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产业转型升级是一国经济发展到一定阶段的必然选择。本文通过构建VAR模型,分析了不同金融结构对产业转型升级的作用机理和影响路径。结果发现:银行融资市场对产业转型升级的作用效果最大,证券融资市场次之,保险市场对产业转型升级的作用效果最小。这反映了我国目前仍然是政府主导的市场经济的特征,促进产业转型升级融资需求的资本市场仍然不够发达等特征。
Industrial restructuring and upgrading is the inevitable choice of a country’s economic development to a certain stage. Through constructing VAR model, this paper analyzes the mechanism and influence path of different financial structures to industrial transformation and upgrading. The result shows that the banking financing market has the most effect on industrial restructuring and upgrading, followed by the securities financing market, and the insurance market has the least effect on industrial restructuring and upgrading. This reflects the fact that our country is still characterized by a government-led market economy and that the capital market to promote industrial restructuring and upgrading of financing needs is still underdeveloped.