The Impact Of Financial Agglomeration On Industrial Structure Upgradin

The promotion of industrial structure is significant to realize economic development,especially in the current economic background,the upgrading of industrial structure to boost economic development is more and more obvious.Moreover,in the newly formulated "14th Five-Year Plan",we must realize the specific development requirements of the modernization of the industrial chain and the improvement of the industrial base.Financial agglomeration can play a direct role in the upgrading of industrial structure by exerting the scale effect and agglomeration effect and expanding the equity trading methods of enterprises,and can also play an indirect role in the upgrading of industrial structure by driving technological innovation.So,this paper studies the influence between them,and focuses on the role of science innovation in it,which is important to achieve upgrading and high-quality economic development.The specific contents of this paper are as follows:(1)This paper reviews relevant literature and theories,explains the direct influence mechanism of financial concentrated on various businesses structure upgrading and the indirect influence mechanism based on technological innovation.(2)Selection of our country in 2005-2019 panel data of 31 provinces,to build the financial agglomeration comprehensive evaluation index system,using the entropy method to measure the level of financial agglomeration,then measure and compare the science innovation and industrial structure level,and preliminarily analyze the correlation among the three.(3)By setting the panel data model,the influence of financial agglomeration on the rationalization and upgrading of industrial structure is studied.(4)According to the established model of mediating effect,this paper empirically studies the mediating effect of technological innovation in the process of financial agglomeration affecting the rationalization and upgrading of industrial structure by using both stepwise regression method and Sobel test method.(5)The method of shortening the time interval and data alignment processing were used to test the robustness of the regression results of financial agglomeration on the rationalization and advanced industrial structure,and the robustness of regression results of mediating effects of technological innovation was tested by three methods.It is the method of changing the explained variable,changing the explanatory variable and two-stage least square method(2SLS)respectively.(6)According to the high level of economic development in eastern China and the low level of economic development in central and western China,China is divided into eastern China and central and western China,and the regional heterogeneity of the impact of financial agglomeration on industrial structure upgrading and the mediating effect of technological innovation are tested respectively.The results show that:(1)Financial agglomeration can positively promote the rationalization and advanced development of industrial structure,and the promotion effect to the industrial structure advanced is greater than the industrial structure rationalization.(2)In the process of financial agglomeration promoting the rationalization and upgrading of industrial structure,technological innovation can play an intermediary effect.(3)Financial agglomeration can promote the upgrading of industrial structure in both regions,but the effect intensity was greatest in the central and western regions.(4)Financial agglomeration can promote the rationalization and advanced industrial structure through technological innovation in both the eastern and the central and western regions,but the mediating effect intensity was greatest in the eastern regions.