Abstract: Since 2016, China has carried out preliminary type improvement and structural adjustment of industrial structure, striving to establish and perfect the modern industrial system. The background of the 14th Five-Year Plan also provides a correct and effective path for the optimization and adjustment of industrial structure. In the 15 years after 2020, China should guide and optimize the allocation of market resources with precise strategies and appropriate supervision, strengthen the weak links in the slowing industrial development, promote the transformation of industry from heavy industry to heavy high-tech, upgrade the production mode of traditional industries such as agriculture, forestry, husbandry and non-fishery, attach importance to the development of high-end manufacturing, and vigorously promote the independent innovation of technology, thus forming a system of high-quality economic development. It can be seen that how to create a high-quality system environment that matches the development goal has become an important practical problem in the development practice. Based on the reform of financial liberalization, this paper explores the impact of financial liberalization on the optimization and adjustment of industrial structure with the help of the panel data of 30 provinces, cities and autonomous regions in China from 2001 to 2019. The results show that financial liberalization is conducive to the development of China's industrial structure towards rationalization and upgrading, and there are regional differences in this impact. The role of the eastern region is the strongest, the western region is the second strongest, and the role of the central region is not significant. Further panel threshold effect test shows that when financial liberalization is taken as the threshold variable, there will be a double threshold effect on the impact of financial liberalization on the optimization and adjustment of industrial structure. When the first threshold is not crossed, this effect will be inhibition. Between the two thresholds, this effect changes from inhibition to promotion. After crossing the second threshold, this effect is still positive, but the promotion degree has been significantly reduced. The empirical evidence in this paper provides a reference basis for continuous promotion of financial liberalization reform and improvement of the financial system arrangement for the optimization and adjustment of industrial structure.Based on the research conclusions, the policy implications of this paper are as follows: First, we should continue to unswervingly and steadily promote the reform policy of financial liberalization, break the mode of excessive government intervention in the allocation of financial resources, gradually establish a financial system with free and orderly competition, build a high-quality financial system environment, so as to better serve the function of financial services to the real economy and promote the optimization and adjustment of industrial structure. Secondly, according to the unbalanced characteristics of regional economic and financial development, the financial liberalization policies in various regions should be adjusted stably and appropriately. The financial development and industrial structure upgrading and transformation of the eastern region is better than that of the central and western region, so the financial liberalization policy of the eastern region can better match the demand of the current industrial structure transformation. The central and western region should formulate appropriate financial liberalization policy according to the development and transformation degree of the industrial structure, and grasp the degree of financial liberalization reform, thus promoting the coordinated development and transformation and upgrading of industrial structure. Third, the financial liberalization policy must meet the needs of industrial structure transformation, for excessive liberalization may lead to market failure. The government should fulfill its responsibilities, adhere to the orderly course of liberalization, flexibly apply the mode of financial liberalization, pay attention to the construction of legal framework, improve government administrative efficiency and other mechanisms, and reduce the frequency of financial risks in the process of liberalization, so as to improve the feedback effect mechanism of industrial structure optimization and adjustment.

Key words: financial liberalization, industrial structure optimization, panel threshold effect

摘要： 立足于金融自由化改革,借助中国30个省市自治区2001~2019年的面板数据为研究样本,探究金融自由化对产业结构优化调整的影响作用。结果表明,金融自由化有利于我国产业结构向着合理化和高级化的方向发展,且这一影响作用存在区域差异性,东部地区作用最强,西部地区次之,而中部地区作用不显著。进一步的面板门槛效应检验发现,以金融自由化为门槛变量时,金融自由化对产业结构优化调整的影响存在双重门槛效应,未跨越第一个门槛值时,这一影响作用表现为抑制;介于两个门槛值之间时,这一影响作用由抑制变为促进;跨越第二个门槛值后,这一影响作用依然为正,但促进程度有了明显的降低。

关键词: 金融自由化, 产业结构优化, 面板门槛效应