【摘要】：“新常態(tài)”是我國當前經(jīng)濟發(fā)展所處的大環(huán)境,為保持經(jīng)濟長期健康可持續(xù)發(fā)展,我國政府提出了調(diào)整產(chǎn)業(yè)結構,促進經(jīng)濟轉型的重大戰(zhàn)略。探究產(chǎn)業(yè)機構的演化機理發(fā)現(xiàn),其本質就是資源的重新優(yōu)化配置、生產(chǎn)效率的再提升過程。金融發(fā)展特別是金融結構的調(diào)整又能夠充分利用閑置資金促進生產(chǎn)資本的形成,因此其與產(chǎn)業(yè)結構優(yōu)化之間存在著緊密聯(lián)系。本文運用靜態(tài)面板回歸模型、動態(tài)面板回歸模型和面板門檻回歸模型對長江經(jīng)濟帶金融結構演變與產(chǎn)業(yè)結構優(yōu)化升級之間的關系做了系統(tǒng)性研究。在金融結構的定義和變量的選擇上,本文選擇銀行集中度、直接融資占比、間接融資占比作為核心解釋變量,分別檢驗了其對產(chǎn)業(yè)結構合理化和高級化水平提高的影響。研究結果表明:(1)以股票、債券為融資工具的直接融資占比提高對產(chǎn)業(yè)結構合理化具有顯著的促進作用,但該作用具有時滯性,即產(chǎn)業(yè)結構合理化水平的提升僅受直接融資前一期的影響,不受當期直接融資的影響;(2)銀行信貸間接融資占比提高對產(chǎn)業(yè)結構合理化具有顯著的阻礙作用,但該作用也呈現(xiàn)出門檻效應。研究表明,當銀行集中度高于33.52%時,間接融資與產(chǎn)業(yè)結構合理化之間不存在顯著關系;當銀行集中度低于33.52%時,間接融資占比的提高會顯著阻礙產(chǎn)業(yè)結構合理化水平的提高;(3)銀行集中度的提升會顯著阻礙產(chǎn)業(yè)結構趨于合理化,但與產(chǎn)業(yè)結構高級化之間的不存在明顯關系;(4)產(chǎn)業(yè)結構高級化會受到金融發(fā)展規(guī)模的影響,但與金融結構調(diào)整之間沒有顯著關系。因此,為促進長江經(jīng)濟帶產(chǎn)業(yè)結構優(yōu)化升級,相關經(jīng)濟金融管理部門應該繼續(xù)深化金融改革,提高金融行業(yè)市場化地位,優(yōu)化銀行業(yè)金融格局,改善其資金配置效率。此外,還要進一步發(fā)展和完善資本市場促進資本市場健康發(fā)展,為廣大企業(yè)營造良好的融資環(huán)境。
[Abstract]:"New normal" is the great environment of our country's current economic development. In order to maintain the long-term healthy and sustainable development of the economy, our government has put forward the important strategy of adjusting the industrial structure and promoting the economic transformation. Exploring the evolution mechanism of industrial institutions, it is found that its essence is the re-allocation of resources and the re-promotion of production efficiency. Financial development, especially the adjustment of financial structure, can make full use of idle funds to promote the formation of productive capital, so there is a close relationship between financial development and industrial structure optimization. Using static panel regression model, dynamic panel regression model and panel threshold regression model, this paper makes a systematic study on the relationship between the evolution of financial structure and the optimization and upgrading of industrial structure in the Yangtze economic belt. In the definition of financial structure and the choice of variables, this paper chooses banking concentration, direct financing and indirect financing as the core explanatory variables, and examines their effects on the rationalization and upgrading of industrial structure. The results show that: (1) the increase of direct financing proportion of stocks and bonds as a financing tool has a significant promoting effect on the rationalization of industrial structure, but the effect is time-delay. That is, the upgrading of the level of industrial structure rationalization is only affected by the previous period of direct financing, not by the direct financing in the current period. (2) the increase in the proportion of indirect bank credit financing has a significant hindrance to the rationalization of industrial structure. But the effect also shows threshold effect. Studies show that there is no significant relationship between indirect financing and industrial structure rationalization when bank concentration is higher than 33.52, and when bank concentration is lower than 33.52, The increase of the proportion of indirect financing will significantly hinder the improvement of the rationalization level of industrial structure; (3) the increase of banking concentration will significantly hinder the rationalization of industrial structure. However, there is no obvious relationship between industrial structure and industrial structure upgrading. (4) Industrial structure upgrading will be affected by the scale of financial development, but there is no significant relationship between industrial structure and financial structure adjustment. Therefore, in order to promote the optimization and upgrading of the industrial structure of the Yangtze economic belt, the relevant economic and financial management departments should continue to deepen the financial reform, improve the market position of the financial industry, optimize the banking financial structure, and improve the efficiency of capital allocation. In addition, it is necessary to further develop and improve the capital market to promote the healthy development of the capital market and to create a good financing environment for the majority of enterprises.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.7;F127

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