股票市场融资与湖南省产业结构优化

he development of the economy is not only manifested by the growth of the economic aggregate, but also by the optimization of the industrial structure. This paper collects and collates relevant data of stock market financing of listed companies and industrial structure changes in Hunan Province from 1993 to 2017. Through co-integration analysis, establishment of VAR model and VECM model, this paper conducts an empirical analysis of the impact mechanism of stock market financing on the optimization of industrial structure in Hunan Province. The results show that stock market financing contributes to the optimization of industrial structure in Hunan Province. The positive promotion effect of stock market financing on the rationalization of industrial structure is greater than the positive promotion effect on the development of industrial structure. Compared with the effect of financing rate on industrial structure optimization, the promotion effect of capitalization rate on the optimization of industrial structure lasts longer and has a greater impact. Moreover, the increase in the financing ratStock Market Financing and Optimization of Industrial Structure in Hunan Provincee has inhibited the development of the industrial structure. In order to make better use of the role of stock market financing and promote the optimization of industrial structure in Hunan Province, Hunan Province should expand the scale of listed companies and enhance financing capabilities; optimize policies to improve the structure of listed companies; improve the financial ecological environment; and vigorously promote the construction of regional equity markets.