Volume 4, Issue 2, December 2020, Page: 69-75
The Impact of Financial Development and Technological Innovation on the Upgrading of Zhanjiang's Industrial Structure
Wenjie Yang, School of Business, Guangdong Coastal Economic Belt Development Research Center of Lingnan Normal University, Zhanjiang, China
Li Sun, School of Economic and Management, Guangdong University of Petrochemical Technology, Maoming, China
Received: Jul. 23, 2020;       Accepted: Aug. 5, 2020;       Published: Aug. 18, 2020
DOI: 10.11648/j.stpp.20200402.14      View  119      Downloads  48
Abstract
In the process of transformation and upgrading of China's industrial structure, financial development and technological innovation have played an extremely important role. Financial development is the core of the modern economy and penetrates the entire process of industrial development. It plays a pivotal role in optimizing resource allocation, providing external financial support and risk management for industries, promoting technological innovation and promoting industrial structure upgrades. On the other hand, technological innovation is the embodiment of scientific progress and the key to upgrading industrial structure. Technological innovation is the endogenous driving force of modern economic growth, speeding up the flow of resources between industries, improving production efficiency, and truly realizing the upgrading of industrial structure. Therefore, this study uses a time series model to explore the impact of financial development and technological innovation on the optimization and upgrading of Zhanjiang's industrial structure. The empirical results show that: The bank-based financial system has no Granger causality and has no positive impact on the optimization of Zhanjiang’s industrial structure. But technological innovation can drive the optimization and upgrading of Zhanjiang's industrial structure. Therefore, Zhanjiang City needs to realize the integrated development of financial development and technological innovation to further promote the effective upgrading of the industrial structure.
Keywords
Financial Development, Technological Innovation, Industrial Structure Upgrading
To cite this article
Wenjie Yang, Li Sun, The Impact of Financial Development and Technological Innovation on the Upgrading of Zhanjiang's Industrial Structure, Science, Technology & Public Policy. Vol. 4, No. 2, 2020, pp. 69-75. doi: 10.11648/j.stpp.20200402.14
Copyright
Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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