| Industrial structure upgrading is an important starting point for improving high-quality economic development,and finance is the key driving force for promoting Industrial structure upgrading.The role of finance in industrial structure upgrading is not only reflected in the allocation of financial resources based on market mechanisms,but also reflected in the government’s guidance of financial resources.With the advancement of industrialization and urbanization in China,local finance has developed rapidly,and the trend of implicit financial decentralization has become increasingly obvious.Under the current background of implicit financial decentralization,local governments and officials have obtained more rights to allocate financial resources,and their role in industrial restructuring has become more and more prominent.So,what impact will the implicit financial decentralization of local governments have on industrial structure upgrading? What is its specific mechanism of action?How to promote Industrial structure upgrading by standardizing the financial decentralization system? The answers to these questions form the core of this article.This article follows the idea of "asking a problem-analyzing a problem-solving a problem".Firstly,based on reality observation and existing literature,the core issues to be explored in this paper are proposed.Then,by combining theory and empirical analysis,the impact and mechanism of implicit financial decentralization on industrial structure upgrading are explored.In terms of theoretical analysis,based on the perspective of local government behavior,three institutional paths industrial structure upgrading of implicit financial decentralization are constructed: infrastructure investment preference,land financing dependence and credit allocation institutional preference.In order to further verify the reliability of theory and the characteristics of China’s actual experience,the provincial panel data of China from 2007 to 2021 were used to empirically test the influence effect and three mechanisms of implicit financial decentralization on industrial structure upgrading.Finally,based on the existing research conclusions and theoretical analysis,this paper puts forward policy suggestions to improve the decentralization system to standardize the behavior of local governments,promote the upgrade of industrial structure,and promote high-quality economic development.The results of this paper show that:(1)On the whole,there is a significant nonliner relationship between implicit financial decentralization and the upgrade of Industrial structure,and the impact of implicit financial decentralization on industrial structure upgrading shows a trend of "first promoting and then suppressing" with the increase of decentralization.(2)From the perspective of regional heterogeneity,according to the level of economic development,it is divided into developed regions,sub-developed areas and underdeveloped areas,and the nonlinear relationship between the level of implicit financial decentralization and industrial structure upgrading is different in different regions.(3)From the perspective of inflection point,the threshold value of implicit financial decentralization is larger in less developed regions,followed by sub-developed regions,and the smallest in developed regions.Accordingly,this paper puts forward countermeasures and suggestions to improve the government’s performance evaluation index system,accelerate the establishment of new fiscal relations between the central and local governments,and enrich the diversified financing mechanisms of local governments to improve the level of industrial structure upgrading and promote high-quality economic development. |
