中文摘要：

本文使用1994--2008年中国省级层面的面板数据，分别检验了股票市场发展、银行信贷规模对于产业结构升级的影响。系统广义矩估计的结论表明：银行信贷规模对产业结构优化率（即产业结构的总量变化）具有显著的正向影响，但其对以研发经费衡量的产业结构质量升级的影响并不显著；而股票市场发展对于产业结构优化率的影响不显著，但股票市场发展对于产业结构质量升级具有显著的正面效应。据此本文提出了发展我国金融体系的相关建议，并指出了股票市场和银行体系的目前发展思路。

英文摘要：

Using the panel data of Chinese provinces from 1994 to 2008, this paper respectively estimates the effect of development of stock market, banking credit size on industrial upgrading. The conclusions based on GMM method are as follows ： The banking credit size has a positive effect on the rate of optimization of industrial structure, but it does not have a significant effect on quality of industrials upgrading. The development of stock market does not have a sig- nificant effect on the rate of optimization of industrial structure from changing of total quantity, but it has a signifi- cant positive effect on the quality of industrial upgrading. Based on these, we present some policy advice about development of financial system.