Study on the Financial Support for Industrial Upgrading of Shandong Peninsula
|School||Dongbei University of Finance|
|Keywords||Shandong Peninsula industrial structure financial support|
With the Yangtze River Delta and Pearl River Delta Economic Zone in southern China rapidly rising, the Jing-jin tang urban and the northeast old industrial base displaying a new vitality in north China, Shandong Peninsula is facing North-South economic squeeze situation. Under this pressure, Shandong Peninsula is completely developing into an important economic region and a hub that undertake the North and South with its strategic location, economic foundation, and the unique natural resources. In order to making a traditional manufacturing economy of regional develop an important economic zone, we must transform the production, adjust the industrial structure and close to the well-known mode of development economic zone. At present, in Shandong Peninsula compare to Yangtze River Delta and Pearl River Delta, the proportion of the first industry is too high, especially agricultural development level is low; the second industry generally flat, but with high pollution, high energy consumption traditional manufacturing industry; the third industrial structure is’ unreasonable, small portion of emerging industry. Therefore, to Shandong Peninsula the priority is to adjust the structure in order to promote development. To accomplish these we must rely on financial support.Based on the above background, this paper focuses on how to promote the adjustment of industrial structure of Shandong Peninsula with financial support. It also introduces relevant theories, mechanism, the data and model analysis method shows the regional economy and the development of regional industry related theory, the differences among Shandong Peninsula, Yangtze River Delta, Pearl River Delta and the national average level in the process of industrial and financial development, simultaneously shows the relationship between industrial index and the regional financial index of Shandong Peninsula using the VAR model. Finally according to Shandong Peninsula puts forward the specific financial support measures for the adjustment of industrial structure.The first part introduces the regional industrial structure optimization theory and the theory of area financial development as a reliable theoretical support. Then through a model to illustrate the financial support on industrial structure upgrading, further describes the mechanism between direct and indirect financing and industry transformation. The second part firstly analyzes the history and actuality of industrial structure of Shandong Peninsula then comparing with the Yangtze River Delta and Pearl River Delta and the national average to find the insufficient and emphasis in the future. Secondly, according to the structure and total expound of the financial development in Shandong Peninsula, the paper compares with the average national level points out some shortcomings and reason. The third part uses the measurement model and finally finds the relationship between financial and industrial structure adjustment that indirect financing is much more important than direct financing in adjusting the industrial structure. In other words, as indirect financing, direct financing development lags behind. The final part puts forward how to restructure the framework of financial support on industrial adjusting. It mainly includes optimizing the characteristics of industries around the city; increasing the overall strength of the financial sector in general; strengthening local financial institutions, accelerating private capital into the financial sector; encouraging innovation that types of financial instruments; vigorously developing the capital market to rich the level of financial markets; enhancing all levels of governments’policy coordination and so on.