Research On Financial Innovation Promoting Industrial Structure Upgrade Of Yangtze River Delta

One economy desires to break through developing bottlenecks and to inspire new developing energy,then the path of industrial structure upgrading will be an unavoidable choice.Just as finance being the essential tool of resource allocation,Financial innovation(FI)could create better financial tools and vigorously help promote industrial structure upgrading(ISU).It’s not only the future developing emphasis to promote ISU for Yangtze River Delta,the vital metropolitan areas and industrial base of China,but also the necessary mission of high-quality developing.On December 1,2019,the Outline of the Yangtze River Delta Regional Integration Development Plan proposed to accelerate collaborative innovation and reform in the financial sector of Yangtze River Delta.The 14 th Five-Year Plan proposes to improve Yangtze River Delta metropolitan areas and lead high-quality development.The policy documents and important speeches of the CPC Central Committee in recent years have shown that during the period of the 14 th Five-Year Plan,the aim of promoting ISU and realizing regional economic integration in Yangtze River Delta has become a significant part of the great rejuvenation of the Chinese nation.Therefore,studying the effect and effecting mechanism of FI promoting ISU in Yangtze River Delta could provide relative knowledges and decision basis for decision-makers,hence equipped with notable theoretical and practical significance.Firstly,the paper analyzes the status quo of FI and ISU in Yangtze River Delta and discovers problems during FI promoting ISU.After that,according to combing of literatures related to FI promoting ISU,the paper put forward a trio of mechanisms which includes nonlinear effect,mediation effect and spatial spillover effect.In the period of empirical research,First,the paper collected 2011～2019 regional panel data of 41 cities from "Three Provinces,One City" in Yangtze River Delta by hand.Then,by dint of PVAR model,the paper empirically examines the effect of FI promoting ISU.Based on the effect,the paper uses comprehensive models including threshold regression model,mediation effect model and spatial durbin model to conduct mechanisms examinations.It’s examined that FI has diminishing marginal nonlinear promoting effect and positive spatial spillover effect on IS,during which TFP exerts mediation effect.Based on the above research conclusions,considering the backgrounds of Yangtze River Delta,the paper suggests policy advice as follows.First,in terms of the integration of policy planning in Yangtze River Delta,the integration of policy planning should be carried out in Yangtze River Delta for the aim of co-building a unified Greater Yangtze River Delta Economic Zone.Second,in terms of financial innovation optimizing resource allocation,Yangtze River Delta should relieve financial innovation policies and meanwhile guide the inclusive trend of financial innovation.Third,in terms of the coordinated upgrading and green upgrading of industrial structure,cities in Yangtze River Delta should coordinate industrial structure upgrading among themselves,developing local characteristic industrial models.Fourth,in terms of financial innovation,scientific and technological innovation and technology application,Yangtze River Delta should identify fine enterprises via financial innovation as well as incubate enterprises’ scientific and technological innovation,thus promoting ISU and achieving high-quality developing economy.Figure 17 Table 16 Reference 103...