| With the surging tide of economic globalization,the economic relevance between countries is becoming higher and higher,financial openness is the only way for China to deeply integrate into the world economic system,and it is also the key move for China to change from a "Big-finance country" to a "Powerful-finance country",Since the reform and opening up,China has been firmly implementing the financial opening-up policy.At the same time,China is in a critical period of transforming the mode of economic development and optimizing the economic structure.Promoting the upgrading of industrial structure is an important way to achieve high-quality development.The 14 th Five-Year Plan pointed out that it is necessary to build a financial system and mechanism to effectively support the real economy and practice a high-level opening to the world,The central Deep Reform Commission stressed the need to accelerate the construction of financial support innovation system.Under such a background,how to seize the opportunity of a new round of high-level financial opening,enhance the ability of financial services to the real economy,accelerate scientific and technological innovation,lead industrial development,promote the optimization and upgrading of industrial structure,which has become an important issue that needs to be urgently solved for the new normal of Chinese economy.As to the research on the impact of financial openness,the existing literature mainly focuses on the economic growth effect of financial openness,while there are few studies on the relationship between financial openness and industrial structure upgrading.This paper explores the impact of financial openness on the upgrading of industrial structure from the perspectives of theoretical analysis and empirical analysis.At the theoretical level,the main influence of financial openness on the upgrading of industrial structure is expounded from the capital efficient supply mechanism and technology continues innovation mechanism.At the theoretical level,This paper constructs the panel data of each province in China from 2005 to 2020,uses the two way fixed effects model to empirically test the impact of financial openness on China’s industrial structure upgrade,and uses the intermediary effect model to test the influence mechanism.The research results show that: on the whole,the implementation of China’s financial openness policy can promote the upgrading and optimization of the industrial structure;in the relationship between financial openness and promoting the upgrading of China’s industrial structure,the proportion of the intermediary effect of physical capital is smaller than that of technological innovation.It means that the promotion effect of the material capital mechanism is not as great as that of the technological innovation mechanism;The financial openness in the eastern region has a positive and significant effect on the upgrading of the industrial structure,while the financial openness in the central or western regions has no significant impact on the upgrading of the industrial structure.Based on the empirical results,this paper puts forward some policy recommendations.The first is to promote high-level financial opening in an orderly manner: improve the construction of the financial legal system,improve the capital market environment,and promote regional financial opening.The second is to flexibly change the industrial policy of opening to the outside world: replace the preferential policy of foreign investment with an open policy,and promote the adjustment of industrial policy to an internationally coordinated industrial policy.The third is to achieve differentiated development according to local conditions: the eastern region should actively promote the "going out" strategy and make full use of the financial market,and the central and western regions should scientifically plan to undertake industrial transfer and strive to improve the degree of opening to the outside world. |
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