文章选取西部大开发以来(1999-2013年)新疆资本市场和产业发展的相关经济数据,基于协整检验与格兰杰因果检验,构建VAR模型,对新疆资本市场与产业结构升级的总量效应进行实证研究,在此基础上,运用灰色关联分析方法探讨其两者的局部效应。研究表明：新疆资本市场融资率对产业结构升级具有显著地正向推动作用,三期以后有减弱的趋势,产业结构升级不管短期还是长期内也会反过来显著性地提高资本市场融资率；但不同融资方式对新疆产业结构升级的作用存在差异,灰色关联度最高的是股权融资0.712,其次是债券融资融资0.703,最低是内源融资0.652。针对以上结论,提出扩大资本市场规模,完善融资环境,培育优质新疆上市公司等对策建议。

The article selects XinJiang’s capital market and the upgrading of industrial structure economic data since the development of western region(1999-2013),testing the relationship between them with the methods of co-integration test and gray correlation analysis. It is shown that:XinJiang’s capital market financing rate plays a significant positive role in promoting the upgrading of industrial structure, after three trends the effect is weakening,regardless of short-term or long-term, upgrading of industrial structure will in turn significantly increase the rate of capital market financing, but the relevance degree between stock financing and the industrial structure upgrade is the highest 0.712,followed by bond financing 0.708 ,the lowest is internal financing 0.652.According to the above conclusions, it’s suggested expand the scale of capital market, perfect the financing environment and cultivate high-quality listed companies in XinJiang.

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