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An Study of the Relationship between Securities Market Development and Industrial Structure Upgrading

Author: SongLianFang
Tutor: WangChunLi
School: Dongbei University of Finance
Course: Statistics
Keywords: securities market industrial structure upgrading principle component analysis panel data
CLC: F832.51;F121.3
Type: Master's thesis
Year: 2011
Downloads: 94
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Abstract

The development of China’s economy has gained remarkable achievement nearly 30 years since reform and opening up. The average economic growth rate remains above 8%. Economic development is not only reflected in the economic growth in the total, but also reflected in the economic structure optimization. But there are some problems coming out with the rapid economic growth, such as high energy consumption and low added value of the manufacturing, the contribution of the tertiary industry to economic development is lower than that of developed countries. China’s securities market was established later than that of developed countries, and the development time is shorter. Also the circumstance of the emergence and development of securities market is different from that of developed countries, and has a lot of problems which reduce the role of securities market. A series of reform measures have been taken such as split share reform, the introduction of stock index futures and the establishment of GEM(Growth Enterprise Market), and most of the problems of securities market have been solved. This paper focuses on how the development of securities markets have an impact on industrial restructuring and what role China’s securities market plays in the industrial structure upgrading. Combined with the theory of industrial structure, the securities market and econometric method, this paper study the mechanism about how the development of securities markets influence the the industrial structure upgrade.Also combined with China’s industrial structure status and securities market development status this paper analyse the influence of China’s securities market to the industrial structure upgrade.This paper is devided into five chapters. It studies the relative theories and the existing problems. Also dose a empirical study on the relationship between security market and industrial structure upgrading.The first chapter introduces the research background, content and methods, innovation and inadequacies. The second chapter study the domestic and foreign research results.Based on the industrial theories and stock market theories the third chapter analyzes the analyzes the mechanism of stock market on the industrial upgrading. The mechanism includs capital stock changes and capital flow changes. The effect of capital stock changes mechanism are mainly achieved through the choice to core enterprise, the choice to leading sectors and the support of high technology industry and secondary market investors voting with their feet. The effect of capital flow changes are achieved primarily through assest restructuring.The fouthy chapter analyzes the status quo of China’s industrial structure,the status quo and problems of securities market, and the securities market’s effects on industrial upgrading. China’s industrial development is basically in line with the law. The second and the third dominant share a most part of the whole industry. Especially the third industy has developed a lot both in output and employment. But there are also problems include the low level of development of first industry,unreasonable of the internal structure of the second industry and that there is still much to improve for the cntribution of the third industry to our economy. The problems of the security market include low lever of market-oriented, strong market speculative, poor market liquidity, irrational equity structure, the security market being out of touch with the real economy, also the law and the institutional need to be improved. The distribution of listed companies generally consistent with China’s industry policy, but money does not flow to the higher level of industry in the secondary market of secutityes.The fifthy chapter is the empirical analysis and conclusions. Empirical ananlysis include overall analysis, sub-industry ananlysis and regional analysis. The overall nanlysis showes that the size of the securities market provides some support to China’s industrial structure upgrading, while the liquidity of securities market has a negative impact on industrial structure upgrading. The conclusion of sub-industry analysis shows that media,semiconductor and semiconductor manufacturing equipment and technology hardware and equipment industry are influenced by the securities market greatly, while the health care equipment and services, pharmaceutical, biotechnoloty and life sciences, software and services industry are influenced weakly. Traditional service industries are supported more than new service industries by the securities market. sub-regional study shows that,in the east, the third industry effectively support by the securities market,in the center, both the sencond and the third industry are effectively support, and in the west,the second industry is effectively suport.The innovation of this paper includes two aspects. Firstly it not only studies the issue that "what it should be" but also studies the issue that "what it really be". The first issue majorly analysises securities market’s general impact to industrial structure upgrading. The second issue analysises status and problems. Secondly the empirical rsearch is devided into overall ananlysis, sub-industry analysis, regional analysis, and it draw a more specific conclusions.

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