On the adjustment of industrial structure and the path of financial support mechanisms

Abstract: Finance is a country's economic development and industrial upgrading an important support in the country, the financial mechanism for the allocation of funds as an interwoven with industrial policy, industrial structure adjustment has become the core mechanism of the article from the financial development and financial innovation perspective, combined with a national industrial restructuring in the financial supportive role played by, analyzes its conduction mechanism of the conduction path of the specific morphology were set and analyzed. significance of the study is the ability to develop its relationship with China's industrial policy The combination of monetary and financial policies to provide a reference.

Paper Keywords: finance, policy support, industrial policy, industrial structure adjustment

I. Overview

Refers to the state industrial policy is formulated in the industrial development of the economic and social development has a guiding role in a series of policies, collectively, they constitute a country's economic development system is an important content into the 21st century, China's economic and industrial restructuring of the As an important task of national economic development, and vigorously promote the optimization and upgrading of industrial structure, that China's economic development to provide lasting power. but after long deliberation, taking full account of the world economic situation and development trend of industrial development on the basis of the biotechnology, high-end equipment manufacturing, new materials and other settings for future focus on the development of strategic industries. Indeed, my second five times in the adjustment of industrial structure, that is, for these key industries and areas of development and achieve industrial upgrading.

In essence, industrial upgrading includes the cultivation and development of industrial process that covers the resources, technology, finance and other factors combined to support, is a systems engineering. Relation to financial support, the financial development of a country's economy and industrial upgrading has an important supporting role in the country, the financial mechanism for the allocation of funds as an interwoven with industrial policy, industrial structure adjustment has become the core mechanism as the core of modern economic development, the financial system to promote industrial restructuring and upgrading, and development of strategic emerging industries with unique features, is to achieve new industries, an important guarantee for the development and upgrading from the financial development of ideas on how to build a good financial support through in order to achieve industrial development and upgrading, with the theory and practice innovative view of this, the paper from financial development and financial innovation perspective, combined with a national industrial restructuring in the financial supportive role played by, to analyze the conduction mechanism of the specific shape of its conduction path be set and Analysis Through this research, its significance is the ability of China's industrial policy and its combination of monetary and financial policies to provide a reference.

Second, the relevant literature review

At present, the domestic adjustment of industrial structure and the relationship between financial support for research focused on industrial upgrading and development, the role of financial development and the role of industrial development, as well as financial support and other aspects of industrial development from the 1970s began to actively use foreign financial development theory to study the relationship between finance and industry and their impact on industrial development, and carried out large number of empirical studies that show that most of the financial support for industrial development has obvious effects. domestic research less representative, such as jungle (2002 analyzed the technological progress, economic development and industrial upgrading relations, explaining the underlying mechanism of action. places some empirical research data to prove and industrial development of China's financial system does exist between relatively significant correlation. Fan Xiaolei (2007 study demonstrated that the development of strategic industries in developed countries can not do without financial support, and there is a certain influence path, this research is the development of strategic industries related to provide some inspiration. Zhang Liang (2009 from the strategic constraints the perspective of industrial development has been studied from the proposed deepening of reform, relaxed way private financial capital investment in strategic industries to enhance the financing capacity and efficiency. segment group, etc. (2009-based financial development and equipment manufacturing enhancement ratio relationship model, the indirect finance and direct finance make a distinction between two kinds of financial means and influence effects were compared, high-tech industrial development is inseparable from that of the basic conditions for financial support. Gu Haifeng (2010 analyzed the optimization of industrial structure adjustment of the general process, Financial support for the development of industrial structure optimization path and a preliminary analysis of the mechanism.

Integrated current study found that financial support for industrial development is not much related research, highlighting the industrial structure adjustment and industrial development process path and mechanism of financial support the importance of research and innovation. Indeed, from the industrial restructuring connotations, the financial adjustment of industrial structure inherent contains three implementations that support the industry choice, to promote industrial structure optimization and Industrial Structure of which is the industry choice rationalization of industrial structure and high-class premise, while rationalization of industrial structure adjustment of the industrial structure of the primary objectives in achieving the rationalization of the industrial structure, the industry must through technological innovation to achieve industrial upgrading, namely, the achievement of high-class industry to improve industrial added value. present, China has entered a " Twelve Five "critical period, in order to develop strategic emerging industries represented are vigorously promoting industrial restructuring, financial support for strategic industries through research path and implementation mechanism is conducive to a profound understanding of industrial policy and financial system reform to be solved issue.

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Third, the financial support of conduction mechanism and path analysis

(A financial support industrial chosen path and mechanism

Financial support for optimal adjustment of the industrial structure of primary significance lies in its ability to support industry selection, especially in a country estate planning and the development of industrial policy and its related supporting policies in place, according to the financial support of the body can be divided into different financial policy support and market financial support and its Optimization of the industry have a certain impact.

First, policy-oriented financial support for industrial optimization choices. Policy financial cover direct or indirect government intervention in financial activities. Policy options direct financial impact on the industry is mainly embodied in national policy-oriented financial institutions use to exert influence on the industry, give some policy financial support, etc. In fact, there is potential for infant industries, policy can directly finance the development of these industries play a support role to help them diversify risk. policy of indirect finance refers to government through related industries, financial markets and financial policies to guide activities in order to achieve the selected target industries, specifically covering credit, interest rate differential, capital market access, of which mainly refers to credit preferential policies the government can intervene in the direction of commercial bank credit, in order to achieve its industrial planning and development intentions, on the one hand, the government can tilt through investment credit policies to curb excessive industrialization of investment, on the other hand to support infant industries, and guide potential industrial development. Meanwhile, consumer credit policy is able to supported by leading industrial transfer market demand, while export credit export promotion through the guide or inhibit the development of industrial capacity. differential interest rate policy is mainly based on government-led financial system carried out in order to achieve industrial selected as the target, through the government non-market-oriented interest rate intervention to encourage or inhibit the development of the industry of capital market access policy is mainly based on the securities industry selection activities, government intervention to support the industry choice.

Second, market-oriented financial support for industrial optimization choices. Policy financial policy through government intervention to achieve industry selection, the selection mechanism is policy, and market-oriented monetary policy is conducted in accordance with the market mechanism market-oriented choice in the financial allocation of resources, in accordance with market rules, high return on capital industry will inevitably get more capital, of course, if the market selection mechanism lack of effective financial supervision and competition, it will not achieve efficient allocation of financial resources, which may lead to market selection of financial support for the failure of the industrial fact that the market is invisible industrial restructuring mechanism has certain fundamental role. combined with China's market economy status, although the market of choice for the allocation of resources have a great advantage , but as a mature economy, a single market allocation tend to distort the role of financial support, resulting in some of the potential in the infant industry unable to obtain financial support for market-oriented, so the market play a fundamental role in the financial, combined the stage of market economy to take timely measures to promote financial development policy, will be more help to the industry choice.

(Two rationalization of industrial structure and the financial support of the Advanced Path

First, the financial support mechanism to rationalize the industrial structure. Rationalize the industrial structure without policy intervention, but also inseparable from market mechanisms and financial market activities, the state has adopted certain industrial policies to promote industrial structure rationalization necessarily by directing financial development and implementation of financial support for the rationalization of the industrial structure, mainly through direct financing and indirect financing implemented in two forms, of which the mechanism and efficiency are also differences, such as indirect financial support for the rationalization of the industrial structure, with its emphasis on the dynamic of the stock conversion and Incremental development through indirect financial system, the state can achieve the financial resources of the secondary configuration of the industry screening at different levels, and constantly optimize the industrial structure system. pass filter on the type and proportion, to regional industrial structure is reasonable, this time to Further, to achieve incremental development of industrial clusters, which requires countries to support an expansionary monetary policy, the use of bank credit as the leading money creation indirect financial system, and promote the rapid development of the industry. As another example, the direct financial support of the industrial structure can also be rationalization, it is mainly in the capital markets as a weapon to achieve industrial restructuring and rationalization objectives. First, to raise funds through the capital markets to support the rationalization of industrial structure, enhance the quality corporate financial strength, in order to gain sustained viability of the corresponding weakening poor industrial waste of money to achieve the survival of the fittest on the market the same time, the capital markets to raise funds are often able to spread the risk, which is in the initial phase of high-quality industrial needs. two capital market has certain disclosure ability to guide industry rationalization of the structure, which mainly refers to the specific analysis of information disclosure system to corporate earnings, making investors more access to industry information on the three capital market M & A activity can also contribute to the rationalization of the industrial structure, particularly through joint-stock liquidity, capital mergers and acquisitions market rationalization of the industrial structure to improve efficiency.

Secondly, the financial support mechanism Industrial Structure In general, the rationalization of the industrial structure contains the Industrial Structure and the intrinsic meaning of this is because, to a certain level of industrial development will inevitably face the efficiency requirements, making the industry needs the resources to promote the transition to innovation-driven upswing, which is inseparable from the financial support of scientific and technological innovation to achieve industrial structure from junior to senior state transition. Meanwhile, the financial support for the Industrial Structure generally have indirect, to achieve the advanced industrial structure technology through product innovation, process innovation to technology innovation, industry, technology can improve the technology to improve the efficiency of the structure, promote industrial structure to achieve high-class addition, the development of modern economy increasingly dependent on science and technology, industry-level upgrading the industrial structure more is a need for technical innovation activities, which makes more prominent position in the financial support of its internal implementation mechanisms are: financial resources, the initial configuration can be achieved through the choice of industry, through the secondary configuration is able to achieve industrial rationalization, through these two configuration process Financial support industrial high-class path is the first two configurations based on the three optimal allocation, thereby enhancing the efficiency of the technology industry to achieve industrial high-class goals. Specifically, bank credit, capital markets play two kinds of paths major support role.

Fourth, some conclusions and reflections

Optimization of industrial structure adjustment is a big concept. Their entire selection process covers everything from industry to rationalize the industrial structure and thus to achieve high-class industrial structure in which the industry can achieve the type of industry structure choose the rationalization and rationalization of industrial structure mainly to achieve industrial-scale structure within the industry and between the rational allocation of high grade industrial structure to achieve industrial upgrading and technological structure of optimal allocation in the whole process of industrial restructuring, the financial support plays an important role in the financial industry structure optimization support system can not be ignored, for financial support above for optimization of industrial structure adjustment conduction mechanism of revealing and industrial policies for the development of a scientific reference provides a degree of significance to the development of China's industrial policy and its relationship with The combination of monetary and financial policies to provide a reference from the direction of future research, based on the financial support of the industrial structure adjustment with theoretical ideas, finance and industrial organization, industrial structure, the combination will be able to learn from the broader perspective of industry development and upgrade issues, this study will lay some of these issues early foundation.

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