Abstract
At present, the total scale of China's economy continues to expand, while is also facing a severe structural adjustment. However, to get rid of the current economic situation, upgrading of industrial structure is undoubtedly necessary. Upgrading of industrial structure mainly depends on the development of the secondary and tertiary industries which need the financial support from capital market. This paper examines the relationship between capital market financing and industrial structure upgrading from the two perspectives of the scale and structure effects of capital market based on the capital market and economic data from 1994 to 2009. We find that capital market financing has a significantly positive impact on industrial structure upgrading. Bond market has a largest contribution in the upgrading of industrial structure, stock market takes second place, long-term loan financing follow them. This paper also comes up with some suggestions to China's capital market.
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