Research On The Impact Of Government Guidance Fund On The Upgrading Of Industrial Structure

The 14th five year plan emphasizes that our economy has entered a high-quality development stage,but there are still unbalanced and insufficient development problems in some key areas and links.It is necessary to improve total factor productivity to optimize the structure and promote industrial development.However,in reality,China’s industrial system is facing problems such as supply side mismatch,insufficient demand and weak innovation driving force,resulting in unreasonable industrial structure and unbalanced industrial development.As a new investment and financing tool that takes into account both policy orientation and market mechanism.The original intention of its establishment is to overcome the problem of market failure in the field of venture capital,improve the use efficiency of financial funds,and achieve the purpose of promoting enterprise innovation and promoting the upgrading of industrial structure.Then,after nearly 20 years of development,does the government guidance fund play the role of guiding capital investment and leverage to achieve the goal of guiding the upgrading of industrial structure,and what is the specific role path?In order to better solve the above problems,this paper first summarizes and summarizes the existing research results,expounds the relevant concepts and theoretical basis of China’s government guidance fund and industrial structure upgrading,and makes a detailed statistical analysis on the current situation of China’s government guidance fund and industrial structure upgrading.Secondly,it discusses the impact mechanism of government guidance fund on the upgrading of industrial structure from the direct and indirect perspectives.In addition,based on the data of 31 regions in China from 2008 to 2020,the fixed effect model is used to conduct overall and subregional empirical tests from the two dimensions of rationalization and upgrading of industrial structure.study the impact of government guidance funds on the upgrading of industrial structure,so as to study the impact of government guidance fund on the upgrading of industrial structure.The principal component analysis method is used to construct the intermediary variable of regional innovation ability,and its transmission mechanism is tested by the intermediary effect model.Considering the possible endogeneity and robustness of the model,the System GMM model and replacement variables are used to test respectively.Finally,the corresponding policy recommendations are put forward according to the conclusions.The empirical results show that government funds can indeed promote the upgrading of industrial structure,but there is obvious regional heterogeneity,which plays a significant role in the eastern and western regions,but not in the central and northeast regions.In addition,there is an intermediary effect in the transmission process of regional innovation capability,which reveals the transmission mechanism of government guidance fund to regional innovation capability to industrial structure upgrading.Finally,it puts forward countermeasures and suggestions from the aspects of government guided fund investment environment,operation efficiency,regional balanced development and enterprise independent innovation.