Abstract: This paper analyzed the influence of financial structure marketization on industrial structure upgrading by adopting unbalanced growth model, and empirically analyzed the influence of financial structure marketization on industrial structure upgrading through intermediary effect test and SV-TVP-FAVAR model. The results showed that financial structure marketization can influence industrial structure upgrading through technological innovation, but the transmissions are different in two statges: in the first stage, the promotion effect of financial structure marketization on technological innovation has the characteristic of delay, and the influence intensity increased year by year. In the second stage, the promotion effect of technological innovation on industrial structure upgrading is significant and stable. Thus, this paper provides theoretical basis and empirical support for China's industrial structure upgrading policy in the new normal period from the perspective of financial structure adjustment.

Key words: financial structure; industrial structure upgrading; technological innovation; unbalanced growth model; intermediary effect test; SV-TVP-FAVAR model