Abstract There is a certain internal relationship between the financial structure and the growth of the manufacturing industry. This paper mainly analyzes the mechanism of different financial structures on the growth of different industries from the perspective of industrial heterogeneity. Based on the data of more than 27 manufacturing industries in China from 2003 to 2017 and the three basic characteristics of industrial innovation, industrial risk and capital intensity, this paper constructs a panel data model to empirically test the impact of financial structure on industrial growth. The results show that, on the whole, the current bank-led financial structure in China has significantly promoted the growth of manufacturing industries. From the perspective of industrial heterogeneity, the development of the banking system can promote the growth of capital-intensive industries, while the stock market has a significant role in promoting the development of R&D-intensive and risk-based industries. In view of this, China should deepen the supply-side reform of the financial system at this stage and develop a financial structure system that matches the growth of manufacturing enterprises in a targeted manner.
LI Zhan,WANG Shujuan,YE Shujun. Financial Structure and Manufacturing Industrial Growth: From the Perspective of Industrial Heterogeneity. Economic Survey, 2022, 39(1): 088.
2022, Vol. 39 
