI can promote industrial restructuring. |
