The Transmission Path and Heterogeneity Analysis of Financial Openness on Industrial Structure Upgrading
The article first provides a theoretical analysis of the transmission mechanism of financial openness promoting industrial structure upgrading.Then,panel data from 30 provinces in mainland China from 2005 to 2021 are selected,and an intermediary utility model is used to test the impact of fi-nancial openness on industrial structure upgrading under the paths of capital and money markets.The results indicate that trade openness and technological progress under the path of capital market open-ing,as well as financial deepening and structural optimization under the path of currency market open-ing,can significantly drive the optimization and upgrading of industrial structure.The results of regional heterogeneity show that the transmission mechanism in the eastern region can significantly pro-mote the upgrading of industrial structure in both the capital market and the currency market;Under the path of capital market opening in the central region,the trade opening mechanism and technological progress mechanism are in a state of failure in promoting the upgrading of industrial structure,and are smooth in promoting the rationalization of industrial structure.However,all transmission mechanisms under the opening of the currency market are not significant.
Financial OpennessCapital MarketMoney MarketUpgrading of Industrial Structure
NETL
NSTL
万方数据
维普
