Optimal Financial Structure, Industrial Technology Innovation and Economic Growth：Analysis from the Perspective of Structural Economics:Based on New Structural Economics
ZHOU Li1, ZHAO Qiu-yun2
1. College of Finance, Lanzhou University of Finance and Economics, Lanzhou, Gansu, 730200; 2. Institute of New Structural Economics, Peking University, Beijing , 100871
Abstract：The financial structure includes the quantity and quality of financial supply. Only when the financial structure goes well with the development of the real economy can it effectively promote industrial technological innovation and the growth of the real economy. This paper builds a theoretical model from the perspective of new structural economics, and uses the panel data of China from 2003 to 2017 at national level and regional level to empirically analyze the relationship between financial structure, industrial technological innovation and economic growth. The findings show that: as far as the quantity of financial supply is concerned, China's total financial supply is superfluous. Whether at national level or regional level, the quantity of financial supply restrains economic growth to a certain extent, but the restraining effect of the financial supply quantity grows weak with the improvement of the degree of industrial technological innovation. As far as the quality of financial supply is concerned, the structure and vitality of financial market have both contributed to promoting economic growth at national level and regional level, and their contribution grows with the continuous upgrading of industrial technology innovation. The efficiency of financial market has no significant inhibitory effect on the overall economic growth, but has a positive effect on the economic growth in developed and moderately developed regions. When other economic conditions remain unchanged, the improvement of marketization and financial market efficiency can elevate industrial technological innovation.
2021, Vol. 38 
粤公网安备44030502007936号